Core Viewpoint - The trust crisis in the venture capital industry is intensifying, with increasing scrutiny on management fees and the relationship between General Partners (GPs) and Limited Partners (LPs) [1][5]. Management Fees - Recent regulations in various regions have changed the management fee structure for GPs, shifting from a traditional 2% of committed capital to a model based on actual investment amounts, which is expected to lower overall management fees [2][3]. - The new fee structures require GPs to demonstrate value through successful project investments rather than relying solely on management fees for income [2][4]. - The evolving management fee landscape reflects heightened expectations from LPs, who are increasingly implementing performance assessments to hold GPs accountable [2][4]. Trust and Relationship Dynamics - The relationship between LPs and GPs is crucial, with management fees intended to cover operational costs rather than serve as the primary income source for GPs [4]. - There is a growing concern about the sustainability of GPs that depend solely on management fees, as the industry moves towards greater professionalism and standardization [4][5]. Buyback Issues - The buyback and "betting" issues have become prominent in the primary market, particularly as many startups face pressure to execute buybacks amid a downturn in the capital market [6][7]. - The current wave of buybacks is seen as a systemic issue, exacerbated by market volatility and historical practices, necessitating collaborative solutions among all stakeholders [12][13]. - Legislative efforts in regions like Hunan and Shandong are encouraging the relaxation or elimination of mandatory buyback clauses, aiming to foster a healthier investment environment [9][10][13]. Future Outlook - The industry is urged to maintain rationality and foster mutual understanding among all parties involved, with a focus on long-term economic growth and the development of new productive forces [14]. - There is a call for improved incentive mechanisms within government investment funds to promote long-term capital investment and rebuild trust between LPs, GPs, and startups [14].