杉域资本：2025《半导体GP图谱》发布

Core Insights - The semiconductor industry is experiencing a strategic opportunity period due to geopolitical tensions and technological advancements, with significant investments from the "Big Fund" and government policies promoting self-sufficiency in integrated circuits [4][6][16]. Financing Overview - In 2024, there were 332 financing events in the semiconductor sector, with 78 in seed-Pre-A rounds, 139 in A rounds, 103 in B-C rounds, and 12 in D-Pre-IPO rounds, indicating a focus on growth-stage investments [6]. - The financing landscape is concentrated in regions like Jiangsu (93 events), Guangdong (78), and Shanghai (41), with the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei regions accounting for over 80% of total financing [7]. Project Segmentation - The demand for terminal application service projects is increasing, with 151 events in this category, while core manufacturing financing remains low at only 46 events (14% of total), highlighting a need for increased capital investment in critical technologies [11]. GP Selection and Background - A total of 36 general partners (GPs) were identified as relevant in the semiconductor field, with a majority having backgrounds in private capital and industry [14][18]. - The peak period for GP establishment in the semiconductor sector was from 2015 to 2016, driven by supportive government policies and funding initiatives [16]. Investment Focus and Strategy - The majority of GPs are focused on early to growth-stage investments, with a significant portion of their activities in seed and A rounds [26]. - The analysis of GPs shows a preference for projects in the growth phase, indicating a strategic alignment with market demands [26]. Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, and the number of IPOs, which reflect their market influence and investment success [28][30][36]. - The average equity stake taken by GPs is a critical measure of their investment style and potential impact on project outcomes [34]. Conclusion - The report aims to assist limited partners (LPs) in identifying active GPs in the semiconductor sector and provides a comparative analysis to enhance decision-making [41].