对赌回购，堪比催收，堪比要账

Group 1 - The core viewpoint of the article discusses the practical aspects of buybacks in the investment industry, emphasizing the challenges and strategies involved in executing buybacks [1] - The management has set a target of 300 million yuan for exits by 2025, which is significantly higher than the total amount triggering buybacks across projects [3] - The article highlights the importance of creativity and proactivity in persuading founders to agree to buybacks, especially for projects that have not yet triggered buybacks [3] Group 2 - The article suggests that a thick skin is essential for investment managers when negotiating buybacks, as they often have to employ unconventional tactics to secure agreements [4][5] - Various informal methods, such as socializing with founders and attending company meetings, are mentioned as effective strategies for facilitating buybacks [6][10] - The negotiation process for buybacks is described as more complex and challenging than the initial investment agreements, often involving price negotiations and payment terms [14][19] Group 3 - Investment managers face pressure from their firms to ensure buybacks occur, especially in a challenging fundraising environment [20][22] - There are instances where investment managers may suggest manipulating financial statements to make buybacks more palatable for founders, highlighting the ethical dilemmas faced in the industry [24][26] - The article raises concerns about the focus on buybacks over new investments, questioning whether this represents a misallocation of resources within the industry [28][30]