时隔四年，源码资本再次完成了募资

Core Viewpoint - Source Code Capital has successfully raised a new growth fund with a total scale of $600 million, focusing on "AI+" and "Global+" sectors, indicating a strategic shift towards long-term, focused investments rather than rapid expansion [2][3]. Part 01: Why Continue "Growth Stage Investment" - The new growth fund will primarily invest in AI-related sectors, including AI2C/2P and the computing power supply chain, addressing critical issues in AI technology development and commercialization [6]. - The decision to focus on growth stage investments comes amid a challenging environment for such investments in China's primary market, where exit channels have been limited, leading to valuation mismatches [7]. - A significant catalyst for this strategy is the recovery of the Hong Kong IPO market, which has seen a substantial increase in financing and market activity, providing a healthier exit environment for growth investments [7][8]. - The fund's 25-year lifespan allows for a shift away from short-term IPO pressures, enabling a focus on long-term value and industry competitiveness [8][9]. Part 02: "De-Expansion" as a New Narrative? - The new fund's $600 million size is smaller compared to previous fundraising efforts, reflecting a strategic choice to prioritize quality over scale amid a declining market environment [10][11]. - This shift indicates a maturation of investment strategies, moving away from the race for larger fund sizes towards a focus on sustainable, long-term investment capabilities [11][12]. - The changes in strategy are particularly relevant for cautious North American LPs, as they seek to engage with top-tier Chinese GPs in sectors like AI and robotics, which present significant structural opportunities [12][13]. - The completion of this growth fund may signal a new phase for investment institutions in China's primary market, emphasizing discipline, focus, and patience in identifying valuable opportunities [13].