Core Viewpoint - The article highlights the prevalence of "downrounds" in the current investment landscape, indicating a significant decline in valuations for many startups, with around 70% of newly financed projects experiencing valuation reductions of up to 60% compared to previous rounds [1][3][4]. Group 1: Downrounds and Market Sentiment - "Downround" has become a common term in the primary market, with many investors noting that new financing rounds often result in substantial valuation cuts [1][3]. - The reasons for downrounds include previously inflated valuations and stronger negotiation power from new investors, particularly state-owned or strategic entities [1][3]. - The current market reflects a return to rationality, with investors generally unwilling to accept excessively high valuations due to increased uncertainty [1][3]. Group 2: Challenges in Exiting Investments - The difficulty in exiting investments has led to a cautious approach among investors, contributing to the cycle of downrounds and poor exit conditions [3][4]. - Many funds, even those managed by top-tier General Partners (GPs), are reporting disappointing returns, with some funds yielding less than traditional savings accounts [3][4]. - The reliance on IPOs for exits has created a "bottleneck" in the market, as the slowdown in IPO activity has left many projects unable to exit successfully [4][5]. Group 3: Tensions Between LPs and GPs - The current exit difficulties have intensified tensions between Limited Partners (LPs) and GPs, particularly for funds established during the 2015-2016 "entrepreneurship wave" [4][5]. - Many LPs are unwilling to agree to extensions for fund durations, especially when the funds have not achieved a Distribution to Paid-In (DPI) ratio of 1 or higher [5][7]. - Some LPs have implemented strict exit clauses in their agreements, allowing them to demand forced exits under certain conditions [6][7]. Group 4: Adjustments in Investment Strategies - In response to the challenging exit environment, many investment firms are revising their exit strategies, with some focusing on early-stage investments and prioritizing returns to LPs [9][10]. - The establishment of dedicated exit committees within firms has become more common, reflecting the increasing importance of exit strategies in investment decision-making [11][12]. - Firms are also hiring specialized personnel to manage exits, indicating a shift towards more structured and strategic approaches to navigating the current market conditions [12][14].

"又到了每年盘点子基金表现情况的时候，可以用四个字来形容：惨不忍睹。 即使是偏头部 GP的基金，也有几支收益还不如余额宝 。 IRR尚且如此，DPI更是没戏，昔日的明星项目、 独角兽，估值普遍回调和打折，并且收不回来钱，老股转让都没人接。 "某LP人士告诉母基金 研究中心。 退出困境下， LP与GP的矛盾正在激化。 在当下这个时间点，踩着 2 0 1 5 - 2 0 1 6年的"双创"浪潮募集设立的基金正进入到了退出的关键阶 段。GP现阶段正面临着，大批存量已投项目等待退出，DPI成为悬在头上的达摩克利斯之剑。 在退出策略上，国内一直以来高度依赖IPO的单一退出路径。在国内，此前创投基金9 0%以上 项目退出主要通过IPO实现，随着IPO节奏放缓，一级市场出现退出"堰塞湖"。 而对 GP而言，也有苦衷——" 既要收益回报，又要招商引资，还要产能落地 ……现在的这种 退出形势，我们作为管理人只能积极寻找退出机会同时给基金做延期。在向LP征求延期意见的 时候，LP对我们灵魂拷问：延了就能退吗？延到什么时候能拿回来钱？还有国资LP对我们发 函，不同意延期，就是要退出。"某北京VC机构合伙人李力（化名）对母基金研究中 ...