每经编辑｜段炼 美国红杉资本掌门人突然"下课"…… 近日，担任红杉资本掌门人仅三年多的Roelof Botha（罗洛夫·博塔）宣布辞去全球领导人（Senior Steward）职务，由Alfred Lin（林君叡）及Pat Grady （帕特·格雷迪）接任，并联合管理红杉资本。 52岁的博塔在公开信中表示，自己会像之前的管理者一样，转任为其投资的初创公司提供咨询，同时继续在董事会代表红杉资本。 博塔突然辞职引发美国投资圈的广泛关注。最新消息显示，博塔是被三位高级合伙人联手罢黜的。一名知情人士将这场风暴称为对博塔霸道管理风格 的"起义"，他说："博塔的智商的确高得离谱……但问题的核心在于，他总需要被视为房间里最聪明的人，同时他的情商与智力并不匹配。" 公开资料显示，红杉资本（Sequoia Capital）是全球著名风险投资公司，1972年创立于美国硅谷。该公司在美国、中国、印度设有本地化基金，作为第一 家机构投资人投资了Apple、Google、Cisco、Oracle、Yahoo、LinkedIn等科技创新企业。其中国基金成立于2005年，由沈南鹏与红杉资本共同创办，专注 于科技/传媒、医疗健康、消费品/服 ...

Core Insights - Roelof Botha, the leader of Sequoia Capital, has resigned after just over three years, with Alfred Lin and Pat Grady taking over management responsibilities [1][2] - The resignation was reportedly due to internal conflicts and dissatisfaction with Botha's management style and AI investment strategy [2][3] Management Changes - Alfred Lin and Pat Grady have been appointed as the new leaders, with Lin focusing on early-stage investments and Grady on growth-stage investments [5][6] - Botha will continue to provide consulting for startups in which Sequoia has invested and will remain on the board [1] Internal Conflicts - The decision to remove Botha was supported by senior partners and was facilitated by Sequoia's unique governance structure, allowing partners to vote on leadership changes [2] - Internal disputes, particularly regarding the management of AI investments and public comments made by partners, contributed to the leadership change [2][3] Investment Strategy - Sequoia Capital plans to increase its investments in AI, having previously been cautious under Botha's leadership [2] - The firm had invested approximately $20 million in OpenAI in 2021, which was seen as insufficient given OpenAI's later valuation of $260 billion [2] Cultural and Ethical Concerns - Sequoia faced scrutiny from limited partners (LPs) regarding its corporate culture and values, particularly after a partner made controversial comments on social media [3][4] - The defense of a partner's freedom of speech over issuing an apology led to the resignation of the COO and raised questions about the firm's ethical stance [4] New Leadership Background - Alfred Lin has a strong background in early-stage investments, having led investments in companies like Airbnb and DoorDash [5][6] - Pat Grady, a younger partner, has been involved in growth-stage investments, including notable companies like Snowflake and Zoom [6]

【导读】美国红杉资本掌门辞职 中国基金报记者 安曼 美国红杉资本掌门人突然 " 下课 "…… 近日，担任红杉资本掌门人仅三年多的 Roelof Botha （罗洛夫 · 博塔）宣布辞去全球领导人（ Senior Steward ）职务，由 Alfred Lin （阿尔弗雷德 · 林）及 Pat Grady （帕特 · 格雷迪）接任，并联合管理红杉资本。 博塔在公开信中表示，自己会像之前的管理者一样，转任为其投资的初创公司提供咨询，同时继续在董事会代表红杉资本。 年仅 52 岁的博塔突然辞职引发美国 VC 圈的广泛关注。周五的最新消息称，博塔是被三位高级合伙人联手罢黜的。 突陷 " 信任危机 " 掌门人被罢免 据 FT 报道，多名知情人士透露，基于对博塔管理风格、红杉资本 AI 投资策略的质疑，以及高层多起公开化的内斗事件，阿尔弗雷德 · 林、帕特 · 格雷迪与安德鲁 · 里德出面干预事态，这三位高级合伙人得到了更广泛内部成员，以及红杉上一任管理合伙人道格 · 莱昂内的 支持。 据悉，三名副手动用了红杉独特的治理结构，该结构允许合伙人在任何时候对领导层发起投票。这一制度会为资历更深的投资人赋予更高 的投票权重， ...

Core Insights - The article emphasizes the importance of patience in technology investment, highlighting that successful investment requires a long-term commitment and understanding of the industry dynamics [2][4][9] Investment Philosophy - The founder of Songhe Capital, Li Wei, believes that technology investment is not a gamble but requires professionalism, courage, and patience [4][9] - Professionalism is crucial as different technology sectors require specialized knowledge and expertise [4] - Courage is necessary to support companies through their non-linear growth paths, which may deviate from initial expectations [4] - Patience is essential, as high-tech companies often take years to mature, with some requiring over a decade from angel investment to IPO [4][9] Investment Focus - As of September 2025, Songhe Capital has invested in over 200 technology companies, including notable firms like SenseTime, Aibee, and Defang Nano [2][4] - The investment strategy focuses on three main areas: digital technology centered on artificial intelligence, precision medicine based on genetic testing, and breakthroughs in innovative materials [9] Entrepreneurial Support - Li Wei views investors as companions to entrepreneurs, providing support and guidance throughout different stages of a company's growth [5][7] - The article illustrates the collaborative relationship between Songhe Capital and its portfolio companies, such as BGI Genomics, where the firm provided crucial funding and resources to overcome challenges [3][6] Market Trends - The article discusses the long-term nature of technological innovation, emphasizing that sectors like information technology, optical chips, aerospace, synthetic biology, and artificial intelligence are characterized by extended development cycles [9] - Li Wei stresses the need for Chinese companies to master hard technology to compete globally, aligning investment strategies with national priorities and macro trends [9]

图片来源：MEDIANEWS GROUP VIA GETTY IMAGES 罗洛夫·博塔即将卸任红杉资本（Sequoia）"全球高级执行合伙人"一职。 现任全球高级执行合伙人罗洛夫·博塔宣布退居二线后，林君叡（Alfred Lin）与帕特·格雷迪（Pat Grady）这两位"点金圣手"将接掌硅谷历史最悠久、最富 盛名的风投基金红杉资本。 博塔在一份声明中表示，他将转任新职，"为合伙人提供咨询"，并继续代表基金担任所投公司的董事会成员。他的职位将由林君叡和帕特·格雷迪接替。 林君叡自2017年起共同负责红杉的早期投资，而格雷迪则自2015年起共同主导其成长型投资。 01 此次领导层更替，为这家硅谷顶级风投基金的动荡时期画上了句号。 林君叡于2010年加入红杉，目前位居《福布斯》全球最佳创投人榜单榜首。他最知名的战绩包括投资了爱彼迎（Airbnb）、DoorDash以及如今的OpenAI 等初创公司。格雷迪于2007年加入红杉，是公司的资深老将，曾投资ServiceNow、Okta和Zoom等公司。近年，格雷迪还投资布局了一系列快速发展的人 工智能初创公司，如Harvey、抱抱脸（Hugging Face）和Op ...

Core Insights - The "International Financial Leaders Investment Summit" concluded successfully in Hong Kong, marking its fourth edition and providing a platform for over 300 leaders from local and overseas financial markets to discuss emerging investment opportunities and risks [1] Group 1: Event Overview - The summit was held over three days and included participation from more than 100 leaders of top global financial institutions, covering various sectors such as banking, asset management, private equity, and hedge funds [1] - The event was co-hosted by the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Financial Academy, emphasizing Hong Kong's role as a leading financial center in Asia [1] Group 2: Discussion Topics - Key topics discussed included geopolitical fragmentation, changes in asset management and alternative investment activities, the development potential of Asian investment markets, and the transformative role of artificial intelligence and digital innovation in reshaping investment activities, risk assessment, and portfolio management [1] - The summit's theme, "Navigating Change and Moving Forward," reflects the current uncertainties faced by global financial markets and the real economy [1] Group 3: Leadership Statements - The President of the Hong Kong Monetary Authority highlighted the summit as a unique platform for international financial leaders to share insights on the challenges in the global financial landscape [1] - The Chairman of the Securities and Futures Commission reaffirmed Hong Kong's resilience and innovative capabilities, positioning it as a gateway to the Asian market and a hub for fostering growth and investor confidence [1]

《爱尔兰观察者报》10月29日报道，根据Venture Pulse 2025年三季度报告，爱尔兰三季度共完成了 14笔风险投资 (VC) 交易，总价值1.501亿美元（1.286 亿欧元）。毕马威交易咨询合伙人加文·希恩表 示，"由于地缘政治紧张局势加剧，2025年二季度和三季度对于爱尔兰风险投资的募资而言更具挑战 性。尽管如此，金融科技、医疗科技和人工智能软件企业仍然持续吸引投资，并且鉴于全球经济前景趋 于乐观，投资者情绪在年底和2026年伊始保持谨慎乐观"。 欧洲2025年三季度风险投资额从152亿美元（130亿欧元）增至174亿美元（149.2亿欧元），但整体 交易量依然疲软，下降至1625笔，创下十年来的新低。全球风险投资从2025年二季度的8860笔交易、总 额1124亿美元增加到2025年三季度的7579笔交易、总额1207亿美元。 （原标题：爱尔兰三季度完成了总额达 1.28 亿欧元的风险投资交易） ...

Core Insights - The article discusses the strategic opportunity for Chinese tech companies to "go global" amidst the accelerating globalization and deepening innovation collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 1: Hong Kong's Unique Advantages for Startups - Hong Kong is positioned as a "super connector" that can enhance capital support, regulatory alignment, and talent attraction for companies pursuing globalization [3] - The IPO market in Hong Kong has shown significant recovery, with the financing amount in the first half of 2025 exceeding the total for all of 2024, indicating that Hong Kong's status as a financing hub remains intact [3] - Hong Kong's legal framework is adaptable, making it suitable for startups, especially in sensitive industries, to establish a dual-track structure for "mainland + overseas" operations [4] Group 2: Talent Attraction and Innovation - Hong Kong is increasingly attracting international talent, with many high-level Chinese researchers from Western countries returning to work in local universities [4] - Several Hong Kong universities rank highly in the 2026 QS World University Rankings, with the University of Hong Kong at 11th, Chinese University at 32nd, and Hong Kong University of Science and Technology at 44th [4] - Universities are making significant strides in technology innovation, particularly in fields like AI healthcare and targeted drugs, facilitating the transformation of research outcomes into practical applications [4] Group 3: Challenges in Going Global - Startups face challenges in adapting to different market demands and finding suitable local resources and partners when expanding internationally [6] - Companies like Langsi Technology have encountered difficulties when directly engaging with Southeast Asia, the Middle East, and Europe, leading them to adjust their strategy to use Hong Kong as an intermediary platform for international expansion [7] Group 4: Future Trends and Opportunities - The article suggests that the Greater Bay Area may see the emergence of new collaborative models for tech innovation, drawing parallels with Switzerland's high-value industries [8] - There is an expectation of increased capital flow from mainland China to Hong Kong, particularly towards technology innovation projects in universities [8] - The integration of AI with hardware is highlighted as a growing trend, with the Greater Bay Area positioned to become a center for innovation in this space, particularly in wearable devices [9]

导读： 动画片《哪吒》的导演饺子有句名言：出来混最重要的是什么？首先是出来！ 在这句名言的触动下，一位在风险投资行业深耕十三年的80后投资人，于不惑之年选择了创业之 路。 40岁投资人的创业抉择 在郑华良看来，与更具开拓精神的90后、00后相比，80后一代往往走得更稳、更谨慎。"大多数80 后的成长路径较为相似，毕业后先进入职场，在积累一定能力和资源后，才有少数人选择创 业。"他分析道，"这一代人多成长于物质尚不丰裕的年代，稳定的工作收入某种程度上弥补了安全 感的缺失。我们常常认为自身能力、资源尚未完备，但归根结底，缺的或许是那一点勇气。" 他指出，90后与00后成长环境更为优渥，安全感更强，更敢于追随内心选择，因此越来越多人毕 业后便投身创业。例如宇树科技创始人王兴兴，仅在大疆工作两个月便离职创业；另一位90后创 业者，更是在大学期间就创办了如今做到全球细分领域第一的公司。 饺子那句"出来混最重要的是先出来"，深深触动了郑华良。在职场打拼十三年后，这位80后投资 人终于鼓起勇气，迈出创业这一步。 追溯创业种子的根源，还要回到他的童年。出生于浙江农村的郑华良，从小常听父亲谈起因家庭责 任而放弃从商的遗憾。那份 ...

Core Insights - The forum highlighted the importance of technological innovation in China's "14th Five-Year Plan," which provides long-term confidence for investors [2] - Global investors can participate in China's technology sector through ETFs and actively managed funds, leveraging the unique advantages of Chinese entrepreneurs [3][5] - The forum aimed to showcase new opportunities in China's capital markets and promote collaboration between mainland China and Hong Kong [2] Group 1: Investment Opportunities - Global investors can engage in China's technology industry through various investment vehicles, including ETFs and actively managed funds, focusing on sectors like semiconductors and artificial intelligence [5] - The potential of the mainland ETF market is significant, with strategies that cover leading global manufacturing companies and create alpha in different sectors [5] - The trends of consumption upgrades and Chinese companies expanding overseas present additional investment opportunities for international investors [5] Group 2: Industry Trends and Insights - The "14th Five-Year Plan" emphasizes the strategic importance of technological innovation, which is seen as a core competitive advantage for China's economy [12] - China is positioned to catch up in high-tech industries, with strengths in artificial intelligence, advanced manufacturing, and other emerging sectors [7] - The entrepreneurial spirit in China is viewed as a major advantage, enabling companies to adapt quickly and provide high-quality services [10] Group 3: Challenges and Market Dynamics - Despite macroeconomic and geopolitical uncertainties, the trend of Chinese companies expanding internationally is expected to have a positive long-term impact on investments [9] - The private equity investment market in China is currently in an adjustment phase, but the development of Hong Kong's capital market and the recovery of the A-share market may create new early-stage investment opportunities [9] - The unique characteristics of China's technology sector and its synergy with global technology ecosystems can enhance investment returns [12] Group 4: Technological Integration in Asset Management - The asset management industry in China is undergoing a technology-driven transformation, with innovation becoming a key engine for unlocking new value [14] - Asset management institutions are encouraged to explore technology applications across three dimensions: cognitive and mechanism restructuring, deepening core business scenarios, and differentiated path layouts [14] - Hong Kong's position as an international financial center can facilitate cross-border regulatory alignment and resource integration, accelerating technological collaboration in the asset management sector [14]