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    Interview With Jiang Haotian: Vc3.0 In The Eyes Of Early Chinese Venture Capitalists

    2020/10/31 13:12:00 0

    Exclusive InterviewCapitalVenture CapitalVC

    Jiang Haotian entered the venture capital industry in the late 1990s. He has experienced many cycles in the domestic venture capital industry, from the pioneer years to the grass-roots era, from the contention of thousands of families to the rational return.

    In the cold winter of capital, the news that the new period of fund raising of local VC has been completed one after another. Among them, there are not only the old-fashioned institutions and VC2.0 who have been attacking cities and lands for several years in the battlefield, but also the "first fund" established against the trend.

    In October this year, Zhilin capital, founded by venture capital veteran Jiang Haotian, entered the closing period of the first phase of fund-raising, and has completed nearly 10 project investments.

    Jiang Haotian entered the venture capital industry in the late 1990s. He was the first group of VC investors in China, and also the youngest among the same generation of investors; During the 12 years before his founding, he was responsible for the TMT sector of Aurora Borealis venture capital, especially the investment in consumer Internet projects.

    Such experience means that it has gone through many cycles of domestic venture capital industry, from pioneering years to rash years, from contention of thousands of schools to rational return.

    "It's not a rush, but it's not a long-term choice." In an interview not long ago, Jiang Haotian pulled his sleeve to his forearm and picked up a whiteboard pen to outline the new generation of VC in his heart.

    For fund investors, Zhilin capital is a venture capital hunter, which can be called a solo venture. Most of the front-end investors working with Jiang Haotian are young investment VPS in their early 30s. Coupled with the continuous and severe fund-raising environment, we can see the challenge of capital raising.

    As a new fund, Zhilin capital is supported by Jiang Haotian's two cards: the investment performance in the past ten years and the deduction of the future pattern of venture capital industry by the founding team.

    Start a business in winter

    The establishment of temporary capital is not at a good time.

    Different from the abundant capital supply in the market when the generation 2.0 VC started their business, the start-up of temporary capital was catching up with the implementation of new capital management regulations, and the upstream capital tap of PE / VC industry was suddenly tightened; In addition to the new epidemic situation since this year, the due diligence work of RMB Fund LP once pressed the pause key.

    Under all these difficulties, even for fund managers with mature teams and past performance, it is difficult to successfully close accounts, not to mention the new funds that have come out on their own.

    "I don't think time is that important. VC investment is a long-term job, and (performance) is often counter cyclical. " Jiang Haotian did not evade the challenge of fund-raising at the beginning, but he was confident that investment was an evergreen industry and there was no need to be too sensitive in timing.

    Jiang Haotian bid farewell to Aurora Borealis venture capital at the end of September 2018, when meituan review was just listed on the Hong Kong stock exchange. According to the market value of meituan, the return on this investment is more than 70 times.

    In addition to meituan's comments, Jiang Haotian's top enterprises in the track also include WiFi master key, vipkid, daily excellent fresh, enjoy customers and talking data. According to the data obtained by the 21st century economic report, Jiang Haotian was directly responsible for the investment of about 400 million US dollars in the 12 years of northern lights venture capital, and obtained about five times the book return.

    The B side of entrepreneurship in winter is the rational return of venture capital market. According to the statistics of Qingke Research Center, among the more than 20000 private fund managers in the Chinese market, only 4000 are active in the PE / VC market.

    When the venture capital firms leave the market, the rational return and capitalizing of VC industry become inevitable. Jiang Haotian believes that in such an environment, investors with both to B and to C investment experience have ushered in a golden age, and the key layout direction of Zhilin capital is locked in the industrial digital transformation, the next generation of TMT hard technology, and some consumer projects are taken into account.

    Although the investment period is only more than one year, the investment preference of temporary capital has gradually emerged: the investment in the consumption field is mainly concentrated in the early stage, and the investment in the direction of industrial digitization will become long-term after round B.

    It is understood that Zhilin capital has invested in colinbury, a medical big data company, Zhuojian technology, the leader of Internet hospital construction, four grid interconnection of property and real estate management SaaS company, xinfengwei, an enterprise digital organization service provider, and onesight, a maritime SaaS service provider.

    In addition, there are no front network and Wanjiang network in the field of consumption, and ant Zhilian and Moxiang technology related to TMT hard technology.

    "In the early stage, it does not mean round a, nor does it mean that the investment amount is less than 8 million US dollars, and it is not necessary to force the valuation to be less than 100 million US dollars." Jiang Haotian believes that the definition of early investment has already changed, and the core of deciding whether to sell is whether the investment has the possibility of obtaining more than 10 times of return.

    A16Z+Benchmark

    The second card of Zhilin capital is the innovative organizational structure without historical burden.

    Since the wave of VC entrepreneurship in the past few years, although there are too many unknown teams breaking up and leaving the scene, some fund venture teams have entered the front-line camp from different dimensions, such as the amount of managed capital, the hit rate of star projects, and the return on investment of funds.

    The expectations of market participants for the new forces also come from the vc3.0 generation. Of course, for the definition of vc3.0, different institutions have different definitions: some think that it is the younger investors who set up the fund, others think it is the new GP team with industrial background, and some think that the self professional innovation of existing institutions is also such.

    Jiang Haotian believes that the core of the new generation lies in the innovation of mechanism and organization. As an example, it is trying to realize the integration of Andreessen Horowitz ("a16z") post investment mechanism and benchmark capital ("benchmark") partnership system in China.

    In Silicon Valley, the birthplace of VC, "new force" a16z takes up the banner of Founder friendliness and invests a lot of resources into post investment services, and takes this as the core competitiveness. The old benchmark is famous for its absolute partnership system. The size of a single fund is kept within 500 million US dollars. Each partner has absolute equal decision-making power and income sharing.

    Zhilin capital combines the above-mentioned equal rights mechanism and re investment in the organizational mode: Although the current front office investment team is still in the "1 + X" mode, that is, a management partner of Jiang Haotian and several investment managers work together, it is clear that it will develop into a real partner model; In terms of post investment management, a full-time partner has been responsible for the post investment management, and other full-time personnel such as finance and PR have been set up to carry out the work. The investment VP of each project will be personally responsible for the specific project after investment.

    It is not difficult to see that Jiang Haotian still needs to be the core decision-making work in the next few years, and focus on training young investors while making investment layout.

    "I like to do the work of team training, and I have more than ten years of experience in leading a team, which can be used to help and guide." Jiang Haotian added that Zhilin capital has many professionals from financial industry services, PE / VC investment, listed companies' War investment department, enterprise management and other fields to join as investment partners, which are its important support in terms of project sources and industry resources.

    Become 2%

    Venture capital's job is to deal with the most cutting-edge technology, the most passionate entrepreneurs. Especially in some to-C consumption areas, millennials are the main force in the battle field of entrepreneurs.

    Jiang Haotian believes that investors over 60 years old continue to be active in the VC front line is bound to be difficult, so when naming the fund, he deliberately avoided personal brand.

    Although the "1 + X" mode of the investment team of phase I fund means that the investment decision is mainly in the hands of Jiang Haotian, in his plan, the third and fourth funds to lincapital are expected to realize the benchmark type full partnership.

    Andy Rachleff, co-founder of benchmark, once wrote an article in 2014 to reveal the true return of venture capital to the public: there are about 1000 VC firms in the United States, and 95% of the return of venture capital industry is created by the top 20 (that is, 2%).

    This is happening in China's local venture capital market. Nowadays, there are about 4000 active investment institutions in the domestic market. According to some VC investors, the future leader of venture capital market will be only 2% or even less.

    Jiang Haotian agrees with the observation that China's VC market will move towards a "2-95" pattern, and believes that there will be two types of institutions that will eventually become the absolute head: one is the super fund with enough volume, and the other is the boutique fund with enough high return.

    Such a judgment is also in line with the allocation needs of fund investors, which not only guarantees the sustainable and stable return, but also has the possibility to realize the excess return.

    The difference between China's and America's venture capital markets is that, according to racherev, the top 20 VC firms have hardly changed in the past many years. Looking back at the Chinese market, the fund managers of the generation 2.0 have already stepped on the card table, and the emerging generation 3.0 is rubbing their hands.

    From the side that has proved itself: in 2020, the VC players of generation 2.0 have consolidated their position in the industry. The fund scale of Gaorong capital in the latest phase is more than 10 billion yuan, the source code capital has expanded from the early stage to the "early + growth period", and the post investment team has also introduced major generals.

    "Weak water 3000, only take a scoop, we just need to find suitable investors for us, and provide them with returns beyond the market level." Jiang Haotian said that the head of China's venture capital industry will continue. He and Zhilin capital's choice is to win by performance as a small and beautiful fund manager.

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