创投募资迎来“结构性”复苏

Core Viewpoint - The venture capital fundraising market in China is experiencing a structural recovery, with an increase in the number of newly established funds and fundraising amounts in 2023, indicating a potential turnaround from the declines seen in previous years [3][4]. Group 1: Market Recovery - The number of newly established funds and the total fundraising amount in the Chinese venture capital market fell significantly from their peak in 2021, with 2024 projected to see 3,981 funds and 1.44 trillion yuan, down 76% and 53.5% respectively [3]. - In the first three quarters of 2023, the number of new funds and the fundraising amount reached 3,501 and 11,614.3 billion yuan, representing year-on-year increases of 18.3% and 8% [3]. - The current recovery is attributed to increased contributions from state-owned limited partners (LPs) and a gradual improvement in the willingness of market-oriented LPs to invest [3][4]. Group 2: Challenges in Fundraising - Despite the recovery, fundraising from market-oriented LPs remains challenging, as many are still hesitant due to past investment experiences and concerns over the timing of returns [5][6]. - The investment attitude of market-oriented LPs has shifted, with a preference for projects with high exit probabilities, leading to a decline in interest in traditional large blind pool funds [8][9]. - The average fundraising amount for newly established RMB funds in the first three quarters of 2023 was approximately 326 million yuan, indicating a trend towards smaller, specialized funds [9]. Group 3: Shifts in Investment Strategies - The strategies that were effective in attracting market-oriented LPs five years ago, such as scale and odds strategies, are now considered outdated, with a new focus on success probability strategies [8][9]. - The trend of splitting larger funds into smaller, targeted funds has emerged to meet the new demands of market-oriented LPs, although this increases operational costs for venture capital firms by about 20% [9][10]. - The reliance on state-owned LPs has grown, with state-controlled and state-participated LPs accounting for 81.2% of total contributions in the first half of 2024, highlighting a shift in the funding landscape [11][12]. Group 4: Future Outlook - The venture capital industry is exploring new capital operation models, such as incorporating corporate venture capital (CVC) to attract industry capital as a significant LP, which could enhance the success rates of investments [13]. - The need for a balanced LP structure is emphasized, as the current dominance of state-owned LPs may not fully address the funding needs of early-stage technology companies [12][13].