Fundraising Activities - In November, Source Code Capital announced the completion of a new growth fund with a total scale of $600 million, focusing on "AI+" and "Global+" investment directions [4] - Monolith completed fundraising for its dual-currency VC fund with a total scale of approximately $488 million (about 3.5 billion RMB), bringing its total asset management scale to over 10 billion RMB [6] - Hangzhou Runmiao Fund was established with an initial scale of 2 billion RMB, focusing on early-stage investments [8] - The XinKe Industry Investment Fund, initiated by Wuhan High-tech Group, has a total scale of 5 billion RMB, aimed at enhancing local industrial development [10] - CapitaLand Investment announced the completion of its CLARA II private fund with over $650 million raised, focusing on data centers and new economic infrastructure in the Asia-Pacific region [12] - Shenzhen Investment Control and Bank of Communications signed a cooperation agreement for a 2 billion RMB fund focusing on hard technology enterprises [14] - Chip Union Capital completed fundraising of 1.25 billion RMB for its main fund, targeting semiconductor and AI sectors [16] - Cainiao and China Life established a logistics investment fund with a total asset scale of over 1.7 billion RMB [18] - Lenovo announced the establishment of the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology [20] - The Nanjing Jinyu Maowu Fund was established with a total scale of 1 billion RMB, focusing on AI and digital economy sectors [22] - The Henan Lihua Angel Fund was registered with a total scale of 177 million RMB, focusing on frontier technology investments [24] - Northern Light Venture Capital established a QFLP fund in Tianjin, with a registered capital of approximately 1 million RMB [26] - China Rare Earth established a private equity fund management company in Shenzhen with a registered capital of 30 million RMB [28] - The Hubei Zhongying Changjiang Fund was established with a target scale of 10 billion RMB, focusing on high-end equipment manufacturing and AI [30] - The Wuxi Baiwang AI Investment Fund was successfully registered, focusing on AI and data intelligence sectors [32] - Shanghai Jiao Tong University established a fund with a total scale of 100 million RMB, focusing on strategic emerging industries [34] - Yida Capital plans to establish a cross-border investment fund to support Guangzhou's economic development and attract international capital [36]

Fundraising Activities - Source Code Capital has completed a new growth fund raising of $600 million, focusing on "AI+" and "Global+" investment directions, with a total asset management scale of approximately $7 billion [1] - Monolith has raised a total of $4.88 million (approximately 3.5 billion RMB) for its new dual-currency fund, bringing its total asset management scale to over 10 billion RMB [2][3] - Hangzhou Runmiao Fund has been established with an initial scale of 2 billion RMB, focusing on early-stage investments [4] - The Xinke Industry Investment Fund, initiated by Wuhan High-tech Group, has a total scale of 5 billion RMB, aimed at enhancing local industrial development [5] - CapitaLand Investment has raised over $650 million for its CLARA II fund, which will primarily invest in data centers and new economic infrastructure in the Asia-Pacific region [6] - Shenzhen Investment Control and Bank of Communications have signed a cooperation agreement for a new fund with a total scale of 2 billion RMB, focusing on hard technology enterprises [7][8] - Chip Union Capital has completed a fundraising of 1.25 billion RMB for its first main fund, targeting hard technology sectors [9] - Cainiao and China Life have established a logistics investment fund with a total asset scale of over 1.7 billion RMB [11] - Lenovo has launched a Shanghai fund with an initial scale of 1 billion RMB, focusing on cutting-edge technology and future industries [12] - The Henan Lihua Angel Technology Innovation Fund has been established with a total scale of 177 million RMB, focusing on strategic emerging industries [13] - Polar Light Venture Capital has set up a QFLP fund in Tianjin, marking its entry into the investment landscape [14] - China Rare Earth has established a private equity fund management company in Shenzhen with a registered capital of 30 million RMB [15] - The Hubei Zhongying Changjiang Fund has been established with a target scale of 10 billion RMB, focusing on high-end equipment manufacturing and emerging industries [16] - The Wuxi Baiwang Artificial Intelligence Investment Fund has been successfully registered, focusing on AI and data intelligence [17] - Shanghai Jiao Tong University has launched a new fund with a total scale of 100 million RMB, targeting strategic emerging industries [18] - Yida Capital is planning to establish a cross-border investment fund to support Guangzhou enterprises in the Middle East market [19]

Group 1 - The article highlights the recent fundraising activities of various Limited Partners (LPs) in the investment sector, indicating a vibrant market for venture capital and private equity funds [2][3][4][5][7][8][9][10][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30] - Source Code Capital has successfully raised a new growth fund totaling $600 million, focusing on "AI+" and "Global+" investment themes, with a total asset management scale of approximately $7 billion [2] - Monolith Capital has completed fundraising for its dual-currency VC funds, reaching a total of $488 million, bringing its total asset management scale to over 10 billion RMB [3] - Dongguan has established two mother funds with a total scale of 6 billion RMB, targeting key industries such as artificial intelligence and semiconductors [4] - Xuzhou has launched a special mother fund for emerging industries with a total scale of 3 billion RMB, aimed at attracting talent and investment [7] - Shenzhen's Deep Investment Control has signed an agreement for a new 2 billion RMB fund focused on hard technology enterprises [8] - Lenovo has initiated the Lenovo Shanghai Fund with an initial scale of 1 billion RMB, concentrating on cutting-edge technology and future industries [9] - Jinan has established a 100 billion RMB fund for aerospace and low-altitude industries, with significant investments planned [10] - The establishment of various funds across different regions indicates a strong focus on sectors like artificial intelligence, semiconductors, and advanced manufacturing [4][5][7][8][9][10][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30] Group 2 - The article discusses the establishment of new investment funds in various regions, including a 30 billion RMB fund in Nanjing aimed at industrial development [24] and a 30 billion RMB fund in Xianning to promote modern industrial systems [25] - The Guangxi Artificial Intelligence Fund has been launched with a scale of 3.3 billion RMB, focusing on AI and digital economy investments [26] - The Shanghai Qingpu District has released management measures for its industrial development fund, aiming to leverage public funds to attract private investment [27][28] - The article emphasizes the government's role in facilitating private investment through various measures and funds, indicating a supportive environment for venture capital and private equity [30]

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]

Core Insights - Source Code Capital has completed fundraising for a new growth fund with a total size of $600 million, which includes both RMB and USD currencies [1] - The new fund will focus on two main investment directions: "AI+" and "Global+" [1] - The investment period for this fund is set for 5 years, with an exit period of 20 years, resulting in an overall lifespan of 25 years [1] Investment Focus - The "AI+" direction will primarily target areas such as AI to Consumer (AI2C), AI to Professional (AI2P), and the computing power industry chain [1] - The "Global+" direction will concentrate on smart hardware and software applications [1] Asset Management - As of now, Source Code Capital manages assets totaling approximately $7 billion, equivalent to 50 billion RMB [1]

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].