产业投资的攻与守：从补短板到建生态，CVC投资方法论正在重写

Core Insights - The equity investment industry is showing signs of recovery after years of adjustment, but structural pressures remain, with 70% of projects from 2014 still not exited [1] - Long-term liquidity constraints are prompting Limited Partners (LPs) to adopt a more cautious approach and seek new structural strengths [1] - The entry of "long money" such as social security funds and national-level science and technology funds is reshaping the LP structure with larger capital and longer investment cycles [1] Group 1 - Corporate Venture Capital (CVC) has become one of the most favored fund types among LPs due to its potential for higher returns and strong industry insights [3] - CVCs are evolving from merely "empowering" to "co-creating," taking on roles that drive innovation and help companies build ecosystems and competitive moats [3][5] - The understanding of "strategic value" by CVCs has become more pragmatic, emphasizing the need for strategic alignment to translate into financial returns for sustainability [5][6] Group 2 - The dual focus on strategic empowerment and financial returns is a core consensus among LPs, highlighting the importance of both aspects for the long-term viability of funds [5] - CVCs are encouraged to move beyond simple supply chain investments to focus on building long-term competitive advantages through innovation [10] - The need for disciplined exit strategies is emphasized, ensuring compliance with LP agreements while balancing strategic value and financial performance [6][11] Group 3 - The concept of "ecosystem" has emerged as a key focus, with CVCs expected to play a pivotal role in fostering innovation and addressing future growth cycles [8][10] - CVCs must act as a "link" to help companies build their strengths while also managing risks and exit strategies effectively [10][11] - The evolving role of CVCs reflects a deeper transformation in the industry, where strategic collaboration and financial returns are increasingly intertwined [11]