而最近一份泄露出来的 PPT 显示， 自从 2009 年成立以来，a16z 给 LP 的净回报已经达到了 250 亿美金，其中 2021 年就有 112 亿美金 。2021 年是 SaaS 那一波的最高点，没想到 a16z 成为了那波泡沫的最大赢家。 a16z 已经成为 VC 行业一个非常独特的存在，但它离 VC 其实已经有点远了。其规模越做越大，在去年的基金募集了 72 亿美金后《 a16z 新基金超目标 募了 72 亿美金，投资范式开始变了 》，今年他们打算再次募集 200 亿美金，重点投资 AI。 我简单查了一下，2021 年，a16z 最大的几个退出案例包括了： 一位叫 Leslie Feinzaig 的 GP 统计称，如果把 a16z 所有基金的费用加起来，按照行业标准条款来算（2% 管理费和 20% Carry），那么仅今年一年他们 的管理费就高达 7 亿美金，如果算上 carry 那就更多了。 不过，据 TechCrunch 前主编 Erick Schonfeld 说， a16z 收取的费用上限并不是 2% 和 20%，而是 3% 和 30% ，这意味着其收取的费用还要高不少。 Leslie F ...

Group 1 - The 2025 Qingdao Venture Capital Conference successfully upgraded from a "Venture Capital Summit" to a "Financial Industry Summit," gathering over a hundred executives and experts to discuss global venture capital market trends [1] - The conference resulted in significant outcomes, including over 45 billion yuan in investment agreements and the successful launch of insurance fund pilot projects, marking Qingdao as the fifth city in China to establish such funds [1] - The conference highlighted two core achievements: the signing of strategic cooperation agreements with four major financial institutions and the establishment of a private securities investment fund with a total scale of 20 billion yuan [1] Group 2 - The conference officially launched the "Action Plan for Promoting High-Quality Development through Fund Leadership (2025-2027)," aiming to create a fund matrix of no less than 300 billion yuan by integrating government-guided funds [2] - The plan sets a phased goal of attracting a total of 15 billion yuan in long-term and patient capital over three years, with the government-guided fund's investment scale reaching 150 billion yuan by 2027 [2] Group 3 - The conference released the "2025 China Venture Capital and Private Equity Industry White Paper," which forecasts that global venture capital investment will approach 440 billion dollars by 2025, with generative artificial intelligence being the most attractive investment area [3] - Key investment sectors identified include intelligent and high-end manufacturing, artificial intelligence and big data, and biotechnology, with the future development of China's venture capital industry focusing on verticalization, international restructuring, and ecosystem building [3] Group 4 - Industry leaders provided insights on financial development, discussing topics such as venture capital direction, the construction of a financial powerhouse, and the high-quality development of equity investment funds [4] - Suggestions for advancing financial modernization included promoting market-oriented financial and technological innovation, deepening financial institution reforms, expanding openness, and ensuring a balance between innovation and safety [4] Group 5 - The conference featured a compact layout with one main forum and five parallel forums, covering industry hotspots and providing a platform for efficient communication and cooperation [5] - Ten quality projects were showcased for roadshows, offering technology innovation companies direct opportunities to engage with investment institutions [5] Group 6 - The conference served as a significant platform for Qingdao to showcase its financial strength and connect global resources, with the launch of the 300 billion yuan fund matrix and the signing of 20 key cooperation projects expected to optimize the venture capital ecosystem [6] - The developments are anticipated to attract more long-term capital and quality projects, injecting strong financial momentum into economic restructuring and high-quality industrial development [6]

Company Overview - Theta Capital Management, based in Amsterdam, is raising $200 million for its new blockchain fund-of-funds, Theta Blockchain Ventures V, which will invest in 10 to 15 specialized crypto venture firms targeting a 25% net internal rate of return [1] - The firm has shifted its focus to digital assets since 2018 and currently manages approximately $1.2 billion [1] Fundraising Context - The fundraising effort occurs amid challenging market conditions, with only $1.7 billion allocated to 21 crypto-focused venture funds in Q2 2025 [2] - Despite the difficulties, Theta recently closed a separate fundraising round of over $170 million [3] Performance Metrics - Theta's previous five funds in the Theta Blockchain Ventures series have achieved a 32.7% net internal rate of return from January 2018 through December 2024 [3] - The firm has invested over $600 million in crypto-native venture capital funds since 2017, positioning itself as one of the largest institutional allocators in the blockchain industry [5] Market Insights - The crypto venture capital sector is facing headwinds, with increased interest in artificial intelligence diverting attention from crypto investments [6] - Despite these challenges, Web3 startups raised $9.6 billion in Q2 2025, indicating selective recovery in certain segments [7] - Infrastructure-focused sectors, such as validator networks and mining operations, have seen the highest median round sizes in recent quarters [7] Strategic Insights - Ruud Smets, Managing Partner and Chief Investment Officer, noted that crypto-native venture firms have a sustainable edge due to their early experience in the market, making it difficult for generalist VCs to compete [4] - The fund-of-funds model allows institutional investors to gain diversified exposure to early-stage blockchain startups through established venture capital intermediaries [4]

Core Viewpoint - The company, Chuangchuang Venture Capital, officially clarifies that recent rumors regarding "mandatory employee co-investment" are false, emphasizing that no such policy exists [1] Group 1: Company Policies - Chuangchuang Venture Capital adheres to investment principles of "market-oriented, professional, and compliant" practices [1] - The co-investment mechanism is based on the principle of "voluntary participation, risk-bearing," aimed at encouraging the team to evaluate projects more prudently and actively support post-investment [1] Group 2: Industry Practices - Providing voluntary co-investment opportunities for key employees is a common practice in the primary market, facilitating a win-win situation among institutions, entrepreneurs, and investors [1]

Core Insights - The essence of leadership is making decisive choices in difficult situations, as hesitation can lead to worse outcomes [3][14][22] - Successful leadership involves making unpopular decisions that create value, rather than conforming to group consensus [7][22] - The journey of entrepreneurship is filled with struggles and pain, which are essential for growth and success [12][33] Leadership and Decision-Making - Leaders must develop the mental strength to make choices in the face of adversity, often opting for the "less bad" option [4][14] - The biggest mistake a CEO can make is to hesitate, especially when both options seem unfavorable [13][14] - Effective leadership is about influencing those who do not report directly to the leader, emphasizing the importance of indirect impact [7][22] Entrepreneurship and Founder Psychology - A non-rational desire to create something meaningful is essential for entrepreneurship; pursuing money alone is insufficient [23][24] - Founders must possess a vision that transcends financial gain, focusing on making a significant impact [24] - The ability to confront fears and make tough decisions is crucial for a CEO's success [13][16] Building Effective Teams - A CEO's role is to assemble a world-class team rather than trying to develop every individual into a top performer [28][29] - The transition from a technical role to a CEO requires a shift in mindset, focusing on high-level decision-making rather than micromanagement [28][29] - Leaders should prioritize finding individuals who can elevate the company rather than attempting to improve underperformers [28][29] Investment and Market Insights - The common wisdom of quickly building a senior management team to achieve product-market fit can lead to chaos if not managed carefully [39][40] - Experienced hires can accelerate business growth, contradicting the notion that startups should avoid seasoned professionals [40] - The perception of a bubble in the AI sector may not reflect reality; often, when everyone believes there is a bubble, it is not the case [50][51][52]

Core Viewpoint - Binance co-founder Changpeng Zhao (CZ) has strongly denied a Financial Times report suggesting that his venture capital firm YZi Labs is planning to raise outside capital, labeling the article as "fake news" and asserting that YZi Labs has never pitched to external investors [1][3][6] Group 1: YZi Labs Overview - YZi Labs, rebranded from Binance Labs earlier this year, is a $10 billion venture capital firm managing CZ's estimated $80 billion fortune along with funds from Yi He and early Binance executives [4] - The firm has investments in over 250 projects, including notable names like Polygon, Aptos, and CertiK, and has expanded its focus beyond cryptocurrency to include AI and biotech [4] Group 2: Response to Financial Times Report - The Financial Times article suggested that YZi Labs was evolving from a family office into an externally facing investment vehicle, indicating potential expansion plans due to regulatory discussions and investor interest [2][6] - CZ refuted the claims made by the Financial Times, emphasizing that there has been no communication regarding fundraising efforts and criticized the media for conflating different issues related to his legal situation [3][5]

Funding News - Archetype, a crypto VC firm, secures over $100 million for its third fund [1] - The fund is backed by global institutions [1]

Core Insights - The investment landscape in Shanghai is undergoing a significant transformation, characterized by the deep integration of capital, industry, and talent, leading to a collaborative value creation methodology that is taking root and generating new possibilities [1] Group 1 - The shift in the venture capital environment in Shanghai indicates a move towards a more integrated approach, combining various elements to foster innovation and growth [1] - The emphasis on collaboration among capital, industry, and talent suggests a strategic pivot that could enhance the effectiveness of investment initiatives [1] - The concept of value co-creation is becoming a foundational principle in the Shanghai venture capital scene, indicating a shift from traditional investment models to more dynamic and interactive frameworks [1]

Group 1: Advisory Group Formation - An advisory group is being formed by members of New York City's business community to guide mayoral candidate Zohran Mamdani if he wins the election in November [1] - The group includes notable figures such as Andrew Milgram from Marblegate Asset Management and Kevin Ryan from AlleyCorp [1][7] - OneNYC, an independent expenditure committee, is organizing the council with input from various sources, including Partnership for New York City CEO Kathy Wylde [2] Group 2: Mamdani's Campaign and Policies - Mamdani, a democratic socialist, has pledged to freeze rents, provide free child care, and open government-run grocery stores, but his plans to raise taxes on corporations and the wealthy have raised concerns among business leaders [3] - His criticism of Israel has also caused unease within the business community [3] Group 3: Business Community Engagement - Wylde emphasized the importance of Mamdani's outreach to the business community, stating that he will need their support to address the city's challenges if elected [4] - Yasser Salem from OneNYC mentioned the goal of assembling a panel of experts across various sectors to develop policies that reinforce New York City's status as a global business leader [4] Group 4: Campaign Finance and Polling - Under campaign finance rules, the advisory group cannot coordinate directly with Mamdani, who currently holds a double-digit lead in polling against his opponents [5] Group 5: Marblegate Asset Management - Marblegate, led by Milgram, is the largest owner of medallions in New York City, having acquired thousands of them after their value collapsed due to the rise of ride-sharing companies [6] - The firm specializes in distressed and special situations and also operates a loan-servicing business and a taxi clubhouse for drivers [6] Group 6: Tech Community Engagement - Ryan from AlleyCorp has been active in organizing meetings between Mamdani and members of the tech community as part of a strategy to address their concerns [8] - Mamdani has engaged in discussions with prominent business leaders, including Jamie Dimon and Brad Karp, to foster relationships and mitigate concerns about his rhetoric [8] Group 7: Fundraising and Future Strategies - OneNYC has raised $179,000 for pro-Mamdani campaigns and has nearly $1 million in commitments [9] - The advisory council is expected to develop strategies for public-private partnerships and talent recruitment for Mamdani's potential administration [9]

Archetype raises over $100 million for latest crypto venture fund https://t.co/AQEN0fX03X ...