TechCrunch’s Marina Temkin, who moderated the panel, shared a jarring example from a recent conversation with a general partner at a venture firm: A portfolio company last valued at 20 times revenue was recently offered just 2 times revenue in the secondary market — a 90% discount.The panel didn’t sugarcoat one of the harsh truths about venture valuations, which is that there’s often a huge gap between what VCs think their portfolios are worth and what buyers will actually pay.The alternative is active port ...

Sofinnova Partners has closed its latest Sofinnova Capital XI fund, aimed at supporting early-stage healthcare companies in the US and Europe, at €650m ($750m) above its initial target. The fund will focus on medical technology and biopharmaceutical companies that seek to meet pressing unmet clinical needs, leveraging Sofinnova’s multi-strategy platform and investment team. It will leverage the experience of partners Maina Bhaman, Anta Gkelou, Karl Naegler, Antoine Papiernik, Henrijette Richter and Grazi ...

RT BSCN (@BSCNews)📣 NEW PLATFORM ADDED: PARADIGMPerhaps the industry's most sought-after venture investor, @paradigm has been added to our directory of crypto's most important platforms, under the dedicated 'Investor/VC' section... https://t.co/QYeIpD1t3g ...

RT BSCN (@BSCNews)📣 NEW PLATFORM ADDED: PARADIGMPerhaps the industry's most sought-after venture investor, @paradigm has been added to our directory of crypto's most important platforms, under the dedicated 'Investor/VC' section... https://t.co/QYeIpD1t3g ...

RT BSCN (@BSCNews)📣 NEW PLATFORM ADDED: PARADIGMPerhaps the industry's most sought-after venture investor, @paradigm has been added to our directory of crypto's most important platforms, under the dedicated 'Investor/VC' section... https://t.co/QYeIpD1t3g ...

📣 NEW PLATFORM ADDED: PARADIGMPerhaps the industry's most sought-after venture investor, @paradigm has been added to our directory of crypto's most important platforms, under the dedicated 'Investor/VC' section... https://t.co/QYeIpD1t3g ...

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。 ...