三年募资270亿，“投GP的GP”是怎么玩的？丨投中嘉川

Core Insights - The article discusses a new trend in the investment landscape where investment firms themselves are becoming targets for investment, particularly through the model of investing in General Partners (GPs) rather than directly in companies or funds [6][8]. Group 1: Hunter Point Capital (HPC) - Hunter Point Capital (HPC), established in 2020, focuses on investing in minority stakes of GPs, raising over $3 billion in just three years, making it a notable entity in the alternative asset industry [7][19]. - HPC's strategy is based on the belief that excellent GPs are valuable assets in their own right, as evidenced by their rapid growth and significant fundraising success [19]. - The firm has attracted capital from sovereign wealth funds, family offices, and large insurance institutions, indicating a mainstream acceptance of the "investing in GPs" concept [20]. Group 2: Investment Logic - HPC's core strategy emphasizes investing in people rather than projects, acquiring minority stakes in GPs to gain rights to future management fees and performance-based income [22][23]. - The investment returns are derived from two main sources: dividend income as GP management scales up, and valuation appreciation as GP brands and asset sizes grow [25]. - HPC provides various forms of support to GPs, including fundraising, financial structuring, and organizational development, positioning itself as a "Strategic Minority Partner" [26][27]. Group 3: Market Context and Future Prospects - The article notes that the private equity industry in China is facing similar challenges, with many small to medium-sized GPs struggling due to fundraising difficulties and increased competition [31]. - There are indications that some state-owned funds in China are exploring equity partnerships with GPs, although these efforts are primarily aimed at enhancing their own investment capabilities rather than adopting a long-term investment model [32][33]. - The potential for a "local version of HPC" in China is acknowledged, suggesting that as the industry matures, the logic of investing in GP minority stakes could gain traction [34].