Core Viewpoint - The discussion emphasizes the importance of patience in the relationship between General Partners (GPs) and Limited Partners (LPs) in the current investment climate, highlighting the need for mutual understanding and collaboration to navigate the challenges of the venture capital industry [2][5][21]. Group 1: Industry Trends - The 19th China Fund Partners Conference gathered key players in the investment industry to discuss the latest trends and dynamics in the LP market, focusing on the new cycle of venture capital [2][5]. - The current investment environment is characterized by a cooling period, necessitating GPs and LPs to work closely together and support each other [5][9]. Group 2: Company Insights - Dongfang Jiafu, a mixed-ownership technology investment institution, manages over 16 billion RMB in funds and focuses on early to mid-stage investments in sectors like intelligent manufacturing and life sciences [6]. - Shanghai Science and Technology Innovation Fund, established in 2017, has a management scale of 170 billion RMB and has invested in over 2,500 projects, with 159 companies listed [7]. - Yicun Capital, founded in 2015, has a management scale exceeding 300 billion RMB and focuses on sectors such as healthcare and artificial intelligence, with a strong emphasis on mergers and acquisitions [8]. Group 3: GP and LP Relationship Dynamics - The relationship between GPs and LPs has evolved, with LPs becoming more proactive and demanding, leading to a need for GPs to adapt their investment strategies accordingly [9][10]. - The collaboration between GPs and LPs is increasingly seen as a partnership, requiring shared goals and mutual understanding to achieve long-term success [14][20]. - The market has seen a significant shift, with state-owned LPs now accounting for approximately 80% of the total, indicating a change in the investment landscape [15][16]. Group 4: Patience Capital - The concept of "patience capital" is crucial in the current investment environment, where both GPs and LPs must cultivate trust and understanding to foster long-term relationships [21][22]. - The need for patience is particularly relevant in the context of technology innovation and early-stage investments, which require time to mature and yield returns [24][25]. - Effective communication and transparency between GPs and LPs are essential for building trust and ensuring that both parties can navigate the uncertainties of the market together [23][24].