Core Viewpoint - Firsthand Technology Value Fund, Inc. reported its financial results for the quarter ended September 30, 2025, highlighting a decrease in net assets and investment performance challenges [1][5]. Financial Summary - As of September 30, 2025, the Fund's net assets were $296,547, or $0.04 per share, down from approximately $0.7 million, or $0.11 per share as of June 30, 2025 [2]. - The Fund's portfolio included public and private securities valued at $256,934, or $0.04 per share, with approximately $0.01 per share in cash and cash equivalents [2]. - Total assets were reported at $811,382, with total liabilities of $514,835, resulting in net assets of $296,547 [3]. Investment Performance - For the quarter, the Fund reported total investment income of $2,314, but after fees and expenses, it faced a net investment loss of $430,629 [5]. - The Fund experienced net realized and unrealized losses on investments amounting to $20,083 for the quarter [5]. - The Valuation Committee adjusted the fair values of private companies in the portfolio, considering various factors including performance and market multiples [4]. Portfolio Composition - The portfolio consisted of equity/debt investments valued at $197,925, cash/cash equivalents at $59,009, and other assets at $554,448 [3]. - Total shares outstanding were reported at 6,893,056 [3]. Company Overview - Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund focused on technology and cleantech investments, aiming for long-term capital growth [6][7].

Venture Capital Evolution - The venture capital playbook is considered broken, with significant changes needed in response to the evolving landscape, particularly due to AI [1][2] - Sequoia's leadership transition reflects a broader industry truth that many VCs and executives from the last decade are not suited for the next decade [7][28] - The pace of AI evolution is rapid, making knowledge from even six months ago potentially obsolete [5][28] AI Investment Strategy - Successful AI investments require attaching to compute budgets, replacing human headcount, or massively displacing incumbents [29] - Companies that merely use AI to enhance their products are not gaining competitive advantages; this is now seen as a baseline expectation [21][29] - The transition from AI as a tool to AI as a team member is anticipated to drive significant revenue growth [11][30] Deal Dynamics - The quality and speed of competitive clones in the AI space have increased, compressing the time available to build defensible market positions [7][12] - Traditional seed defensibility is considered dead; founders must focus on scaling quickly rather than relying on early product advantages [7][12] Portfolio Construction - Diversification is becoming increasingly critical due to the heightened variance in AI deal outcomes [7][28] - Small fund sizes ($40-100 million) that accept dilution can yield superior returns compared to larger funds maintaining ownership [7][25][30] - The best fundraising processes are characterized by cultivating relationships over time, rather than following a traditional process [31][37] Market Dynamics - The current fundraising environment is described as binary, where companies either secure funding or struggle significantly [27][38] - Companies like DataDog that are closely tied to AI compute infrastructure are performing well, while those like Duolingo that do not replace human roles are facing declines [21][14] Future Outlook - The panel anticipates that 2026 will see AI integrated as a core team member, leading to a revenue explosion [11][30] - The ongoing evolution in venture capital necessitates a reevaluation of strategies and approaches to remain competitive in the changing landscape [33][36]

Core Insights - The primary focus of the article is the resurgence of dollar funds in the primary market, indicating a renewed confidence among investors in China's market [2][3][4]. Group 1: Market Dynamics - A notable fundraising wave has emerged in the primary market, with several institutions announcing successful fundraising rounds, particularly for dollar funds [3][4]. - The dollar fund sector is experiencing a revival, with significant changes in recruitment trends, particularly for Investor Relations (IR) positions, signaling a potential increase in fundraising activities [6][7]. - Many institutions that previously focused on RMB funds are now expanding into overseas markets, particularly in Southeast Asia and the Middle East, by adding dollar IR positions [7]. Group 2: Investor Sentiment - There is a marked increase in engagement from foreign Limited Partners (LPs), with many foreign family offices conducting intensive research trips to China, indicating a renewed recognition of China's technological innovation and asset value [7][8]. - Recent fundraising successes by firms like Monolith Capital and Source Code Capital have bolstered market confidence [7][8]. Group 3: Strategic Opportunities - Blue Pool Capital, backed by Alibaba's co-founder, is launching its first direct private equity fund with a target of $750 million, focusing on global investments, including in China [8]. - The shift in foreign investment sentiment is attributed to ongoing policy benefits and significant breakthroughs in domestic technology, leading to a recovery in market confidence [10][15]. Group 4: Regional Initiatives - Shenzhen has introduced a comprehensive plan to attract overseas sovereign funds, aiming to enhance cross-border capital cooperation and support local industries [11][12]. - The Shanghai Stock Exchange is also focusing on expanding institutional openness and cross-border investment channels, encouraging long-term value investments rather than short-term trading [12]. Group 5: Asset Valuation - The article emphasizes the re-evaluation of Chinese assets, particularly in competitive sectors like manufacturing and the vast consumer market, which are seen as undervalued [13]. - The global competitive landscape is shifting, with Chinese entrepreneurs and tech companies gaining parity with their U.S. counterparts, leading to increased foreign interest in China's innovation capabilities [13][15].

人民财讯11月14日电，企查查APP显示，近日，长江国鑫智造(黄石)创业投资基金合伙企业(有限合伙) 成立，出资额2亿元，经营范围包含：创业投资(限投资未上市企业)；以自有资金从事投资活动;私募股 权投资基金管理、创业投资基金管理服务。企查查股权穿透显示，该企业由长江产业投资集团有限公司 全资子公司湖北长江产业投资基金有限公司、三丰智能（300276）等共同出资。 ...

Core Insights - Source Code Capital has completed a new growth fund raising of $600 million, with a unique investment period of 5 years and an exit period of 20 years, resulting in a total lifespan of 25 years [1][2] - This fundraising reflects a strategic adjustment in response to the current challenging capital environment, indicating a shift from scale expansion to value depth [2][4] Fundraising Details - The $600 million fundraising is particularly notable given the current cold capital market, primarily supported by industrial investors and a few long-term financial investors [2] - Compared to the previous fundraising of 7 billion RMB in 2021, this fund size is smaller, but the emphasis on a long exit period remains consistent [2] - The 25-year lifespan is rare in the primary market, contrasting with the typical 8 to 12 years for traditional venture capital funds [2] Strategic Shift - The establishment of this new fund marks a significant evolution in Source Code Capital's strategic thinking, moving from aggressive scale expansion to a focus on value depth [3][4] - The firm has undergone a transformation in investment strategy, shifting from internet finance to industrial internet and now to hard technology, reflecting adaptability to market changes [3] Investment Focus - The new fund will concentrate on two main areas: "AI+" and "Global+" [5] - In the "AI+" sector, the focus will be on AI technology development and addressing critical issues within the computing power industry [5] - The "Global+" strategy will explore opportunities for China's comprehensive capabilities in global markets, particularly in smart hardware and software applications [5] Market Implications - The establishment of a 25-year fund may signify a shift in China's primary market, potentially leading to the emergence of "patient capital" that supports long-term growth without the pressure for quick exits [7] - The recent recovery of the Hong Kong IPO market, with a total financing amount of 182.9 billion HKD by September 2025, may provide a favorable environment for growth-stage investments [7] Industry Trends - Several top-tier General Partners (GPs) in China are seeking new rounds of fundraising, indicating a potential new iteration cycle in the primary market [8] - Source Code Capital's fundraising and strategic adjustments may signal the beginning of this new cycle, emphasizing discipline, focus, and patience in navigating uncertainties [8]

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]

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+" 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].

Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1][2] Group 1: Event Overview - The forum included panels, fireside chats, and networking receptions, attracting over 300 attendees such as institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [1][3] - Keynote speakers included notable figures from various sectors, emphasizing the importance of transparency and trust in family-owned businesses [2][4][5] Group 2: Discussion Topics - Panelists highlighted the significance of transparency, certainty, and trust in investments related to family-owned businesses, as well as strategies for engaging boards and employees when introducing new capital partners [2][4] - The discussions also covered the balance between short-term and long-term priorities for shareholders and the potential benefits of public visibility for companies [2][4]

Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1] - The event attracted over 300 attendees, including institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [2] Speaker Highlights - Keynote speaker was Josh Frank, Partner and Co-Investment Officer at Trian Fund Management [3] - Other notable speakers included Andrew Keys from The Ether Machine, Ken Traub from Comtech Telecommunications, and various leaders from law firms and investment groups [3][4][5] Panel Discussions - Panels focused on the impact of market conditions on M&A, shareholder activism, and the role of one-time activists [1]