Core Insights - The article emphasizes the importance of strategic actions in investment banking, including share buybacks, valuation adjustments, and securing investment quotas. Group 1: Share Buybacks and Valuation - Companies must ensure they can execute share buybacks before making commitments [1] - It is essential to adjust valuations, regardless of whether they seem reasonable or not [2] Group 2: Securing Investment Quotas - Companies should aggressively pursue investment quotas by presenting timelines for project approvals [3] - Initial high valuations can be used to negotiate better terms once other investors are locked in [4] Group 3: Investment Strategies - Early and small investments should be prioritized, but if they hinder project completion, they should be postponed [5] - If early investments do not materialize, focus should shift to ensuring successful project execution [6] Group 4: Management Fees and Fundraising - Companies should collect management fees upfront, even if they plan to return them later [7] - A target of raising 1 billion should be set, encouraging initial investments from limited partners (LPs) [8] Group 5: Capital Structure Adjustments - In cases where only existing shares are available, companies can facilitate capital increases by first executing share buybacks [9] Group 6: Investment Commitments - Companies should negotiate priority purchase rights, indicating they will only invest if other shareholders do [10] Group 7: Documentation and Compliance - Timely payments are crucial, and minor errors in transaction documents can be rectified easily [11] - Engaging third-party firms for evaluations and comparisons is necessary, regardless of the actual selection process [12] Group 8: Recruitment and Carry Commitments - Companies should promise carry to attract talent, with the option to revise policies once carry is realized [13] Group 9: Addressing Revenue Declines - When questioned about revenue declines, companies can attribute this to strategic decisions made by founders for long-term value [14] Group 10: Presentation Adjustments - During formal investment decisions, it may be advisable to omit certain details from reports presented to LP committees [15]

Group 1 - The core viewpoint is that Russian companies should adhere to buyback terms to address the situation of foreign companies seeking to return to the market [1]

在当年经济上行周期的好日子里，大家都低估了未来的风险，大家也都没经验，投资人敢提、 创始人敢签，回购的问题被繁华所遮掩；在投资期限到期叠加资本市场进入下行周期时，回购 问题被瞬间放大。 日前，山东省发改委会同省科技厅、省财政厅等部门单位研究拟定了《山东省引育长期资本促 进创业投资高质量发展的行动方案（ 2 0 2 5 - 2 0 2 7）》（征求意见稿）（以下简称《行动方 案》）。 《行动方案》提出，力争到 2 0 2 7年末，投资山东的创业投资金额年均增长1 0%以上 ， 管理规 模超过 4 0 0 0亿元 ，存续基金数量保持在 3 8 0 0只左右，全省创投基金"投早投小投科技"的比 例超过8 0%，股权投资对企业上市的渗透率超过9 0%，形成"产业-科技-金融"高水平循环，打 造全国科技金融改革试验区和创业投资高地。 母基金研究中心关注到，《行动方案》中不仅围绕 "募投管退"给予全方位利好措施，其中还有 一些颇有前瞻性、突破性的举措，我们摘取亮点并分析解读如下： 首先，除各项针对投资机构的奖励外，更为难得的是：对 2 0 2 4年1月1日后以股权投资方式投 资我省早期、初创期科技型企业满2年以上的创业投 ...

近日，有创业企业因为触发回购条款公开喊话投资机构，将创投圈内长期存在的回购权争议再次推上 风口浪尖。 去年，创业黑马董事长牛文文和启明创投创始主管合伙人邝子平就曾公开表达对回购权滥 用的担忧，引发业界热议。 随着资本市场环境的变化和投资风险的增加，尤其是A股IPO节奏放缓，撤材料企业增多，上市未能成行 而触发回购条款的案例变得越来越多，回购权的强制执行往往成为创投机构和企业矛盾的焦点，甚至会 引发旷日持久的法律纠纷。 近期笔者和业内人士交流发现，事实上近半年来经常出现类似的案例，由于创投机构退出渠道受阻，被 投企业上市失败，一旦触发回购条款，就算机构自身不愿意起诉，其背后的LP也有回收本金的需求，创 投机构就会起诉被投企业。对于没有足够现金用来支付回购款的企业及创始人来说，通过司法手段强制 执行回购安排将可能导致企业破产。这些创新企业，本可以坚守和奋斗，熬过寒冬盼来"春天"，却因回 购权的行使阻碍了进一步发展的可能性。 经手过很多相关案例的业内律师表示，触发回购条款的不乏一些优质企业，其科技和产业的突破和成 果"已在路上"，如果非要通过短期方式收回投资款项，最后可能面临企业、投资人、科技发展"共输"的局 面。 ...