In the landscape of venture capital, relatively few firms appear to have navigated the turbulence of recent years as well as Index Ventures. Originating from Geneva as an investment focused initiative, the firm has transformed into a key player among European VCs, delivering consistent results even as the broader industry grapples with various challenges. This resilience was seemingly evident this past year, a time-period that marked substantial progress for Index Ventures, as indicated by notable exits and ...

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack. GM! Today’s top news: Crypto majors flat over the weekend; BTC at $90,600 XMR jumps to $600 overnight and new ATH, up 33% on week Jerome Powell releases message claiming charges are due to his not complying with Trump, gold+silver spike a16z raises $15M across funds to invest in America’s future, ...

昨天介绍了一下 a16z 最新 150 亿美金的募资，后来我又去详细了解了一下 a16z 的投资收益情况。虽然其规模在不断增大，但其收益并不差，特别是 其早期几只基金的表现非常出色。 规模越大，收益并没有降低 根据 Not Boring 获得的数据，a16z 的早期基金表现尤为出色，基本上验证了之前一份 PPT 里关于其自 2009 年以来已经向 LP 高达 250 亿美金的净回 报，也有力回击了早期关于其资金规模过大、回报率会降低的质疑： 后来做的加密货币基金（CNK）同样表现出色，第一只加密货币基金（CNK I）已向 LPs 回报了 5.4 倍的净 DPI（已分配倍数） 。即使是 2022 年在市 场高点筹集的 CNK IV（30 亿美元规模），目前的净 TVPI 也达到了 1.8倍 。 | WOLD UL WA VES & DE DE LIA | | J-GVLII | | | | | --- | --- | --- | --- | --- | --- | | Fund | Vintage | Size ($M) | Gross TVPI | Net TVPI | Net DPI | | AH I | ...

Core Insights - a16z has successfully raised a new fund of $15 billion, exceeding initial expectations of $10 billion, bringing its total assets under management to $90 billion [1][2] - The new fund represents 18% of all VC fundraising in the U.S. for 2025, surpassing Lightspeed's $9 billion raised last December [2] - Despite 2025 being projected as a low year for VC fundraising, a16z completed its fundraising in just three months, indicating strong confidence from limited partners (LPs) [3] Fund Allocation - The allocation of the new $15 billion fund is as follows: - American Dynamism: $1.176 billion - Apps: $1.7 billion - Bio+Health: $700 million - Infrastructure: $1.7 billion - Growth: $6.75 billion - Other strategies: $3 billion [6] Investment Philosophy - a16z emphasizes long-term impact and technological leadership rather than short-term financial returns, positioning itself as a firm focused on shaping the future of technology [8] - The firm believes in providing not just capital but also legitimacy, sales networks, and talent resources to its portfolio companies [8] - a16z's investment strategy includes making large bets on potential winners and continuously supporting them with additional resources [10] Notable Investments - a16z has invested in many of the highest-valued private companies, including OpenAI, SpaceX, and Databricks, holding a significant share of the AI unicorn market [3] - The firm’s early investment in Databricks, which started as an open-source project, exemplifies its commitment to backing transformative technologies [11][12] Cultural and Strategic Positioning - a16z's culture is built around a strong belief in the future and the importance of giving opportunities to individuals from diverse backgrounds [5][7] - The firm differentiates itself from traditional VCs by focusing on creating lasting competitive advantages and shaping future market needs rather than merely following trends [8]

通讯员石冠婷齐鲁晚报.齐鲁壹点李楠楠 作为精准服务夹河.幸福新城发展的专项创投基金，基金将立足幸福新城"3+2+N"产业体系建设需求，以数字经济、绿色经济、低空经济等优势领域作为投 资重点，充分发挥基金的引导带动作用，推动幸福新城现代化产业体系核心竞争力持续增强、绿色低碳科技创新能力大幅提升。同时，基金将通过"资本 +产业+人才"三维联动，深度整合财政政策、金融工具、产业资源等核心要素，持续强化对全市产业发展的辐射带动作用，为将幸福新城建设打造为烟台 未来城市新中心，推动烟台城市量级跨越提升、引领城市形象蝶变焕新注入强劲动力。 下步，烟台财金集团将持续发挥基金效能，构建续航基金、并购基金等百亿级基金矩阵，打造"产投融协同、政金企联动"的资本生态，为全市实体经济高 质量发展提供硬核支撑、注入资本"活水"。 为进一步增强资本对产业发展的支撑作用，加速推进夹河.幸福新城项目建设，近日，烟台市新城发展创投基金已完成注册落地，成为赋能新城产业升级 与项目建设的重要资本力量。烟台市新城发展创投基金的正式登记注册，不仅为夹河.幸福新城产业发展注入了强劲的资本动力，更搭建起资本与产业深 度融合的桥梁。该基金由烟台财金集团牵头 ...

Recent data backs up that assessment. U.S. GDP grew at an annual rate of 4.3% in the third quarter of 2025 — the strongest pace since late 2023 and well above economists’ expectations for a 3.2% increase (4).“So far, the forecasts for a U.S. recession are coming up dry as productivity continues to backstop growth.”“The U.S. appears to be winning the trade war with tariffs curbing the imports of foreign goods, but America’s trading partners are not holding any grudge as they continue to buy more American goo ...

The U.S. stock market has been a powerful engine of wealth creation. Trump has pointed to that strength, recently saying that “the only thing that’s really going up big? It’s the stock market and your 401(k)s (4).”If you share that optimism, here’s a look at a few ways everyday investors can tap into America’s momentum in 2026 — and beyond.Combine cooler inflation with stronger-than-expected economic growth — GDP expanded 4.3% in Q3 2025 — and the setup for 2026 looks more constructive than many anticipated ...

Jan 9 (Reuters) - Andreessen Horowitz has raised more than $15 billion across five new funds, the venture capital giant said on Friday, ​as investor appetite for tech startups surges with the rapid ‌adoption of artificial intelligence. Andreessen Horowitz, also known as a16z, raised $6.75 billion for a fund aimed ‌at scaling up startups, $1.7 billion for an AI infrastructure fund and $1.12 billion for another focused on investing in national interests like defense, housing and supply chain, it said. The ...

作者：易舍 2025年，全球一级市场在深刻的变局中演进。一方面，由人工智能引领的颠覆性技术浪潮席卷全球，推动资本向少数头部项目集聚；另一方面，地缘政治重 塑资本的流向与安全边界，催生了国防科技、航空航天、量子计算等新兴投资主题。 中国证券投资基金业协会数据显示，2025年1月1日至12月31日（简称：统计区间）新增登记私募股权、创业投资基金管理人112家，同比大致持平，注销基 金管理人662家，同比减少28.7%；新增备案私募股权投资基金共1696只，同比增长12.2%，增幅主要集中在二季度及8月以后；新增备案创业投资基金共 3208只，同比增长22.4%，从3月起持续保持正向增长。 统计区间内，国内募资额超过30亿元的基金共12只，募资总额达558.06亿元。年内募资2次以上的机构共8家，分别是康桥资本、嘉御资本、中金资本、凯辉 基金、普洛斯、元禾璞华、弘毅投资和静水湖创投。 | | | 2025年号受活政例内 OPTO | | | | | --- | --- | --- | --- | --- | --- | | 机构名称 | 基金名称 | 嘉资状态 | 已募规模 | LP属性 | | | 天空 [场资本 ...

Core Insights - The global primary market is evolving significantly in 2025, driven by disruptive technologies led by artificial intelligence and reshaped capital flows due to geopolitical factors [1] - The China Securities Investment Fund Industry Association reported a stable number of new private equity and venture capital fund managers, with a notable increase in registered funds [1][18] - The total fundraising amount for funds exceeding 3 billion yuan reached 55.806 billion yuan, with several institutions raising funds multiple times throughout the year [18] Fund Management and Investment Activity - In 2025, 112 new private equity and venture capital fund managers were registered, while 662 were deregistered, marking a 28.7% decrease year-on-year [1] - A total of 1,696 private equity funds were registered, reflecting a 12.2% year-on-year increase, primarily concentrated in the second quarter and after August [1] - The number of investment events in the domestic primary market reached 6,343, a 7.5% increase from the previous year, with a total disclosed investment amount of 440.099 billion yuan, down 20.5% from 2024 [18] Notable Fundraising Institutions - Twelve funds raised over 3 billion yuan, with a total fundraising amount of 55.806 billion yuan [18] - Eight institutions raised funds more than twice during the year, including Kangqiao Capital and Jiayu Capital [18] Investment Trends and Focus Areas - Zhongke Chuangxing was particularly active, participating in 73 investment events, maintaining a similar level to 2024 [21] - The majority of Zhongke Chuangxing's investments were in early-stage projects, with over 40% in angel rounds and 28.8% in A rounds [10][27] - The focus on advanced manufacturing and artificial intelligence has increased, with investments in AI projects rising from 2.7% in 2024 to 11.0% in 2025 [12][29] Regional Investment Focus - Jiangsu province emerged as a key investment area for Zhongke Chuangxing, accounting for approximately 28.8% of its investment events [15][32] - The province is developing a "10+X" future industry system, aligning with Zhongke Chuangxing's hard technology strategy [32] Fund Performance and Innovations - Zhongke Chuangxing successfully registered eight new funds in 2025, with a total registered capital of 5.489 billion yuan [22] - The first phase of a targeted technology innovation bond was issued, raising 400 million yuan, marking a milestone for private equity investment institutions [23]