Core Viewpoint - The article highlights the recent developments in the LP market, focusing on the establishment of new funds and partnerships aimed at promoting investment in emerging industries, particularly in technology and innovation sectors [4][12][19]. Fund Establishments - China Chengtong has partnered with Jiangsu Province to establish a new fund with a total scale of 10 billion yuan, focusing on new materials and emerging industries [4][12]. - The Jiangsu Province government and China Chengtong signed a framework cooperation agreement to promote the establishment of the Chengtong Science and Technology Innovation (Jiangsu) Fund, which will primarily invest in new materials and other emerging industries [4][12]. - The Yunnan Province Advanced Manufacturing Equity Investment Mother Fund has completed registration with a scale of 5.008 billion yuan, focusing on private equity investment and asset management [18]. Fundraising Activities - Zhongke Chuangxing announced the completion of its first closing with a scale of 2.617 billion yuan, focusing on hard technology projects in AI and other fields [8]. - Changshi Capital completed a fundraising of 728 million yuan for its hard technology fund, with notable LPs including several listed companies [9][10]. - The Anhui Guokong Future Materials Equity Investment Fund has completed registration with a total scale of 1 billion yuan, focusing on advanced materials and strategic new materials [22]. GP Recruitment - Jiangsu Province is seeking GP for its 2 billion yuan Marine Economy Equity Investment Fund, aimed at promoting strategic emerging industries [26]. - The Ma'anshan Intelligent Innovation Equity Investment Fund is publicly soliciting sub-fund management institutions, with a total scale of 1 billion yuan [27][28].

Core Viewpoint - The current fundraising environment in the primary market is under pressure, with challenges stemming from the need to construct a stable and synergistic LP structure rather than a lack of capital supply [1] Group 1: Fundraising Environment - The fundraising difficulties are characterized by a "trilemma," where institutions must balance compliance and reinvestment requirements of state-owned LPs, stringent DPI assessments from financial institutions, and the attraction of industrial capital for deep resource binding [1] - Changshi Capital recently completed a fundraising of 728 million yuan, successfully navigating the "impossible triangle" by securing support from local governments, leading financial institutions, and market-oriented mother funds [1] Group 2: LP Composition - The LP structure includes contributions from leading industrial companies and founders in hard technology, such as Zhaoshengwei, Maiwei, and Shibu Testing, along with foundational investments from Ciyuan Capital and support from top financial institutions [1] - The involvement of Huazhong University of Science and Technology and the University of Electronic Science and Technology alumni funds reflects recognition of Changshi Capital's investment capabilities in hard technology [1] Group 3: Investment Performance - Changshi Capital's hard technology Phase I fund has invested in 24 projects, with 11 having completed IPOs, including Zhongwei Semiconductor and Suzhou Tianmai, achieving a DPI close to 2 times [2] - The Phase II fund has 4 projects in the IPO application stage, with a total IPO hit rate exceeding 50% across both funds [2] Group 4: Founders' Fund Philosophy - The Founders' Fund philosophy emphasizes the need for VC institutions to become "symbiotic" within the industrial ecosystem rather than merely acting as "hunters," fostering a collaborative network that transcends market cycles [2][3] - Changshi Capital's approach involves leveraging the insights and resources of industry-leading LPs to enhance the success rate of portfolio companies, creating a positive feedback loop within its industrial ecosystem [3] Group 5: Investment Methodology - Changshi Capital has developed a "70%/90%/100%" investment methodology, requiring 90% understanding of projects before investment, dedicating 70% of time to service, and aiming for 100% successful exits [4] - The methodology is grounded in a deep understanding of industry trends and development directions, supported by continuous engagement with key industry players and entrepreneurs [4] Group 6: Exit Strategy - The firm employs a multi-dimensional framework for determining IPO exit timing, ensuring that exits are strategically timed to avoid market downturns, with over 80% of IPO projects from the Phase I fund successfully capitalizing on favorable market conditions [5] - For projects not meeting IPO conditions, the team utilizes its industrial ecosystem network to facilitate strategic mergers and acquisitions, achieving favorable exit returns [5] Group 7: AI Investment Strategy - In the context of the AI era, Changshi Capital is focusing on three investment lines: AI infrastructure, embodied intelligence, and innovations in AI application layers and interactions [6] - The firm has already invested in several companies within the AI infrastructure space, which is considered foundational for the entire AI industry [6]