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 article emphasizes the importance of leadership directives in managing tasks and responsibilities within the organization [1][2] - It highlights the need for effective communication and documentation, such as meeting minutes and project proposals, to ensure clarity and accountability [2][3] - The text discusses the significance of internal control and auditing processes, including annual audits and special audits, to maintain organizational integrity [3][4] Group 2 - The article outlines the project management framework, including project initiation, risk management, and post-investment follow-up [4] - It stresses the necessity of collaboration among departments, particularly the risk control department, to enhance project outcomes [4] - The text underscores the importance of asset protection and ensuring that state-owned assets are not lost during project execution [4]

12 月了，各投资人陆续开始年终总结。我也凑个热闹。 回看我的 2024 ，在 lp 爸爸的大力鞭策下，在证监会交易所的严格要求下，我精进迭代了以下六方面的 能力：对赌回购，返投落地，退出，募资， FA ，副业。 每项技能可能还可以再叠加 buff ，输出 plus 技能。 然后，我先默认点进本文的朋友，都已经能比较好理解 lp ，返投， fa 的概念。 技能 1 对赌回购 技能 1+ 无限连带责任 技能 1++ 差异化定价并购退出 作为国资基金，没有对赌回购肯定是不行的。甚至，需要创始人无限连带，只有公司回购都是不足以让 lp 爸爸满意的。 但是，创始人不同意怎么办？ 今年以来，很多上市公司对初创公司的并购，都采用了叫做"差异化定价"的策略。并购的时候，给投资 人高估值，给团队低估值，大家都有了体面。 甚至，再加个拖售权。拖售权 + 差异化定价，即使没有回购，大概率也是能说服投委的。 要么回购，要么拖售权 + 差异化定价，创始人你选一个吧。 "宋总你这谈判策略太强了" 我说：都是合伙人管理有方。 技能 2 返投落地 说的太好了。感谢lp爸爸给我提升的机会。 技能 3 退出 技能 3+ 带年化利率退出 技能 ...