这家水下VC，悄悄搞定10个亿

Core Insights - The article discusses the resilience and growth of Jingshui Lake Venture Capital, a relatively young VC firm that has successfully navigated industry challenges and established a stable position in the market [1][2][4] Fundraising and Strategy - Jingshui Lake has raised over 1 billion RMB in the past year, including new S funds and FOFs, indicating a significant achievement in a challenging market environment [2][3] - The firm employs a PSD (Primary+Secondary+Direct) strategy, which has evolved in response to LP demands and market conditions, rather than being a pre-planned approach [2][21] - The fundraising process has seen strong participation from existing LPs, with about two-thirds of the new fund coming from familiar investors, reflecting a solid trust base [5][9] Market Position and Adaptation - The firm has adapted to the changing market by exploring alternative exit strategies, such as equity transfers and S transactions, to provide liquidity to LPs amid delayed IPOs [3][24] - Jingshui Lake's successful transactions have improved the DPI of its first fund, showcasing its ability to navigate the current market landscape effectively [3][24] LP Relationships and Dynamics - The firm has established strong relationships with LPs, with approximately 30% of its old LPs being those with guiding fund attributes, which allows for greater investment flexibility [8][12] - New LPs are characterized by their clear investment preferences and understanding of the market, facilitating straightforward communication and collaboration [6][10] Investment Focus and Philosophy - Jingshui Lake focuses on early-stage investments in sectors like smart energy and industrial technology, maintaining a disciplined approach to avoid overextending into high-valuation areas [19][20] - The firm emphasizes a long-term investment strategy, aiming for sustainable growth rather than chasing short-term gains, which aligns with its overall investment philosophy [25][26] Future Outlook - The firm is cautious about expanding its scale, preferring to maintain a manageable fund size that allows for focused investment in quality projects [18][19] - Jingshui Lake's approach to investment is rooted in a deep understanding of market cycles, allowing it to make informed decisions about sector opportunities and risks [26][27]