创投行业开始反思

Core Viewpoint - The investment industry is experiencing a shift from complaints to self-reflection among General Partners (GPs), highlighting a critical issue of inadequate self-assessment and capability within the industry [5][6]. Group 1: Historical Illusions and Capability Gaps - The rapid growth of Renminbi funds led to misconceptions about their strength, with the belief that "scale equals strength" overshadowing the need for market-driven allocation [8]. - The exit channel advantages of Renminbi funds were overestimated, as evidenced by a mere 35% exit rate in 2023 compared to 67% for dollar funds, which have established multiple exit pathways from the outset [9]. - The assumption of local experience superiority was flawed, as Renminbi funds often lack the global resource integration capabilities that dollar funds possess [10]. Group 2: Multi-Dimensional Capability Disparities - Talent disparity is evident, with dollar fund partners averaging 22 years of experience, while over 80% of Renminbi fund analysts are under 30 and lack substantial industry experience [12]. - The exit system of dollar funds is more flexible due to offshore structures, contrasting with the rigid local constraints faced by Renminbi funds [12]. - Historical performance data shows that dollar funds have significantly outperformed Renminbi funds, with dollar fund institutions managing capital that has increased over 20 times in 30 years, while only three Renminbi funds have survived two market cycles [12].