一家“手艺人”VC的水下8年丨入局

Core Viewpoint - The article highlights the successful fundraising of over 1 billion RMB by a relatively low-profile venture capital firm, Jing Shui Hu Chuang Tou, emphasizing its unique investment philosophy focused on identifying alpha companies in a changing market environment [4][5]. Group 1: Fundraising Success - Jing Shui Hu Chuang Tou has raised over 1 billion RMB in less than 12 months, including a recent 500 million RMB blind pool fund [4]. - The firm has successfully attracted new limited partners (LPs) such as Yuan He Chen Kun and Xiamen Capital, indicating a strong interest in its investment strategy [4]. - The firm maintains a government-guided fund attribute below 30%, avoiding forced return metrics typically associated with such funds [4]. Group 2: Investment Philosophy - The firm focuses on finding alpha companies rather than chasing beta opportunities, demonstrating a commitment to quality over quantity in investments [5][11]. - Jing Shui Hu Chuang Tou's investment strategy includes a cautious approach to market trends, opting to avoid overhyped sectors while seeking undervalued opportunities [11][12]. - The firm emphasizes a hands-on approach post-investment, providing support to portfolio companies, especially those nearing IPO [11][25]. Group 3: Case Studies - A notable investment was made in Wo Tai Energy, which was initially overlooked by mainstream VCs but later became a unicorn, showcasing the firm's ability to identify potential in emerging sectors [7][8]. - The firm also invested in Polymaker, a 3D printing materials developer, after observing significant industry shifts, leading to substantial returns as the company grew [10][11]. - The investment in Mu Xing Intelligent, a logistics robotics company, highlights the firm's preference for companies with strong overseas market potential, which have shown significant growth [12][13]. Group 4: Fund Management and LP Relations - The firm maintains a high re-investment rate of over 70% from existing LPs, attributed to a shared understanding of the technology investment landscape [15][20]. - Jing Shui Hu Chuang Tou controls its blind pool fund size to around 500 million RMB, which is seen as optimal for early to mid-stage alpha investments [19]. - The firm has demonstrated a unique approach by returning uninvested funds to LPs rather than forcing investments into unsuitable projects [19][20]. Group 5: Market Strategy and Adaptation - The establishment of an S fund in collaboration with Yuan He Chen Kun was a strategic response to liquidity challenges in the IPO market, aiming to enhance returns for existing LPs [22][23]. - The firm’s approach to managing liquidity and maintaining influence over portfolio companies is seen as a key factor in building trust with LPs [25][26]. - The firm emphasizes a micro-focused investment strategy, avoiding macroeconomic predictions and instead concentrating on the fundamentals of each project [26].