Core Viewpoint - Increasing attention from primary market institutions towards the secondary market due to challenges in fundraising and investment exits [1][4][10] Group 1: Market Trends - Many primary market investors are now actively participating in the secondary market, with a notable increase in the number of General Partners (GPs) engaging in this strategy [3][11] - The liquidity of the secondary market and the potential for higher short-term returns are key reasons for this shift, especially as fundraising in the primary market becomes increasingly difficult [4][5] Group 2: Fundraising Challenges - In 2024, the number of newly established private equity and venture capital funds dropped by 44.1% year-on-year, with total fundraising amounting to 412.14 billion yuan, a decrease of nearly 40% compared to 2023 [5] - The average size of individual funds has fallen to 133.8 million yuan, marking a ten-year low, indicating significant challenges in the fundraising environment [5] Group 3: Management and Regulatory Landscape - In 2024, only 116 private equity fund managers completed registration, while 928 institutions were deregistered, highlighting a significant contraction in the number of active fund managers [6][7] - Over 100 private equity and venture capital fund managers have been deregistered due to not having any managed funds for 12 months, emphasizing the critical nature of fundraising for survival in the industry [7][8] Group 4: Investment Environment - The investment landscape has shifted away from the rapid valuation increases seen in the internet and model innovation era, with a focus now on hard technology requiring patience for longer-term returns [9][10] - Many investment institutions are currently facing a "zero investment" scenario, not due to a lack of desire to invest, but because of fierce competition and high valuations in strategic emerging industries [10]

Core Insights - The article highlights a significant increase in financing events and amounts in the primary market, indicating a growing interest from investors in various sectors [4][11]. Financing Overview - As of June 20, 2025, there were 118 financing events this week, an increase of 31 from the previous week, with a total financing amount of approximately 5.627 billion yuan, up by 2.959 billion yuan [4]. - Among these events, 23 had financing amounts of 100 million yuan or more, an increase of 10 from last week [4]. - There were 35 public exit cases this week, an increase of 9 from the previous week [4]. Financing Amount Distribution - A total of 69 financing events disclosed amounts this week, with the distribution as follows: - 4 events under 5 million yuan - 35 events between 5 million and 10 million yuan - 6 events between 10 million and 50 million yuan - 15 events between 50 million and 100 million yuan - 2 events between 100 million and 500 million yuan - 2 events between 500 million and 1 billion yuan - 1 event over 1 billion yuan [5]. Notable Investment Events - **New Energy Vehicles**: Kavin Automotive raised 1.209 billion yuan through a capital increase agreement, focusing on low-carbon and zero-carbon industrial ecosystems [7]. - **Quadruped Robots**: Yushu Technology completed nearly 700 million yuan in Series C financing, led by major investors including Tencent and Alibaba [7]. - **Display Panels**: Shenzhen Xinshi Technology secured approximately 600 million yuan in Pre-A round financing, focusing on silicon-based OLED micro-display technology [8]. - **Logistics**: Zhejiang China Light Textile City Group announced a 500 million yuan capital increase from ICBC Financial Asset Investment [8]. Industry Distribution - The financing events spanned 14 industries, with the top five being: - Equipment Manufacturing: 24 events - Electronics: 23 events - Healthcare: 19 events - Information Technology: 18 events - Consumer Goods and Services: 8 events - These five industries accounted for 77.97% of all financing events [11][12]. Regional Distribution - The top five regions for financing events were Guangdong, Jiangsu, Beijing, Shanghai, and Zhejiang, totaling 84 events, which is 71.19% of all events [16]. Financing Rounds - Angel and A rounds were the most active, totaling 78 events, with early-stage financing (A round and earlier) accounting for 67.80% of the total [20]. Exit Situation - There were 35 public exit cases this week, with the electronics sector leading in exit cases, followed by materials and energy-saving industries [27][29].

Core Viewpoint - The article discusses a framework for selecting General Partners (GPs) based on three dimensions: scale, focus, and people [2][4]. Group 1: Scale - Scale can be evaluated from two aspects: the management scale of the institution and the target fund size [6]. - The management scale is crucial as family offices typically invest between 10-30 million. Larger institutions with hundreds of millions in assets may not prioritize smaller investments, making smaller institutions (under 1 billion) more appealing for family offices [6]. - The target fund size is important for performance and influence. Many family offices avoid funds larger than 1 billion, as smaller funds allow for greater interaction and potential for follow-on investments [7]. Group 2: Focus - Focus can be assessed through sector specialization and product specialization [8]. - Sector focus is vital for generating alpha, as GPs with long-term experience in a specific sector are more likely to succeed [8]. - Product focus refers to the clarity and simplicity of fund offerings. GPs managing multiple funds may face conflicts of interest and diluted attention [8]. Group 3: People - The human factor is critical in investment, and evaluation can be based on ten aspects [10]. - Integrity is essential, as GPs must treat LPs' money with care, akin to managing their own family's savings [10]. - Passion for investment is necessary for sustained success, as genuine interest drives perseverance through challenges [10]. - Accumulation of wealth, resources, and knowledge is important for GPs to make informed decisions and recognize opportunities [11]. - A clear investment philosophy helps GPs navigate market cycles and maintain focus [12]. - A coherent career trajectory indicates a logical progression and depth of experience [12]. - Humility is crucial in a rapidly changing market, as overconfidence can lead to poor decision-making [13]. - Intelligence, both cognitive and emotional, is vital for managing relationships with LPs and project founders [13]. - High success rates in niche areas reflect a GP's expertise and ability to generate returns [13]. - Established investment principles guide decision-making and reflect a GP's self-awareness [14]. - Organizational structure and culture are important for long-term adaptability and success in the VC industry [14].

Core Viewpoint - The article discusses a framework for selecting General Partners (GPs) for family offices, focusing on three dimensions: scale, specialization, and people [2][4]. Group 1: Scale - Scale can be evaluated from two aspects: the management scale of the institution and the target fund size [6]. - The management scale is crucial as family offices typically invest between 10-30 million. Larger institutions with hundreds of millions in assets may not provide the same level of interaction and opportunities for co-investment [6]. - Smaller institutions, with management scales below 1 billion, are often more appealing as they allow for closer relationships and shared growth opportunities [6]. - The size of the target fund is also important for performance and influence. Many family offices avoid funds larger than 1 billion, as smaller funds allow for greater engagement and quicker returns on investment [7]. Group 2: Specialization - Specialization is considered in terms of sector focus and product focus [8]. - A GP that has long-term experience in a specific sector is more likely to generate alpha returns, as they develop intuition and insights over time [8]. - Product focus refers to the GP's commitment to a single fund at a time, which can reduce conflicts of interest and enhance team focus [8]. Group 3: People - The human factor is critical in investment, and the article outlines ten key attributes to evaluate GPs [9]. - Integrity is essential, as GPs must treat LPs' money with care and responsibility [9]. - Passion for investment is vital; GPs should genuinely love what they do rather than treating it as just a job [10]. - Accumulation of wealth, resources, and knowledge is necessary for GPs to make informed decisions and avoid conflicts of interest [10]. - A clear investment philosophy helps GPs navigate market cycles and maintain focus [11]. - A coherent career trajectory indicates a GP's decision-making process and adaptability [11]. - Humility is important in a rapidly changing market, as it allows GPs to remain open to new ideas and changes [12]. - Intelligence, both emotional and intellectual, is crucial for managing relationships with LPs and project founders [12]. - High success rates in specific niches are a strong indicator of a GP's capability [12]. - Established investment principles reflect a GP's experience and ability to learn from past mistakes [13]. - Organizational structure and culture are key to a GP's long-term success and adaptability [13].

Core Viewpoint - The article discusses the challenges faced by mid-career investors in the primary market, highlighting a sense of confusion and anxiety among them due to the current market conditions and their career progression [1][2]. Group 1: Mid-Career Challenges - Many mid-career investors feel stuck, unable to advance to partner levels or secure core resources, leading to a sense of being "stuck in the middle" [2][3]. - The competitive advantage of younger employees in terms of energy and cost is noted, with mid-level investors facing pressure to either achieve results or risk being optimized out of their positions [2][3]. - The trend of mid-career investors exploring side jobs, such as selling insurance, has emerged as a response to financial pressures and job insecurity [2][3]. Group 2: Career Transitions - There is an increasing trend of investors transitioning to roles within the companies they previously invested in, which is seen as a smoother career shift due to existing relationships and familiarity with the business [4][5]. - Some investors are diversifying into completely different fields, such as becoming fitness or ski instructors, reflecting a broader search for new opportunities [5][6]. - The shift to roles in financial advisory (FA) or consulting is also noted, as some investors seek more stable opportunities amid a challenging investment environment [5][6]. Group 3: Embracing New Opportunities - A growing number of investors are turning to self-media and content creation as a side venture, leveraging their expertise to generate income through knowledge sharing and online courses [6][7]. - The rise of self-media among investors is seen as a way to expand their networks and share resources, with various monetization strategies being employed, including knowledge payment and advertising [6][7]. - The article emphasizes the importance of adaptability and continuous self-improvement for mid-career investors to remain relevant in a changing market landscape [7].

Group 1: Family Office Overview - Family offices in Europe and the US have become a common wealth management vehicle for ultra-high-net-worth individuals, aiding families in wealth preservation and transfer [1] - The Hermansen family office, represented by Michael Zhang, utilizes global asset allocation strategies and robust risk management systems to navigate economic cycles [1] Group 2: Hermansen Family Business - The Hermansen family business has a history of over 170 years, with its largest company, DSD Group, founded in 1855, making it one of Norway's oldest private enterprises [2] - DSD Group was transformed from a regional ferry service into an international company with diverse operations under the leadership of Folke Hermansen [4] - DSD currently employs over 5,600 people, equating to one employee for every 1,000 Norwegians [4] Group 3: Investment Structure - The Hermansen family operates two main investment entities: DSD Group's strategic investment department and the family fund Herfo, both led by Yuhong Jin Hermansen [5] - The strategic investment department focuses on capturing emerging business trends and primarily invests in growth-stage companies, while also seeking acquisition opportunities [7] - Herfo, established in 2005, aims to assist the family in professional global asset allocation, leveraging the advantages of long-term investments [9] Group 4: Global Asset Allocation Strategy - Herfo allocates approximately 50% of its investments to global secondary markets, with the remainder in primary markets and real estate [10] - The family office has increased its investment in primary markets, particularly direct investments, to enhance team capabilities and experience [11][13] - The focus is on identifying quality projects based on the family's resources and advantages, with a keen interest in technology and niche traditional sectors [13] Group 5: Risk Management Strategies - The Hermansen family employs four core risk management strategies: maintaining legal and operational independence between the family business and the family fund, global diversification in asset allocation, liquidity management, and team collaboration [15][16][18][19] - The family office emphasizes the importance of team experience and diverse perspectives to avoid groupthink [19] Group 6: Advantages and Challenges of Overseas Branches - The Hermansen family office is unique in having a branch in China, allowing for long-term engagement in both Chinese and Norwegian markets [21] - The family office aims to leverage its experience in the complex Chinese market to identify and seize investment opportunities quickly [22] - The changing global economic and political landscape presents both opportunities and challenges for the family office in achieving global asset allocation [22] Group 7: Opportunities in Sino-Norwegian Cooperation - There are significant collaboration opportunities between China and Norway in the fields of renewable energy, technology co-creation, and capital co-creation [23][24] - The Hermansen family office has expanded its services to include consulting for Nordic companies entering the Chinese market and vice versa, enhancing its role as a bridge between the two markets [24]

小宋，鉴于你2024年在退出工作上进步很大，2025年希望你承担1亿元的退出金额。希望你不要辜负我 们对你的信任。 各位同志，管理层为2025年制定的退出金额是3亿元，这个金额远高于我们实际触发回购的各项目总金 额。 高于，是因为我们未雨绸缪，针对当前大环境，我们不得不提早回购，未到期回购。同时这也是我们募 资和dpi的需要。 鼓励大家通过老股转让的形式完成退出。如果转不出去，就请大家通过回购的方式。总之，3亿元是刚 性的。 至于那些还没有触发回购的项目，如何说服创始人同意回购，请各位同志开动脑筋，穷尽创造性和积极 性。 作者 | 叫小宋 来源 | 叫小宋 别叫总 今天想分享一下实际在执行层面，回购的样子。 （一）回不回购，合伙人说了算 （二）回购的核心是脸皮要厚 要账，大家都要过吧？或者，至少能想象的到吧？没有技巧，全是歪招。 小宋我见过的要账手段：喝酒，堵门，声东击西，等等。 但是企业的一些生产经营会议，我要参加。我时不时的去cfo和coo办公室，聊一聊。 客户和供应商来访，我更是一定要陪同。 但凡还稍微要点脸面的创始人，可能就妥协了，同意回购了。 声东击西这个词我也不知道是否准确，是我亲眼见过的一种做法 ...

欢迎加入投资界读者群 LP考核投资进度。 作者 I 周佳丽 报道 I 投资界PEdaily "我们收到了某地LP的函，"华东一家早期基金的投资合伙人忧心，"如果今年二季度末再 不把账上的钱投完，LP就要减资了。" 无独有偶，一位投资总监朋友同样说起这一幕："我们一只基金的投资期已经接近尾声， 但还有大几千万元没投出去，每次汇报LP的时候都要给他们做心理按摩，压力山大。" 我们交流下来的体感是，对很多头部机构来说， 账上的钱迟迟投不出去 。 这 也 是 今 年 VC/PE普遍的烦恼。 看着钱躺在基金里一动不动，LP也心急。"内部有投资指标的考核，但大部分子基金没有 完成，政府正催着投资。"华南某天使投资基金的总经理告诉我们，GP投不出去，他们也 将受到上级的审查。 考验重重，不同的情绪在一级市场流淌着。 投资人苦恼： 有钱，但投不出去 访问一圈投资人，一个几近相同的反馈是： 大多数投资机构虽然没有刻意放缓投资，但整体投资数量相比上一年同期还是下降了约 1 0%，尤其是VC机构出手节奏趋缓。 开年De e pSe e k火爆出圈，拉开了中国资产全面重估的序幕。高昂情绪进一步传导至创投 圈，助推了投资端的流动，正如 ...

欢迎加入投资界读者群 LP考核投资进度。 作者 I 周佳丽 报道 I 投资界PEdaily "我们收到了某地LP的函，"华东一家早期基金的投资合伙人忧心，"如果今年二季度末再 不把账上的钱投完，LP就要减资了。" 无独有偶，一位投资总监朋友同样说起这一幕："我们一只基金的投资期已经接近尾声， 但还有大几千万元没投出去，每次汇报LP的时候都要给他们做心理按摩，压力山大。" 我们交流下来的体感是，对很多头部机构来说， 账上的钱迟迟投不出去 。 这 也 是 今 年 VC/PE普遍的烦恼。 看着钱躺在基金里一动不动，LP也心急。"内部有投资指标的考核，但大部分子基金没有 完成，政府正催着投资。"华南某天使投资基金的总经理告诉我们，GP投不出去，他们也 将受到上级的审查。 考验重重，不同的情绪在一级市场流淌着。 投资人苦恼： 有钱，但投不出去 访问一圈投资人，一个几近相同的反馈是： 大多数投资机构虽然没有刻意放缓投资，但整体投资数量相比上一年同期还是下降了约 1 0%，尤其是VC机构出手节奏趋缓。 开年De e pSe e k火爆出圈，拉开了中国资产全面重估的序幕。高昂情绪进一步传导至创投 圈，助推了投资端的流动，正如 ...

摘要 潮水退去，方显礁石。 固态电池，被视作"电池技术终极形态"的厚望，以其颠覆性潜力一度在一级市场竞相追逐的焦点。 三年前，一篇Nature论文即轻斩获数千万元天使轮融资的故事，至今仍为业内津津乐道。 然而，当固态电池技术路线的轮廓日渐清晰，产业化路径亦在一条条新建产线中逐步构建之时，当 前一级市场的投资热情似乎已呈现出一种微妙的"冷却"迹象，市场的关注度与之前相比，似乎有所 放缓。 若论全然遇冷，或有失偏颇。 毕竟，硫化物电解质、硅基负极等关键材料领域，依旧不乏资本的青 睐。依然吸引着资本的切实投入。 例如，2024年，中科固能、融固新材两家硫化物电解质初创企业，便在天使轮阶段各自募得亿元级 别的资金。硅基负极领域，尤以CVD法硅碳技术为代表，新近公开的项目数量，显著超越电解质及 其他材料领域。 聚焦电池制造端，恩力动力、辉能科技等明星项目背后，亦不乏红杉中国、软银中国等顶级资本的 持续加持。更值得关注的是，国资与产业资本以前所未有的力度布局固态电池产业，从上游材料到 下游产线，深度融入这片新兴产业生态的构建浪潮之中。 但若言火热或蓬勃，当下景象又与早年盛况存在落差。 估值已跨越百亿门槛的固态电池独角兽企 ...