美元基金又可以了？

Core Viewpoint - The article discusses the resurgence of USD funds in 2025, highlighting a significant fundraising round exceeding $2 billion, which is seen as a potential turning point for USD investments in China after a prolonged period of stagnation [5][6][14]. Fundraising Dynamics - Several institutions, including Lightspeed Venture Partners and Black Ant Capital, are reportedly raising new USD funds, with a total target exceeding $2 billion, marking the largest USD fund return in recent years [6][14]. - The primary market views this fundraising positively, interpreting it as a sign of global capital reassessing the Chinese market [7][14]. - The fundraising process is described as low-key, with key details such as closing times and LP composition remaining undisclosed [9]. Investment Trends - Despite caution in sectors like semiconductors and AI, areas such as AI+, robotics, and pharmaceuticals are emerging as key investment directions for this fundraising round [11]. - International investors are increasingly interested in China's advancements in hard technology, with a consensus that the pharmaceutical sector has become attractive due to valuation adjustments [11][12]. - There is a shift in the expectations of US LPs, who are now looking for Chinese GP to establish funds focused on pipeline acquisitions rather than traditional equity financing [11][12]. Market Context - The overall fundraising situation for USD funds remains challenging, with a reported 32% decrease in China's private equity market fundraising, totaling over 1,066.5 billion yuan [14]. - The actions of leading USD fund institutions are viewed as a potential precursor to a broader recovery in the market [14][15]. Structural Changes - The article outlines a structural transformation in USD funds, moving from a focus on internet-based investments to deeper engagement in non-sensitive sectors and innovative opportunities [18]. - The shift in investment strategy is reflected in the language used by fund managers, moving away from terms like "burning money" to concepts like "patent licensing" and "cross-cultural networks" [18]. Historical Perspective - The peak expansion period for USD funds in China was from 2000 to 2015, driven by regulatory arbitrage and significant returns from investments in major tech companies [17]. - The decline from 2015 to 2023 was attributed to the rise of RMB funds and external market pressures, leading to a drastic drop in USD fundraising from $17.2 billion in 2021 to $1.3 billion in 2024 [17]. Future Outlook - While the current fundraising activities are seen as a trial, the long-term outlook for USD funds in China is cautiously optimistic, with expectations of increased influence and scale in the coming years [16][18].