这家水下VC，悄悄搞定10个亿

Core Viewpoint - The article discusses the resilience and adaptability of a venture capital firm, Jingshui Lake Venture Capital, which has successfully navigated through industry fluctuations and established a stable presence in the early-stage investment landscape, focusing on sectors like smart energy and industrial technology [5][6]. Fundraising and Market Dynamics - Jingshui Lake Venture Capital has raised over 1 billion yuan in a year through various funds, including blind pool funds and S funds, indicating a significant achievement in a challenging market environment [6][7]. - The firm’s fundraising strategy is characterized by a combination of primary, secondary, and direct investments, tailored to meet the needs of limited partners (LPs) and the current market conditions [6][7]. - The CEO of Touzhong Information highlighted that the market is at a turning point, moving towards a new balance after a period of harsh market clearing, rather than returning to the previous bubble era [6][7]. Investment Strategy and Execution - Jingshui Lake has adapted its exit strategies in response to delayed IPOs, opting for equity transfers and S transactions to generate cash flow for LPs, demonstrating a proactive approach to liquidity [7][8]. - The firm has successfully executed multiple equity transfers and S transactions, achieving favorable pricing and significantly improving the DPI (Distributions to Paid-In capital) of its first fund [7][8]. - The S fund strategy is seen as a response to the changing market landscape, allowing the firm to manage existing investments while preparing for future opportunities [27][28]. LP Relationships and Fund Structure - The fundraising process is described as a mutual selection between the firm and LPs, with a strong emphasis on transparency and data sharing regarding past investment performance [11][12]. - Approximately two-thirds of the current fund comprises familiar LPs, while one-third consists of new LPs who are well-informed and have specific investment preferences [15][16]. - The firm maintains a cautious approach to expanding its LP base, focusing on building long-term trust and familiarity with existing partners to ensure alignment in investment strategies [21][22]. Sector Focus and Investment Philosophy - Jingshui Lake primarily invests in AI-driven industrial technology and smart energy applications, adhering to a strategy that emphasizes early-stage investments and leading roles in funding rounds [25][26]. - The firm avoids overextending into single sectors, maintaining a diversified portfolio that allows for a manageable number of investments per fund [25][26]. - The investment philosophy is rooted in a long-term perspective, aiming to accumulate value over time rather than chasing short-term gains [31][32].