「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 根据公开信息统计：截至周五下午，本周（11月8日-11月14日）LP动态共25起。 LP 源码11岁，募集6亿美元 投资界-解码LP获悉，近日，源码资本宣布完成新一期成长基金募资，总规模达6亿美元， 涵盖人民币和美元双币种。本轮募资主要来自产业投资人和少数长期财务投资人的持续支 持。 至此，源码资本的管理资产规模约7 0亿美元（折合5 0 0亿元人民币）。投资界了解到，源码 资本新一期成长基金将聚焦"AI+"和"Gl o b a l+"两个投资方向；其中投资期为5年，退出期 为2 0年，整体存续周期长达2 5年。此情此景，弥足珍贵。 LP 3 5亿，年底最大VC募资诞生 Mo n o lit h砺思资本已于近日完成美元VC二期基金和人民币VC一期基金的募资终关，新的 双币基金总规模4 . 8 8亿美元（约3 5亿人民币）。今年年中，Mo n o lit h的对冲基金也完成新 一期募集，并持续扩容。至此，Mo n o lit h总资产管理规模超过1 0 0亿人民币。 回 想 2 0 2 1 年 11 月 ， ...

Core Insights - Source Code Capital has completed fundraising for a new growth fund with a total scale of $600 million, focusing on "AI+" and "Global+" sectors, indicating a strategic shift towards long-term investments [5][6][10] - The fund is designed with a 5-year investment period and a 20-year exit period, marking a significant 25-year lifespan for this growth fund, which is a departure from traditional investment timelines [6][13] - The decision to focus on growth-stage investments comes amid a challenging market environment, with a renewed optimism in exit channels, particularly in the Hong Kong IPO market [10][11][18] Fund Details - The new fund's total scale is $600 million, which is smaller compared to previous fundraising rounds of $1 billion and 7 billion RMB in 2021 [16][18] - The fund will concentrate on AI-related investments, including AI2C/2P and the computing power supply chain, as well as global opportunities in smart hardware and software applications [9][10] - The strategy reflects a shift from rapid expansion to a more focused and quality-driven investment approach, emphasizing long-term value creation [17][19] Market Context - The Hong Kong IPO market has shown significant recovery, with total financing reaching HKD 182.9 billion by the end of September 2024, more than doubling from the previous year [10] - The renewed market sentiment has led to a surge in IPO applications and increased trading volumes, creating a more favorable environment for growth investments [10][11] - The shift in strategy by Source Code Capital is seen as a response to the broader market dynamics, aiming to balance fund size with sustainable returns [16][17] Strategic Implications - The long exit period allows the investment team to focus on long-term value rather than short-term financial metrics, enabling a deeper evaluation of a company's competitive position over a decade or more [13][14] - This approach is expected to redefine growth-stage investment strategies, moving away from traditional IPO-centric models towards a more disciplined and patient investment philosophy [13][19] - The fundraising success of Source Code Capital may signal a new phase for investment institutions in China's primary market, emphasizing quality and long-term commitment over rapid growth [19]

11月13日，源码资本宣布完成新一期成长基金募资，总规模达6亿美元，涵盖人民币和美元双币种。本 期基金将聚焦在"AI+"和"Global+"两个方向的投资上，前者重点关注AI2C/2P、算力产业链等领域，后 者重点关注智能硬件、软件应用等领域。本期基金的投资期为5年，退出期为20年，整体存续周期长达 25年。截至目前，源码资本的管理资产规模约70亿美元（折合500亿元人民币）。 ...

Core Insights - Source Code Capital has completed a new growth fund raising with a total scale of $600 million, focusing on "AI+" and "Global+" investment directions [1] - The fund aims to address "bottleneck" issues in AI technology and explore global opportunities for China's comprehensive capabilities [1] - The investment phase will emphasize growth-stage projects, while an independent entity will focus on early-stage investments [1] Investment Focus - The new growth fund will concentrate on AI2C/2P and computing power industry chain, supporting the commercialization of AI technology [1] - The "Global+" focus will include smart hardware and software applications, aiming to leverage China's capabilities on a global scale [1] Fund Structure - The investment period for this fund is set at 5 years, with an exit period of 20 years, resulting in a total lifespan of 25 years [2] - The fund's size is smaller than the previous one, but it emphasizes a long exit period to support innovation and entrepreneurship [2] Strategic Vision - The founder emphasizes the significant and lasting impact of AI and globalization on business transformation [2] - The company aims to provide long-term support to innovative enterprises, focusing on quality over quantity in project selection [2]

Core Insights - The new growth fund by Source Code Capital focuses on "AI+" and "Global+" investment directions, with a total fundraising of $600 million [1] - The fund aims to address critical issues in AI technology and explore global opportunities for China's comprehensive capabilities [1][2] - The investment strategy emphasizes long-term support for innovative companies, with a 5-year investment period and a 20-year exit period, totaling a 25-year lifecycle [4] Investment Focus - The "AI+" focus will target areas such as AI2C/2P and the computing power industry chain, aiming to support breakthroughs in AI technology and its commercialization [1] - The "Global+" focus will explore opportunities in smart hardware and software applications, emphasizing China's global output capabilities [1] Fund Management Strategy - The current growth fund will concentrate on growth-stage projects, while the independently operated "Source Code Rhythm" will focus on early-stage investments [3] - The fund's strategy reflects a shift towards "less but better" project selection, aiming for deep engagement with entrepreneurs and long-term value creation [4] Historical Performance - Source Code Capital manages approximately $7 billion in assets and has invested in over 300 startups since its inception in 2014, covering various sectors including AI, smart manufacturing, and life sciences [5]

Be Raw, Explore Relentlessly 心向辽阔 探索不熄 近日，源码资本完成新一期成长基金募资，总规模达6亿美元，涵盖人民币和美元双币种。本轮募资主要来自产业投资人和少数长期财务投资人的持续支 持。 新一期成长基金将聚焦在"AI+"和"Global+"两个方向的投资上：前者将重点关注AI2C/2P、算力产业链等领域，支持AI技术发展中的"卡脖子"问题突破及 AI大规模商业化落地；后者将重点关注智能硬件、软件应用等领域，系统挖掘中国综合能力的全球输出机会。 截至目前，源码资本的管理资产规模约70亿美元（折合500亿元人民币），自2014年创立以来已累计投资超过300家创业公司，行业涵盖AI & Robotics、智 能制造、互联网 & 消费、生命科学等多个领域，代表性项目包括字节跳动、美团、贝壳找房、理想汽车、宇树科技、奕斯伟材料、欣旺达动力、布鲁 可、雾芯科技、塔斯汀、元保数科、OPay、Stori、LiblibAI、月之暗面等。 "一方面，AI的快速演进正极大提升社会生产力，是未来十年全球将经历的最大科技趋势；另一方面，随着物质基础大幅提升，人们的生活方式日趋多 元，对美好生活的追求将进 ...

Core Viewpoint - Source Code Capital has successfully raised a new growth fund with a total scale of $600 million, focusing on "AI+" and "Global+" sectors, indicating a strategic shift towards long-term, focused investments rather than rapid expansion [2][3]. Part 01: Why Continue "Growth Stage Investment" - The new growth fund will primarily invest in AI-related sectors, including AI2C/2P and the computing power supply chain, addressing critical issues in AI technology development and commercialization [6]. - The decision to focus on growth stage investments comes amid a challenging environment for such investments in China's primary market, where exit channels have been limited, leading to valuation mismatches [7]. - A significant catalyst for this strategy is the recovery of the Hong Kong IPO market, which has seen a substantial increase in financing and market activity, providing a healthier exit environment for growth investments [7][8]. - The fund's 25-year lifespan allows for a shift away from short-term IPO pressures, enabling a focus on long-term value and industry competitiveness [8][9]. Part 02: "De-Expansion" as a New Narrative? - The new fund's $600 million size is smaller compared to previous fundraising efforts, reflecting a strategic choice to prioritize quality over scale amid a declining market environment [10][11]. - This shift indicates a maturation of investment strategies, moving away from the race for larger fund sizes towards a focus on sustainable, long-term investment capabilities [11][12]. - The changes in strategy are particularly relevant for cautious North American LPs, as they seek to engage with top-tier Chinese GPs in sectors like AI and robotics, which present significant structural opportunities [12][13]. - The completion of this growth fund may signal a new phase for investment institutions in China's primary market, emphasizing discipline, focus, and patience in identifying valuable opportunities [13].

Core Viewpoint - Source Code Capital has successfully raised a new growth fund with a total scale of $600 million, focusing on "AI+" and "Global+" investment directions, marking a significant event in the domestic VC landscape [2][3][5]. Investment Focus - The new growth fund will concentrate on two main areas: - **AI+**: Emphasizing AI technology development, particularly in consumer and enterprise applications, addressing critical issues in the AI supply chain, and facilitating large-scale commercialization of AI [5]. - **Global+**: Focusing on smart hardware and software applications, exploring opportunities for China's comprehensive capabilities in global markets [5]. Fund Structure - The investment period for the new fund is set at 5 years, with an exit period of 20 years, resulting in a total lifespan of 25 years, which is longer than the typical 7-10 year duration of domestic funds [8][9]. Strategic Direction - Source Code Capital aims to adopt a "less but better" approach, focusing on fewer projects with long-term support to help innovative companies navigate uncertainties and achieve sustainable growth [9]. - The firm emphasizes the importance of patient capital in the current investment landscape, addressing the mismatch between fund duration and company growth [9]. Historical Context - Since its establishment in 2014, Source Code Capital has invested in over 300 startups across various sectors, including AI, robotics, smart manufacturing, and life sciences, with notable projects such as ByteDance and Meituan [6].