Group 1 - The core viewpoint of the news is the successful establishment of a new fund, "He Guang No. 1," by Qingchuan Private Fund Management (Wuxi) Co., Ltd., which aims to diversify its fund product matrix and cater to the needs of financial investors [1] - "He Guang No. 1" is a blind pool fund, meaning it does not have specific reserve projects or targeted investments, providing maximum flexibility for the investment team to explore early-stage investment opportunities [1][3] - The fund has a ten-year duration, which is longer than the conventional seven-year fund term, allowing for greater freedom in investment strategies [1] Group 2 - Investors are primarily motivated by their trust in the management team of Qingchuan Private Fund, reflecting the principle that "investing is investing in people" [2] - The company has a strong track record in hard technology investments, having successfully exited multiple projects through various methods, which has built deep trust among existing investors and attracted new ones [2] - The FOF fund structure is not commonly seen among VC institutions, and it offers long cycles and low volatility, which can help mitigate non-systematic risks through diversified asset combinations [3] Group 3 - The management capability of the fund is crucial, as it relies on the team's expertise in identifying and judging hard technology projects, which is closely linked to the quality of investment strategies [3] - The commercialization of hard technology is a lengthy process, and the FOF fund can effectively support patient capital, helping to achieve a win-win situation between technological value and commercial returns [3]

Core Viewpoint - The article discusses the successful fundraising of a new fund, "He Guang No. 1," by Jing Shui Hu Venture Capital, which is a FOF (Fund of Funds) designed based on the needs and risk preferences of financial investors, marking a shift in their fundraising strategy [2][3]. Fundraising and Investor Trust - "He Guang No. 1" achieved a high re-investment rate and fundraising efficiency, primarily attracting high-net-worth entrepreneurs and financial investors who have previously engaged with Jing Shui Hu's funds [3]. - The fund operates as a "blind pool" without specific reserve projects, reflecting a strong trust in the management team from investors [3][4]. - The fund's duration is set at ten years, providing the investment team with greater freedom to explore early-stage investment opportunities [3][4]. Investment Strategy and Focus - Jing Shui Hu Venture Capital specializes in hard technology investments, including AI, smart energy, and data algorithms, and has successfully exited several projects through various methods [4][5]. - The fund will adopt a "PSD" strategy, focusing on growth-stage VC funds and direct investment opportunities in AI+, industrial technology, new energy, and materials [5]. Management Expertise - The management team's expertise in identifying and evaluating hard technology projects is crucial for the fund's success, as the commercialization of technology often requires long-term capital support [5]. - The FOF structure allows for a diversified portfolio, which can mitigate non-systematic risks associated with individual assets or funds [4][5].