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]

In 2024, Elon Musk moved both Tesla (NASDAQ: TSLA) and SpaceX to Texas after a Delaware court invalidated his $56 billion compensation package. In February this year, Dropbox cited “litigation risk” as it left Delaware and reincorporated elsewhere. Andreessen Horowitz, the Silicon Valley venture capital firm, followed in July, criticizing Delaware’s Court of Chancery for injecting “an unprecedented level of subjectivity” into its rulings. Now, Coinbase (NASDAQ: COIN), the largest cryptocurrency exchange ...

Core Insights - Monolith has successfully raised a total of $488 million, surpassing 10 billion RMB in assets under management (AUM) [4][6] - The fundraising reflects a "restrained expansion" strategy, focusing on early-stage projects in the artificial intelligence sector [6][15] - Monolith's investment strategy emphasizes stability and precision, achieving a high success rate with notable projects in AI [7][10] Fundraising Details - The fundraising for both the USD and RMB funds received subscription interest of approximately 160% of the initial target, totaling around $630 million [6] - Monolith's first RMB fund marks a significant transition from a purely USD-based investment structure to a dual-currency model [17][18] Investment Strategy - Monolith's investment focus includes AI applications, model infrastructure, and hardware, covering key nodes in the AI industry chain [7][18] - The firm has maintained a high hit rate with star projects, such as "月之暗面" and "沐曦科技," which have seen rapid valuation increases [7][9] Market Position - Monolith is positioned as a mid-sized boutique fund, appealing to limited partners (LPs) looking for effective investment opportunities in the Chinese AI market [12][14] - Recent trends indicate a return of USD LPs to the Chinese market, seeking to capitalize on potential opportunities in AI and related sectors [12][19] Future Outlook - The successful fundraising and strategic positioning suggest a positive outlook for Monolith as it navigates the evolving investment landscape [19][20] - The true effectiveness of Monolith's investment strategy will be assessed in future fundraising rounds, as early projects begin to yield results [19][20]

Core Insights - Masayoshi Son, founder of SoftBank, has sold his entire $5.8 billion stake in NVIDIA to invest heavily in AI, which aligns with his history of bold investment decisions [1][5][9] - This move is part of a larger strategy, including a planned $30 billion commitment to OpenAI and participation in a $1 trillion AI manufacturing hub in Arizona [5][6] Historical Context - During the late 1990s dot-com bubble, Son's net worth peaked at approximately $78 billion, making him the richest person in the world before suffering a $70 billion loss during the subsequent crash [2][3] - Son's $20 million investment in Alibaba in 2000 became a legendary success, growing to $150 billion by 2020, significantly contributing to his reputation in the venture capital industry [3][4] Recent Challenges - Son's previous investments, such as in Uber and WeWork, resulted in significant losses, with WeWork costing SoftBank $11.5 billion in equity losses and $2.2 billion in debt [5][6] - Despite these setbacks, Son has been working on a comeback, with the recent sale of NVIDIA shares marking a pivotal moment in his strategy [5][6] Market Reaction - Following the announcement of the NVIDIA stake sale, shares of NVIDIA dropped nearly 3%, although analysts suggest this should not be interpreted as a negative stance on the company [9][10] - The sale reflects SoftBank's need for capital to pursue its AI ambitions rather than a lack of confidence in NVIDIA [9][10]

Core Points - MDB Capital Holdings, LLC plans to host a Zoom webinar on November 20, 2025, at 4:30 p.m. Eastern Time to provide a business update for Q3 2025 [1] - The call will be led by CEO Christopher Marlett, who may be joined by other management team members to discuss recent developments, ongoing initiatives, and anticipated milestones [2] - Investors can pre-register for the webinar and access it through MDB's investor relations website [2] Company Overview - MDB Capital Holdings, LLC, founded in 1997, focuses on launching disruptive technology companies through a unique public venture capital approach [3] - The firm emphasizes community-driven financings of early-stage leaders via early public offerings, primarily on NASDAQ, and post-IPO offerings for qualifying companies [3] - MDB Capital operates under the MDB Capital brand, which includes subsidiaries like MDB Capital, a venture-focused broker-dealer, and PatentVest, an integrated IP strategy and law firm [3]