“IRR不好看，只能苦一苦创始人了”

Group 1 - The fundraising process involves various combinations of projects, where institutions often showcase a different set of projects during fundraising compared to those they actually pursue later [6][13]. - Institutions actively seek out projects that can fit into multiple themes, such as combining renewable energy projects with semiconductor themes to attract Limited Partners (LPs) [10][11]. - The fundraising team continuously searches for LPs across the country, regardless of the suitability of the LPs, to expand their resource pool [20][21]. Group 2 - The investment logic is primarily driven by the need to support fundraising efforts, with institutions shifting focus from renewable energy in 2020 to semiconductors in 2022, and planning to invest in artificial intelligence in 2024 [30][31]. - Institutions face challenges in ensuring that their investments align with the fixed asset requirements of local government LPs, leading to fragmented investment strategies [35][36]. - Due to poor past performance, institutions are now required to provide annualized return guarantees to LPs, which influences their project selection and investment strategies [37][38].