Core Viewpoint - The ability to raise funds for General Partners (GPs) is increasingly dependent on performance, return capabilities, and service quality, indicating that the threshold for becoming a GP is rising [2][5]. Group 1: Types of GPs Successfully Raising Funds - **CVC Institutions**: There is a notable interest from both state-owned and market-oriented Limited Partners (LPs) in Corporate Venture Capital (CVC) institutions, especially those with a market capitalization of over 100 billion. These institutions are attractive due to their strong industrial resources, which assist in project acquisition, negotiation, post-investment support, and exit strategies [5][6]. - **Top-tier White Horse Institutions**: These are well-established institutions with significant management scale and performance. They have accumulated LP resources over time, making it easier to secure funding. Although they may not raise as large funds as before, raising 1-2 billion is still feasible due to their established reputation [7][8]. - **Boutique Institutions Focused on Specific Sectors**: These institutions typically manage smaller funds (10-30 billion) and focus on one or two sectors. Their close relationships with project parties and deep industry knowledge allow them to meet LP return expectations effectively [8][9]. - **Industry Funds**: These funds focus on specific sectors like semiconductors, new energy, and healthcare. Their LPs are often looking to invest in these sectors, but fundraising can be heavily influenced by industry cycles. Despite challenges, local government investment platforms and existing LP support can help these funds raise capital [9]. Group 2: Market Conditions and Challenges - Despite a more active market this year, fundraising remains challenging, particularly for market-oriented funds. GPs must rely on their performance and service capabilities to secure investments, as the barriers to entry are becoming increasingly high [9].