40岁投资人：辞任合伙人，开始创业

Core Viewpoint - The article discusses the journey of an 80s investor, Zheng Hualiang, who transitioned from a stable career in venture capital to entrepreneurship, emphasizing the importance of seizing opportunities in the current market environment [4][5][6]. Group 1: Entrepreneurial Decision - Zheng Hualiang reflects on the cautious nature of the 80s generation compared to the more adventurous 90s and 00s generations, attributing this to their upbringing in less affluent times [6][7]. - He highlights the common career path of the 80s generation, which often involves gaining experience before venturing into entrepreneurship, contrasting it with the more immediate entrepreneurial pursuits of younger generations [6][7]. - The decision to start a business was influenced by personal experiences and a desire to fulfill a childhood dream, as well as the realization of the limited time available to pursue such ambitions [8][9]. Group 2: Market Timing - Zheng Hualiang believes that 2025 will present a unique investment opportunity in the primary market, characterized by a convergence of technological breakthroughs, valuation recovery, and talent dividends [10][11]. - He argues that the current market conditions, marked by low valuations of quality assets, create a "non-symmetric opportunity window" for value investors willing to invest during downturns [10][11]. - The article emphasizes the importance of having not just capital but also the insight and patience to navigate through market cycles [10][11]. Group 3: Challenges and Support - The article outlines the significant challenges faced in obtaining a fund license, noting the increased difficulty in recent years and the high rejection rates for new applicants [15][18]. - Zheng Hualiang expresses gratitude for the support received from family, former colleagues, and industry peers, which has been crucial in his entrepreneurial journey [12][13]. - The narrative includes a reflection on past career setbacks, which ultimately strengthened his resolve and commitment to the investment field [16][17]. Group 4: Future Outlook - The establishment of his new venture, Jump Capital, marks the beginning of a new chapter, with Zheng Hualiang acknowledging that obtaining the license is just the first step in a long journey [15][18]. - He emphasizes the need to rebuild trust with Limited Partners (LPs) by focusing on their needs for asset safety, liquidity, and value appreciation [18][19]. - The article concludes with a vision for investing in transformative technologies, particularly in AI and smart hardware, which are seen as key areas for future growth and profitability [19][20].