对赌回购的人间真实

Group 1 - The article discusses the reality of buybacks in the investment market, particularly focusing on the dynamics between general partners (GPs), limited partners (LPs), and project founders [2][3] - It explains that the typical duration of a fund is around 7 to 8 years, and GPs may request buybacks from project founders if they anticipate that the projects will not be ready for IPO by the end of the fund's term [3][5][6] - The article highlights that many founders may feel compelled to accept buyback terms due to the pressure of securing funding and the lack of alternatives [8][9][12] Group 2 - It points out that the buyback terms are often predetermined in investment agreements, and founders may not fully understand the implications of these terms [8][10][12] - The article notes that the buyback interest rates have increased over time, with rates now reaching 10% to 12% as GPs seek to ensure their returns within the fund's lifecycle [14][16][17] - It emphasizes that the misalignment between the funding cycle and the development cycle of startups leads to the frequent use of buyback clauses, which can be detrimental to the companies involved [20][22][24] Group 3 - The article concludes that the issues surrounding buybacks reflect the immaturity of the investment market, suggesting that a collective effort from all participants is necessary for improvement [23][24][26] - It also indicates that the perspectives on buybacks vary significantly among different stakeholders in the investment ecosystem, including GPs, LPs, and founders [24][25]