今年，VC开始募美元了

Core Viewpoint - The return of "dollar funds" in 2026 marks a significant shift in the fundraising landscape, transitioning from tentative exploration in 2025 to active capital raising in 2026 [3][4]. Group 1: Market Dynamics - 2026 is characterized as a "grab-the-opportunity year" for dollar fundraising, with many venture capitalists (VCs) initiating fundraising efforts [5][7]. - The fundraising environment has become increasingly vibrant since last year, with several institutions completing substantial dollar fundraisings, such as Monolith Capital's $488 million and Source Capital's $600 million [10]. - The demand for dollar investment relations (IR) professionals has surged, with many firms, including those traditionally focused on RMB funds, expanding into overseas markets and creating new dollar IR positions [11]. Group 2: Investment Trends - The current fundraising wave is driven by policy incentives and the growing importance of AI, with many projects requiring a dollar structure for investment, particularly in sectors like AI infrastructure and hardware [12]. - The Hong Kong market is attracting attention, with funds focusing on disruptive technologies and significant innovations, aiming to support leading tech teams and startups in the AI sector [13]. Group 3: Foreign Capital Influx - There is a notable resurgence of foreign limited partners (LPs) in the Chinese market, with financial LP activity increasing by 17% month-on-month and investment scale rising by 14% [15]. - Foreign LPs are actively reassessing opportunities in China, with a focus on emerging GP firms, indicating a shift in investment strategies from primarily Western markets to include Chinese ventures [15][19]. Group 4: Future Outlook - The combination of policy support and innovation is expected to usher in a new era for the venture capital market in 2026, with diverse foreign capital sources re-entering the market [19][20].