前海方舟靳海涛：没有活跃的S基金市场，耐心资本就成为空话

Core Viewpoint - The 25th China Private Equity Annual Conference emphasizes the importance of developing "patient capital" to build a healthy and resilient venture capital ecosystem in China [1][18]. Group 1: Key Suggestions for Private Equity Investment - The focus should be on "investing early, investing small, and investing in the future," which is essential for the venture capital ecosystem [3][20]. - There should be a gradual optimization of capital sources, aiming for a balanced structure of government capital, various financial capital, and family wealth [3][15]. - The commercial strategies and product designs of venture capital institutions must adapt to the trend of local governments using equity finance and capital attraction as a means to transform land finance [3][32]. Group 2: Emphasis on Post-Investment Management - Venture capital institutions should prioritize post-investment management and support, adhering to a principle of "30% investment, 70% management" to help companies integrate resources and overcome challenges [3][16]. - The development of S funds and follow-up funds is crucial for creating a sustainable innovation investment ecosystem [4][33]. - A balanced support for various industries is necessary to avoid excessive concentration and ensure that innovation across all sectors is nurtured [4][33]. Group 3: Market Dynamics and Trends - A healthy secondary market is vital for supporting IPOs and mergers and acquisitions of innovative companies, as the prosperity of the primary market relies on good valuations and smooth exit channels in the secondary market [4][17]. - The current investment landscape should not overly worry about market polarization resulting from expansion, as this is considered a normal phenomenon [4][17]. - The historical contribution of venture capital to China's GDP growth, which has increased over 13 times since 1999, highlights its significant role in establishing a complete industrial chain [8][25]. Group 4: Global Perspective on Investment Strategies - There are two main development paths for countries: innovation-driven investment strategies that support small and disruptive innovations, and traditional investment strategies that rely on established financing channels [6][24]. - China's adherence to an innovation-driven investment strategy has led to significant achievements in technology and industry, positioning it favorably in the global market [6][23]. - The focus on addressing "bottleneck" issues in supply chains and promoting digital transformation is essential for future investment returns [10][11].