「逆势募资10亿人民币。」 「入局」是「暗涌Waves」的固定栏目。它源于我们发现，曾经行之有效的运行模式出现新的挑战，过往自西向东所承袭的行业规则已经被打散。人们亟 待创新与资本的新版图和新秩序。而"入局"则是一种最珍贵的姿态。 「入局」诞生于变局之中。若用一句话总结这个栏目的书写对象：我们希望找到更适应变化环境中的新玩家、新玩法。以下是本栏目的第十四篇文章。 文｜徐牧心 编辑｜陈之琰 久违地，人民币基金募资端也有了好消息。一家水下的市场化的人民币基金在一年内募资金额超10亿。 「暗涌waves」获悉，静水湖创投完成新一期5亿元盲池基金的首关。算上其此前连续设立的S基金、FOF基金以及已在设立流程中的新一支S基金，在不 到12个月的时间内，静水湖创投合计募资金额已超10亿元人民币，静水湖也相继成功引入了元禾辰坤、厦门资本、国联新创、宿城创投以及源铄资本等新 的LP。 在当下的人民币基金市场，这算得上可观的融资规模。而这家在市场上颇为低调的投资机构，更让人值得关注的一点是，其政府引导基金属性的资金被控 制在30%以下，且过去基金的资金来源中，"具有引导性质的钱都没有与强制的前置返投指标与call款挂钩"。 在 ...

「 逆势募资10亿人民币。 」 「入局」是「暗涌 Waves 」的固定栏目。它源于我们发现，曾经行之有效的运行模式出现新的挑战，过往自西向东所承袭的 行业规则已经被打散。人们亟待创新与资本的新版图和新秩序。而 " 入局 " 则是一种最珍贵的姿态。 「入局」诞生于变局之中。 若用一句话总结这个栏目的书写对象：我们希望找到更适应变化环境中的新玩家、新玩法。以下 是本栏目的第十四篇文章。 文 ｜ 徐牧心 编辑 ｜ 陈之琰 久违地，人民币基金募资端也有了好消息。一家水下的市场化的人民币基金在一年内募资金额超 10亿。 「暗涌 waves」获悉， 静水湖创投完成新一期 5亿元盲池基金 的 首关。算上其此前连续设立的 S基金、 FOF基金 以及已在设立流程中的新一支 S基金 ，在不到 12个月的时间内，静水湖创投合计募资金额已超 10亿元人民币 ，静水湖也相继成功引入了元禾辰坤、厦门资本、 国联新创、宿城创投以及源铄资本 等新 的 LP。 在当下的人民币基金市场，这算得上可观的融资规模。而这家 在市场上颇为低调 的投资机构，更 让人 值得关注的一点是， 其政府引导基金属性的资金被控制在 30%以下，且过去基金的资金来源中 ...

Core Insights - The most profound change in the VC industry over the past three years is the systematic disappearance of non-consensus investing, rather than fundraising difficulties or valuation corrections [1][2][4] Group 1: Industry Transformation - Major firms like a16z and Sequoia America are transitioning to RIA (Registered Investment Advisor) structures, establishing evergreen funds, and expanding cross-asset investment capabilities, indicating a shift towards scale, institutionalization, and asset management [1][3][5] - This transition allows for greater flexibility and compliance, enabling these firms to invest across various asset classes, including public markets, structured credit, and cryptocurrencies, thus evolving from traditional VC to cross-asset capital platforms [3][4][7] Group 2: Impact of Systematic Changes - The core mechanisms of non-consensus investing—information asymmetry, foresight, and long-term patience—are being diluted by institutional capital logic, leading to a crisis in the industry [4][8] - The VC industry is increasingly characterized by capital concentration, project homogeneity, and fragmented opportunities, with only 30 firms capturing 75% of VC funding in the U.S. in 2024 [9][10] Group 3: Emergence of Consensus Capital - The industry is bifurcating into two distinct capital systems: "consensus capital," which focuses on scale and efficiency, and "risk capital," which bets on unformed market directions and relies on deep technological insights [14][16] - The characteristics of consensus capital include large checks, clear trend identification, and a focus on long-term asset management, while risk capital emphasizes independent insights and high conviction in non-consensus opportunities [15][16] Group 4: Future of VC - The definition of VC is evolving, with a need to establish clearer boundaries between consensus and risk capital, as well as between RIA institutions and fund managers [16][24] - The most valuable VC firms in the future will be those that can maintain independent judgment and are willing to take on non-consensus risks, as the industry shifts from "discovering the future" to "configuring the future" [20][24]

Core Insights - The article emphasizes the importance of identifying undervalued opportunities in the hard technology sector amidst a consensus-driven investment landscape [2][5] - It highlights the shift in focus from popular sectors like humanoid robots and commercial aerospace to deeper, less recognized areas such as industrial automation and energy supply-side innovations [2][5] Group 1: Investment Opportunities - Investment institutions are looking at opportunities arising from de-globalization, particularly in industrial automation and energy supply-side technology restructuring [2][5] - There is a significant potential for Chinese smart manufacturing to expand internationally, filling gaps left by Western suppliers [2][9] - The article discusses the disruptive potential of satellite internet and next-generation computing architectures [2][10] Group 2: Insights from Industry Experts - Experts at the DEMO CHINA event shared insights on avoiding overheated sectors and focusing on undervalued opportunities in manufacturing [4][8] - They noted the challenges faced by companies going overseas, including longer cash flow cycles, which can range from 6 months to 2 years [8][9] - The discussion included the importance of aligning investment strategies with industry trends and technological advancements [5][11] Group 3: Non-Consensus Investment Strategies - The article stresses the value of identifying non-consensus investment opportunities that can lead to significant returns [5][10] - Examples include investments in quantum computing and GPU companies, which were initially seen as non-consensus but have since gained traction [10][11] - The importance of understanding unique insights and market dynamics to make informed investment decisions is highlighted [11][12]

Core Viewpoint - The article emphasizes the importance of investing in unique, non-consensus sectors rather than crowded, low-barrier industries, which are seen as wasteful of social wealth [4][7]. Investment Strategy - The company avoids investing in popular sectors like prepared food, shared bicycles, and community group buying due to their low entry barriers and high competition [3][4]. - The focus is on sectors with scarcity and uniqueness, requiring independent judgment from investors [7][8]. Case Study: Canban - The success of Canban, which achieved over 2 billion in sales within a year, is highlighted as a non-consensus investment decision [13][15]. - The founder of Canban, who lacked formal educational credentials, exemplifies the type of ambitious and resourceful entrepreneurs the company seeks to support [15][16][19]. Future Investment Plans - The company plans to invest no less than 1.5 billion in the upcoming months, indicating a strong financial position [24][25]. - An upcoming event in Sichuan aims to explore innovative growth engines and connect with entrepreneurs [26][30]. Entrepreneurial Characteristics - The article discusses the traits of successful entrepreneurs, emphasizing that educational background is not a determining factor for success [19][20]. - The narrative includes examples of other successful entrepreneurs with similar backgrounds, reinforcing the idea that ambition and resilience are key [17][18].

Core Insights - The article discusses the importance of understanding people in the investment industry, particularly focusing on the characteristics of successful entrepreneurs and the investors who back them [2][3] - It highlights the emergence of a new generation of entrepreneurs, particularly in the AI and technology sectors, and how they are being recognized and supported by investors [3][4] Group 1: Insights on Founders - The conversation features three investors discussing their experiences with notable founders: He Yu with Wang Ning of Pop Mart, Cao Xi with Wang Xingxing of Yushu Technology, and Hu Boyu with Zhang Junjie of Bawang Tea [5][6] - He Yu describes Wang Ning as a blend of artistic sensibility and strong business acumen, emphasizing his meticulous attention to cost management [6][7] - Cao Xi characterizes Wang Xingxing as pure and focused, noting his practical approach to business decisions, such as pursuing humanoid robots due to demand [9][10] - Hu Boyu describes Zhang Junjie as undergoing transformative growth, highlighting his unique background and rapid development in the business [10][11] Group 2: Investment Decision-Making - Investors emphasize the importance of understanding the underlying qualities of founders, such as strategic thinking and self-awareness, rather than superficial traits [13][14] - The challenge lies in recognizing new knowledge and business models that may initially seem unfamiliar, as seen with Pop Mart's innovative approach [14][15] - Investors also discuss the difficulty of conveying their insights about founders to their investment committees, given the complexity of the information received during meetings [14][15] Group 3: Personal Reflections - The investors share their perspectives on each other, highlighting traits such as curiosity, empathy, and a focus on simplicity in decision-making [23][30] - They reflect on how their experiences in the investment industry have shaped their understanding of human nature and the importance of respecting it in business [37][38] - The article concludes with thoughts on the ongoing evolution of personal insights and the significance of human connections in both entrepreneurship and investment [39][42]