家办应该投什么样的GP？

Core Viewpoint - The article discusses a framework for selecting General Partners (GPs) based on three dimensions: scale, focus, and people [2][4]. Group 1: Scale - Scale can be evaluated from two aspects: the management scale of the institution and the target fund size [6]. - The management scale is crucial as family offices typically invest between 10-30 million. Larger institutions with hundreds of millions in assets may not prioritize smaller investments, making smaller institutions (under 1 billion) more appealing for family offices [6]. - The target fund size is important for performance and influence. Many family offices avoid funds larger than 1 billion, as smaller funds allow for greater interaction and potential for follow-on investments [7]. Group 2: Focus - Focus can be assessed through sector specialization and product specialization [8]. - Sector focus is vital for generating alpha, as GPs with long-term experience in a specific sector are more likely to succeed [8]. - Product focus refers to the clarity and simplicity of fund offerings. GPs managing multiple funds may face conflicts of interest and diluted attention [8]. Group 3: People - The human factor is critical in investment, and evaluation can be based on ten aspects [10]. - Integrity is essential, as GPs must treat LPs' money with care, akin to managing their own family's savings [10]. - Passion for investment is necessary for sustained success, as genuine interest drives perseverance through challenges [10]. - Accumulation of wealth, resources, and knowledge is important for GPs to make informed decisions and recognize opportunities [11]. - A clear investment philosophy helps GPs navigate market cycles and maintain focus [12]. - A coherent career trajectory indicates a logical progression and depth of experience [12]. - Humility is crucial in a rapidly changing market, as overconfidence can lead to poor decision-making [13]. - Intelligence, both cognitive and emotional, is vital for managing relationships with LPs and project founders [13]. - High success rates in niche areas reflect a GP's expertise and ability to generate returns [13]. - Established investment principles guide decision-making and reflect a GP's self-awareness [14]. - Organizational structure and culture are important for long-term adaptability and success in the VC industry [14].