上海联创朱一凡：做穿越周期的“耐心资本”

Core Viewpoint - Shanghai NewMargin Ventures has played a pivotal role in the development of China's venture capital industry since its establishment in 1999, managing over 50 billion yuan and investing in more than 400 companies, with over 90 successfully listed [1] Group 1: Leadership and Background - Zhu Yifan, the managing partner and CFO of NewMargin, has a unique background that combines law and finance, which has been beneficial in navigating the complexities of the private equity industry [5][19] - Zhu's career trajectory aligns with the explosive growth of China's private equity sector, having transitioned from PwC to NewMargin at a time when the industry was on the brink of significant expansion [3][5] Group 2: Investment Philosophy - NewMargin's investment philosophy is encapsulated in the slogan "real companies, real people," emphasizing a long-term commitment to solid founders rather than chasing fleeting trends [7][8] - Zhu advocates for a cautious approach to current trends like artificial intelligence, focusing on companies with real profitability and stable customers rather than speculative technology [8][19] Group 3: Fund Management and Strategy - Zhu manages both RMB and USD funds, facing challenges in balancing the interests of different investors due to varying regulations and preferences [11][15] - NewMargin employs strategies like "sufficient communication" and "structural innovation" to address the complexities of cross-border investments, including the creation of parallel funds to optimize investment opportunities [13][15] Group 4: Internationalization and Market Adaptation - The firm has pursued internationalization as a strategic choice, establishing a presence in Southeast Asia and Japan to enhance its investment reach [15] - Zhu highlights the importance of cultural integration and adapting to diverse regulatory environments as key challenges in international operations [15] Group 5: Long-term Vision and Advice - Zhu emphasizes the importance of maintaining a long-term perspective in investment, advising aspiring investors to solidify their skills in finance and law while remaining committed to their foundational principles [19] - The firm continues to embody a patient capital approach, waiting for the right opportunities to materialize over time, reflecting a commitment to enduring partnerships with entrepreneurs [19]