King of Capital

March 3th, the 30nd day of the second lunar month.

It is auspicious to consecrate, lay the foundation, and break ground, and it will be auspicious to raise funds. It is clearly written in the almanac.

"Good day."

Xie Jingxing finished his breakfast in a few bites and raised his eyebrows helplessly towards the living room.

Yu Tong smiled knowingly and put down his bowl and chopsticks: "Wait for me."

"Where are you going? I'll take you there?"

Xie Jingxing picked up the cup of water and rinsed his mouth. Yu Tong quickly raised his finger to signal shushing, and whispered in a low voice that he had made an appointment with friends to drive to Huangshan to see the rape flowers.

The couple tiptoed back upstairs like thieves to change their clothes. When they passed the living room, they heard some Taoist master explaining an auspicious day, and they became frightened again.

My daughter will be one year old next month, and Yu Tong's mother came to stay for a few days in advance. She said that her great-grandmother loved her great-granddaughter very much and wanted to organize a birthday gift for her. The gifts were prepared half a year in advance.

In fact, he implied that he wanted the young couple to have a second child. Just yesterday, I met an education expert who talked about loneliness and lack of love for only children, and today the whole master talked about the wish of having many children and a long family line.

"Come, daddy, hug me."

"Mom, I have something to do at school. I will be back in the evening."

"I have an appointment with your Aunt Jiang tonight. Her daughter-in-law is celebrating the one-month anniversary of the birth of her second baby. We should take Xiaoman with us..."

"Mom, I have a meeting. I wonder if it would be convenient to wait till tonight."

"You're a busy man. Okay, okay, you two go get busy first."

Xie Jingxing's excuse of being busy at work worked quite well. His mother-in-law gave up and secretly gave her daughter a reproachful look. Yu Tong smiled and held her husband's arm tightly to show her success in escaping.

It’s not so important whether it’s a granddaughter or a grandson. The actual interaction of interests has been achieved, and it’s more of a parent’s own wish and persistence.

Besides, what's the point of having a second child or not? Both sisters have the surname Yu, so it doesn't matter who has the first child...

"Be safe on the road, and send me any nice photos you have."

The young couple said goodbye at the door of their home. Xie Jingxing held Yu Tong in his arms and kissed her pretty face, which looked a bit like Yu Nian.

This mess can't be concealed for much longer. As she gets older, looking back at the past, have there been any single female leaders in their forties who could take another step forward?
Sooner or later, the storm will come. By then, I wonder if the mother-in-law will be as reasonable as she is now, and the two sisters-in-law will share a son-in-law in harmony. It will be a joke.

"The rituals and music are in disarray."

The Maybach stopped steadily downstairs of the Ritz-Carlton Hotel. Xie Jingxing chuckled playfully, pushed the door open and got out of the car. He buttoned up his suit, put away his self-mockery and stood up straight. All the trivial matters were gone.

【Looking forward to the future, Grapefruit Capital Fundraising Seminar. 】

Signposts were set up in the hotel lobby, and the fundraising directors brought interns to greet various LPs who were scattered outside the venue for individual conversations in advance. These LPs were quite powerful.

The venue was spacious and decorated with various introductory slogans. Some of the LPs who gathered around the podium and chatted and laughed with Tang Man and Yan Wenchuang were more capable, while the rest wandered around aimlessly and gathered in groups to ease the embarrassment, hoping to have good luck in winning the prize.

“Do you know what a sponsor is? If you serve me well today, I will reward you!” said the young man with a badge on his chest saying with a smile.

Liao Yan rolled her eyes disdainfully: "You little intern, you are ridiculous. When did you go to Ping An? Why didn't you post on Facebook? It's unlike you."

"My father sold two boatloads of cabbage to buy me this job with a monthly salary of 8,000 yuan. Now I cover my face when I go out. How can I have the nerve to let you know?"

The second generation complained with a depressed face, then became interested again: "How was your internship? You can communicate with clients independently so soon. Don't you have a teacher to teach you?"

"Emmm, my boss told me to run away if I encounter an institution that asks front-office investment managers to participate in fundraising. So the instructor didn't come, and they temporarily assigned us to the fundraising department."

Liao Yan raised her chin and pointed at Zou Jingyi who was not far away. Many small and medium-sized venture capital institutions have unconvincing signs, and their fundraising employees do not understand the business.

He arranged for the front desk staff to participate in the fundraising activities and praised the LPs for their professional knowledge in order to gain their trust. Xiyou couldn't afford to lose face like this.

“…So interns are not people.”

The second generation of Cai came to a conclusion speechlessly, and added angrily: "Do you know that girl well?"

"Come on, childhood friends are just childhood friends, but don't show your tireless energy in front of me, or I'll have a falling out with you." Liao Yan warned fiercely.

The second generation of novices was the first to grin and glare: "So what? Can't I add contact information for work? No matter how great Xiyou is, he is still a seller, okay? He turned his face to the cornerstone LP representative and turned against Tiangang. He doesn't want to be in the market anymore."

"I, as a teacher, hate this kind of thing. If all the star institutions were like you, wouldn't the buyers become a vulnerable group begging for food on their knees?"

He spoke with confidence and frankness, and then he raised his leg to talk to Zou Jingyi.

Liao Yan's neatly cut bangs swayed in front of her forehead, and her red lips slightly opened as she was about to utter a violent remark, but suddenly her expression froze and she lowered her head slightly.

"Having an attitude and maintaining market order are important factors in promoting the development of the industry."

As Xie Jingxing spoke, he walked past him and entered the venue. Several of the accompanying staff beside him had different expressions. One of them laughed and agreed that the market was operating dynamically, with the buyer's market and the seller's market colliding with each other.

——Today is a seller’s market.

Young people should not only have an attitude, but also respect the objective reality.

The leader from Ping An Capital followed in the crowd, with his arms hanging by his sides, raised two fingers and shook them slightly backwards twice.

The instructor stopped walking with an expressionless face, forced a murderous smile and looked back. No one heard what Cai Erdai said before, but they heard his outrageous remarks clearly!
"Pretending."

The second generation of novices squeezed out two words from between his teeth, took off his attendance card, stuffed it into his pocket, turned around and left in a cool manner. What could happen if he just quit?

The teacher's heart skipped a beat, and the smile on his face softened. He hurriedly chased after the second generation of rookie and told him not to leave. Ping An Capital also needs to raise funds. VIP employees bring in over 100 million yuan in investment, so they can't afford to argue.

“Everyone in this chaotic market may be a weakling at any time.”

Liao Yan looked at Zou Jingyi who was ignorant not far away. Fortunately, they had an alpha wolf who was always strong and ferocious.

It is true that venture capital firms usually have a lot of young beauties and second-generation rich kids in their fundraising departments, but the one who can really play a role in fundraising is definitely the alpha wolf. He can be ugly or old, but his face must be recognized by mainstream funds. When LPs decide on investment portfolio quotas at the beginning of each year, they will take the initiative to add his name to the list.

It was a coincidence that during the stock market crash last year, the mainstream funds in the world focused their attention on Xie Jingxing, who passively stood at the center of the spotlight, thinking of sacrificing his life for the country, and stood there until the crowds dispersed in disappointment.

Everyone knows him, and he has a young and handsome face.

"The planned 90 billion yuan will be allocated to three funds: the first phase of the seed RMB fund, the second phase of the venture capital RMB fund, and the first phase of the development RMB fund."

The little episode was glossed over, and we entered the venue and sat down on time for the meeting to begin. Xiyou partner Yan Wenchuang was the keynote speaker.

Xie Jingxing sat in the front row of the audience and listened, whispering to Tang Man from time to time. When he was happy, he did not hide his relaxed smile, which made all the LPs present feel very distressed but helpless.

After all, he couldn't go out on the battlefield himself to brag about himself, so he really had to find a third person to do this job, shouting how awesome my alpha wolf is.

Everyone listened seriously, went through the process, paid the money, and went home to explain to the investors: Leader, Xie Jingxing is really awesome, just invest in him!

It's all about work, everyone does their job and respects each other.

"Hello, I am the CFO of COSL. Could you please tell me what your Phase I Development Fund means? Could you please tell me more about the investment industry direction and investment targets?"

Read the error-free version at 69shuba! 6=9+shu_ba is the first to publish this novel.

Of course, not all attendees are professional institutions in the industry. There are also high-net-worth individual investors and some corporate entities with a lot of idle money and financial management needs.

After the PPT presentation, the question-and-answer session began. A thin middle-aged woman took the microphone and asked a question.

In the past, people traded stocks for financial management. Last year’s stock market crash hurt the feelings of all investors. Now, any listed company that trades stocks will be questioned for not doing its job properly.

Private equity venture capital is a trendy thing. If shareholders ask about it, the secretary of the board can explain that we are actively learning from Alibaba and Tencent, and making strategic investments to create a closed-loop ecosystem across the entire industry chain!
"Hello, Xiyou's first phase development fund is expected to allocate 50 billion yuan, focusing on investment targets in the fields of logistics and transportation, supply chain finance, real estate, etc. that are in the stage of rapid development and have perfect business models."

Yan Wenchuang has small eyes, single eyelids, a high nose bridge, and looks inexplicably gloomy, with an eagle-like gaze that gives off an oppressive vibe.

He spoke softly and slowly as he mentioned the key points: "Using Yunhe Logistics, our strategic partner on the platform, as a fulcrum, we will leverage industry resources and optimize and integrate the hot spots in the logistics sector."

"So that's the growth PE fund at the back? I just heard you explain the macro development status of the logistics industry, which is generally recognized. Do you have any projects that can be invested directly after the fund is established?" The female financial director changed the question.

Yan Wenchuang carefully gave a tactful explanation: "This fund is a blind pool, just like a hunter who prepares bullets and picks up a gun before going into the jungle to look for prey. It is expected that the fund will invest in 6-2 projects within the first 5 months of the fund, and the total number of investment projects of the fund will not exceed 35."

"Can the utilization rate of funds be guaranteed? Is the financial disclosure of investment projects transparent?" the female financial director asked again.

Xie Jingxing and Tang Man, who were chatting, were surprised at the same time. They looked at each other and stopped talking tacitly, waving for the microphone.

The female CFO seemed like a layman at first, and she remained a layman as she asked more questions. She was a layman who understood basic theories but not rules.

First of all, the fund types on the fundraising side are benchmarked against the investment side. Xiyou has two RMB funds. The first "venture capital fund" has a scale of 30 billion and focuses on the VC venture capital stage of the AC round in the Internet field.

The first phase of the "Growth Fund" has a scale of 100 billion. It is used for large-scale investment projects in the PE private equity stage after the C round, including a 10 billion investment in a single project of YTO Express, which uses this fund.

A total of 90 billion yuan was raised this time, and the first "seed fund" was established with a scale of 5 million yuan, which literally means investing in seed/angel round stage projects before the A round, in order to take away Xiong Xiaoge's blame and steal Zhu Xiaohu's job.

The second phase of the "Venture Capital Fund" has a scale of 35 billion, investing in hard technology in the industry field. The RMB type is better matched with some projects that receive money from local guidance funds.

As for the first 50 billion RMB "development fund" that the female financial director kept asking about, its investment stage overlaps with that of the growth fund, but it is a later round in comparison.

The main reason is that the business model and products are good. Since the overall logistics industry attributes are relatively capital-intensive and slow-developing mature projects, such projects are stable and have a reasonable investment return cycle.

It is clearly written in the promotional brochure that the female CFO is pestering her because she wants to take advantage - Xiyou has a good ready-made project, and the LP can make money immediately if they invest.

There are such funds in the market. Most of them are suitable for small-scale and flexible institutions. They come across a good project and set up a fund on the spot. They take the project to find LPs and raise as much money as they want.

State-owned funds prefer good intentions, which is equivalent to handing over the investment decision-making power to LPs.

Not only Xiyou can't play this game, but currently all star institutions are blind pools. You give me the money and I can invest it however I want. Stop complaining.

"Let me say a few words about this issue. In my opinion, 'special funds' are similar to the financial advisory (FA) business, helping projects find money and money find projects. They tend to provide services that deviate from the essence of investment."

Xie Jingxing took the microphone and walked onto the stage slowly: "Based on Xiyou's overall investment strategy over the past three years, I think everyone can be sure that we are not an excellent financial services provider."

“Highly efficient.”

The leader of Suzhou Yuanhe Capital, who was sitting in the front row, joked from time to time. Rather than saying it was an investment strategy, it was more like the young leader himself was too aggressive in his style of doing things.

Just like now, there are several institutional fundraising briefings, and every time there is a collective worship drama by LPs.

This time it was relatively good. The first phase of the fund directly stuffed everyone into the conference room and waited for a meeting one by one. Yuanhe and China Merchants Financial Holdings shared one seat in the investment decision-making meeting.

What was the quality of grapefruit at that time and what is its quality now? It is difficult to judge which is better, blind pool funds or special funds.

“Yes, efficiency.”

Xie Jingxing smiled and cast his gaze towards the female financial director in the back row: "Last year, there was a mid- to late-stage project. I won't mention the company's name. The general process was that Xiyou, Sequoia, and more than a dozen venture capital institutions in the market collectively went to the project company to bid."

"This company refused to cooperate with due diligence and refused to provide data. They even informed us at short notice that they had passed their 'background check' and were eligible to be 'auctioned' together with more than a dozen peers."

DJI, many industry colleagues present at the scene guessed the company's name at the same time, and this project has been very popular in the entire venture capital circle in the past two years.

Perhaps it was because they were ignored by venture capital institutions in the early years, but now things have changed dramatically. The founding team is very individual and is following Google's example, treating investors like their sons.

"And we failed to win the auction."

Xie Jing Xing paused for a moment, squeezed the microphone and continued, "My colleague told me the news, so I bought a plane ticket and went to the company. I squatted at the door of the office building toilet for several hours and met the founder."

"I told him three things. First, I am Xie Jingxing, the founder of Grapefruit Capital. Second, I will add a zero to your valuation."

He looked at the female financial director and said calmly, "Special funds cannot invest in this kind of project."

Third, DJI’s sales channels for agricultural drones in Northeast China can be expanded three years faster or three years later. (End of this chapter)