Core Viewpoint - Australian Capital emphasizes the importance of DPI (Distributions to Paid-In) as a core demand from LPs (Limited Partners) and has developed a unique investment strategy focused on early-stage investments in China, balancing risk and return through careful fund management and exit strategies [1][2][3]. Group 1: Investment Strategy - Australian Capital has adopted a strategy of controlling fund sizes between 200 million to 300 million RMB, with a minimum of 15 projects per fund to balance risk and return effectively [3]. - The firm prioritizes quick capital recovery through exit strategies that do not primarily rely on IPOs, achieving a DPI of 1 in four years and a 100% exit in six years with an IRR exceeding 30% for its first fund [3][4]. - The company has developed a unique "probability theory" for investments, focusing on early-stage projects and aiming to increase the success rate of investments to 50% by applying technical logic to project selection [5][6]. Group 2: Fund Management and Structure - Australian Capital maintains a higher proportion of its own capital in funds, with self-funding ratios reaching 10%-20% since 2015, aiming to increase this to 30%-50% to reduce external fundraising pressure [7][8]. - The firm follows a stable income structure where self-investment returns exceed management fees and fund carry, which is considered a robust model for GP (General Partner) profitability [7][8]. - The transition from a trustee management model to an active investment model is seen as essential for survival in a changing market, with a projected completion timeline of 3-5 years [8].