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连续踩雷后,创投“大金主”淡马锡策略大转向:远离高风险初创公司!
Hua Er Jie Jian Wen· 2025-06-04 06:12
Core Insights - Temasek Holdings, one of the world's largest sovereign wealth funds, is significantly reducing its early-stage investment portfolio due to recent financial setbacks, indicating a potential downturn in the venture capital ecosystem [1][3] - The fund's investment scale plummeted from $4.4 billion in 2021 to $509 million last year, with only $70 million invested so far this year [1] - The number of first-round investments dropped dramatically from 82 in 2021 to just 11 last year, suggesting a near-total exit from early-stage venture capital [1] Investment Strategy Shift - Temasek's management attributes the shift in strategy to rising global interest rates, which have made it more challenging for startups to secure funding and hindered their chances of going public [1][3] - The fund is now focusing on fewer investments that are closer to going public, limiting early-stage investments to 6% of its portfolio, with half of that through direct investments and the rest via venture capital funds [3] Impact of Past Failures - The fund's strategy change is influenced by significant losses, including a $275 million write-off from its investment in the collapsed cryptocurrency exchange FTX [2] - Other notable failures include the Indonesian startup eFishery, which faced allegations of falsifying sales and profit data, and several other companies in its portfolio that have also underperformed [2] Performance Context - Temasek's overall performance has struggled to keep pace with global markets, reporting a return rate of only 2% for the fiscal year ending March 2024, compared to a 28% increase in the S&P 500 during the same period [3] - Despite some successful early investments in companies like Alibaba and DoorDash, the current market environment has prompted even seasoned investors to adopt a more cautious approach [4]