今年，GP的员工正在“大换血”

Core Viewpoint - The investment industry is undergoing significant personnel changes and structural adjustments due to the current economic downturn, with many firms prioritizing cost control and maximizing efficiency over traditional hiring practices [1][4][10]. Group 1: Personnel Changes - Many General Partners (GPs) are experiencing a "great reshuffle," with firms laying off a significant portion of young investors and traditional business background investors, while hiring those with industry or hard technology backgrounds [1]. - The current environment is described as a "hell mode" for young investors, who are struggling to gain practical experience and resources due to hiring freezes and layoffs [1]. - Investment firms are prioritizing retaining employees with core resources during layoffs, indicating a shift towards a more experienced workforce [1]. Group 2: Departmental Adjustments - New departments, such as those focused on investment attraction and return landing, are being established, but their relevance is being questioned due to recent policy changes that impact the fundraising landscape [2][3]. - The introduction of national guidelines discouraging the establishment of government investment funds for the purpose of attracting investment has led to significant changes in departmental structures within investment firms [2][4]. - The pressure to meet return requirements is expected to decrease, allowing GPs to focus more on independent investment decisions rather than being influenced by local government demands [4]. Group 3: Market Conditions - The current year, 2025, is seen as a critical period for many mid-sized and smaller GPs, facing challenges in fundraising, investment, and exit strategies [4][5]. - The emergence of "zombie funds" indicates that many firms are unable to raise new funds or achieve exits, leading to widespread cost-cutting measures such as layoffs and salary reductions [5]. - The investment community has shifted its expectations, with a focus on achieving modest returns rather than unrealistic high returns, reflecting a more cautious approach to investment [9][10].