129773162588906250_14PE/VC to Angels: the return on investment rate and find balance
"Half Angel half devil. "This in the near future, maybe will be on PE and VC were the most appropriate adjective. Brutal people in China gate, Angel and is struggling to pull on. Sequoia China can count as pioneers. The end of last year, and Xu Xiaoping real Fund founded by jointly announced, the two sides will jointly set up a new joint venture of real funds. Alleged total sizeNew real Fund of approximately US $ 30 million, and half of the real Fund Sequoia China, single investment size between 100,000 to 500,000 dollars. Founder partner of Sequoia China Shen so defined in cooperation with Xu Xiaoping, "we believe that support for seed stage startups is very meaningful work, it gives more platform for early-stage entrepreneurs achieve their dreams".And he has many companions. 10th of this month, Cowin venture (hereinafter referred to as "Cowin") announced in Beijing ", Cowin 1th" Fund was formally established and start investing, this is its first early-stage venture capital fund. In line with the Fund's investments, Cowin is also set up for entrepreneurs "dream factories". City of Fortune ventureVenture capital limited (hereinafter referred to as "Fortune venture investment"), Shenzhen investment holdings Limited (hereinafter referred to as "dark venture") is also in the making of their early-stage investment fund. Shao Hongxia of its partners revealed that early Fortune venture investment fund is expected to be about $ 200 million, will be completed by the end of March to raise and deep early stage venture fund is expected to take place during the year. Only institutionsClose contact with Angels "iceberg". As industry tours up and down the chain, including Qiming VC bodies natural and close relationship with the angels, but now more people choose to jump into your own. At the end of last year, Kai Peng Hua Ying (Kleiner Perkins Caufield Byers) China Launches TGIF (Thank God it's Friday) business activities over the weekend, were invited to most startups. It is Zhou Wei, head of its partner briefing, Kai Peng Huaying independent seed fund
diablo 3 power leveling, focused on seed stage projects. "Angel investment fund in the number and influence of strengthening. "Sequoia China believes it is" market-driven, rapid is the force with which sth. breaks outTrend ". Because one side is the extremely high domestic entrepreneurial enthusiasm, a lot of excellent project of entrepreneurial teams seeking angel investments; the other side is not enough for people in the market, seed and early stage funds concern projects. "In the United States each year is the total amount of the total investment of VC and angel investments in Europe, but basically VC and PE in ChinaMoney, little angel. "Mount Tai Angel founding partner of Chen Liang said. United States University of New Hampshire Center for entrepreneurial studies (Center for Venture Research) of angel investment research reports, the first half of 2011 United States a total of 26,300 startups got angel investment, over the same period in 2010 rose by 4.4%, where 39% of money to seed and start startups, angel investments are of the 40% for the new company's first round of financing. Market force "moving forward" this change or the interpretation of it, but confusing. Not too long ago for "picking the fruit" doubts and discussions, as if there never had been. The same group of people, why does tend to form beforeInvestment capacity of mature projects, now it also says that "support the seed stage, the venture project is excellent for investor's social mission"? Single investment amount is small, the overall investment brought about by the number of management problems of high cost of yesterday and today, the solution? But this failed to stop the "early" after discussion in the second quarter of last year was very popular. The reason behind,Circle of big brothers can be seen in the word. "Capital market on decline in value of listed companies on the trade impact of very large. "Dark venture said Li Wanshou, President, which led to deep venture capital in the last years has had to make adjustments to the investment strategy, such as" more than 12 times forward earnings more than double the projects do not vote ". Another impact is China's economic structural adjustment, "once believedIts economy has been growing line ", but an inflation forced the practitioners adjusting the investment philosophy
swtor credits, investment strategies. Cowin said Chairman Zheng Weihe distance: apparel industry 18% on behalf of growth in the third quarter of last year, but 16% is offset by inflation, lack of substantial growth in the industry 2%. "For this kind of company valuations, how to predict future growth risks? """Are these VC, PE institutions in investment and return on investment of seeking a balance between exploration," have done in the past year or two items listed and now want to go towards the 35 listed ". Reason seems to sense: these projects will have 35 years of time, during which the problem occurs even if the IPO market "there will not be too much risk investment institutions". Early stageInvestment due to the imbalance between supply and demand, cheap valuations, are more likely to cast high-yield projects. Angel investors "$ 100,000, 1 million RMB to get, 10% per cent of the equity of the company". However on the transformation of PE, whether pure Angels? May each have their own understanding. And legend has it that an idea can make angel investor spendingThe behavior is different, deep venture capital to early stage business ' definition is "a profit of 500,000 or less or no money" investment cycle is 3-5. When rising science and technology (300,073) is a typical case, deep venture capital stake in its loss when, 3 years later when l technology listed. "So the Fund cycle requires at least 8 years. "Li Wanshou said. Fortune venture investment in the earlyMust be "listed within 3 years is unlikely, but with great development potential", Cowin 1th cycle for the existence of the Fund, 7 1 1. Cooperation? Self build? Local funds go further, "we do not intend to follow. "Partners say a PE agency headquarters is located in Beijing, they will stick with middle and later growth of investment on the grounds that the community is not as easy. "OurTeam configuration, our expertise and fund investment process, and angel investment requirements of truth. "The PE partners said. Founding partner of the northern lights Deng Feng pointed out: VC hard to Angel's method to do, or even how to work with them "is also a challenge". Sequoia China, then select the "cooperation". In reply to this, Sequoia China says:Funding small shareholders, "not controlled". Real management work "accomplished professional team led by Xu Xiaoping." Their reason was Xu in angel investment experience than the Redwood-rich, so "real changes in the Fund's investment style will not be". Sequoia China will provide support on the judgment and professional issues. Up to November 2011
tera power leveling, Real funds have been invested in include jiayuan, Lanting set sequence, accumulation beauty products, such as red, yellow, blue, long cool 80 companies. "We have worked with Xu before project", one of the project is to study the United States. In March 2011, the accumulation beauty products get Redwood $ 3 million investment in China, 30% of transfer of equity. "When the Sequoia need to look for a dayWhen the investment partners ", Xu Xiaoping is a natural choice. In contrast, Sequoia China counterparts seem to go further, whether already Cowin is Fortune venture investment, deep venture along the way, tend to set up a Fund, building their own team. Cowin, 1th Fund close to 300 million, focusing on TMT, biomedical, communicationsThree industry and new materials. Its also to hire, Cowin Chairman Zheng Weihe pointed out that already from Tencent, chemicals, new materials and background of two doctors, as well as the incumbent Vice President Lin Jun to join this new team, "also to continue hiring in the future". Fortune venture investment of the same layout. Despite its early stage funds has not been raised to complete, but people raise beginning inTwo years ago. "America's doctor of biological medicine, new materials, coming from companies such as Huawei, BYD, professionals" has been put in place. Dark venture, you may follow the path of an internal selection. Li Wanshou revealed that, according to its Chief Executive, last year started deep in venture capital investment of all managers received a mandatory order, "per person per year to do an earlyAccounts ". This deep venture capital strategy adjustment of last year an important step.
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