独家|开年最大募资诞生，20亿

Core Viewpoint - The article highlights the successful fundraising of Hengxu Capital's fourth flagship fund, which raised over 2 billion RMB in its first closing, indicating a strong start to the new year and showcasing the firm's unique position in the private equity market as a market-oriented corporate venture capital (CVC) with substantial industry background and resources [2][3]. Fundraising and LP Structure - Hengxu Capital's fourth flagship fund received continued support from significant shareholders such as SAIC Group and various financial institutions, along with strong backing from local governments in the Yangtze River Delta [3]. - The fund has innovatively split into two sub-funds based in Changzhou and Ningbo to better address the diverse needs of different LPs, aiming to create a comprehensive investment ecosystem that covers the entire lifecycle of innovative enterprises [3][4]. Regional Cooperation and Project Development - In Changzhou, local governments have actively participated in the fund, reflecting their recognition of Hengxu Capital's past performance and unique empowerment model, which has facilitated the landing of major projects [4]. - In Ningbo, the fund has attracted multiple large industrial projects due to the region's favorable business environment and efficient communication during the fund establishment process [6]. Investment Strategy and Focus Areas - Hengxu Capital plans to leverage its experience in complex industrial chain investments to expand into broader hard technology sectors, including artificial intelligence, semiconductors, aerospace, quantum technology, nuclear energy, and biomanufacturing [9]. - The firm aims to act as an industrial enabler, not just providing capital but also connecting technology, manufacturing, and market needs [9]. Performance and Exit Strategy - In the past year, Hengxu Capital successfully exited 12 projects through various means, with over 30 invested companies achieving subsequent financing and valuation growth, showcasing its strong exit capabilities and return potential [9][10]. Investment Activity and Portfolio - In 2025, Hengxu Capital invested nearly 1.4 billion RMB across 19 projects, with over 20% of investments in early-stage projects, marking a strategic shift from automotive to emerging industries and health consumption [10]. - The firm has made significant investments in various sectors, including embodied intelligence and semiconductor technology, demonstrating its proactive approach to identifying high-potential projects [11][12]. Long-term Vision and Ecosystem Development - Hengxu Capital aims to become one of the most market-oriented industrial capital entities, focusing on independent judgment and financial returns while leveraging its industry insights and resources to create strategic co-creation capabilities across diverse fields [13]. - The firm has established a comprehensive empowerment system covering post-investment management, talent acquisition, follow-up financing, and IPO planning, enhancing the competitive advantages of its portfolio companies [14][15]. Future Outlook - Hengxu Capital is well-positioned to capitalize on the historical opportunities presented by the convergence of policy, capital, and technology in the hard technology sector, as it prepares for future investments and strategic developments [16].