"Government guidance funds do not invest VC"

"The money invested by VC is our real gold and silver. The company's pour means that our money is drifting." Talking about the news of the Daily Fresh being dissolved, an LP friend in East China was embarrassed.

This undoubtedly made consumer investment that was already in the cold winter. Recently, I met a consumer investor in Shanghai. He talked about his own fundraising encounters: "Everyone is not very welcome to consume VC this year, and the pressure is very strong." Talking about the phenomenon of frequent mines from consumer beasts, he lamented these It will even exacerbate LP's concerns. Consumption VC funds may be the most difficult group for RMB funds this year.

The outbreak of guidance funds from various places has nothing to do with the consumer VC fund. A friend of a government guidance fund practitioner mentioned that the government guiding funds are now increasingly valued by the industry when filtering the sub -fund. Although there is no explicit regulations that cannot be voted, consumer GP is often excluded first in the actual situation.

Although there are differences in the situation of guidance funds from various places, this is the same feelings of many consumer VC fundraising this year.

Once upon a time, the new consumer investment has also had a scenery. In the past two years, investors with a variety of backgrounds such as TMT came from the new consumption because of the emotions of FOMO (afraid of missing), until the feast left, and everyone dispersed. We can't make conclusions. Whether the people who get out of the way really understand investment consumption, but the low threshold must be the biggest misunderstanding of consumption investment.

The fall of a consumer unicorn

LP mood is complicated: most of the losses are our money

We still start from the Daily Youxian.

Last week, the daily flow of freshly disbanded, and the APP could not place the order normally. In front of the front warehouse, the supplier who came to ask for the payment of the payment. Essence This fresh super unicorns fell into a dark moment.

In the era of the dividend of China Mobile Internet, every day Youxian killed a world in the fresh grass rivers and lakes. That 2 billion yuan. Seeing that he had a tall building, he saw that his building was pouring. This super fresh unicorn only went to Nasdaq on the bell stage a year ago, but it collapsed in a blink of an eye.

Today, the daily stock price of Youxian is only 0.1 US dollars. When we turn our attention to the consumption VC behind us, everyone is no longer willing to talk about the freshly advanced fresh stories. A Daily Investor who is unwilling to be named admits: "This project has not been mentioned in the interior." On the fundraising PPT, the daily freshness as a star case was quietly taken off.

The hustle and bustle was endless reflection. A investor who has participated in the daily Fresh B financing has publicly reflected: "We invest in Daily Fresh in 2016 and listed in 2021. The entire e -commerce industry has been the same as the teaching and training industry after the Didi incident. Capital abandonment, whether it is the change of the policy or the market's choice is increasingly darkened gray rhinos. So it is important to keep in mind that the market is emotional. "

As one of the important investors daily, Qingdao state -owned asset -owned institutions are more profound. "At present, state -owned investment institutions are becoming more and more active, and investment enthusiasm is rising. This failure case is to ring the alarm to everyone in advance." A Shenzhen state -owned platform investor said.

Daily freshness is not individual. From the beginning of 2022, the fresh -led community group purchase air outlet has finally turned off. A group of unicorn fell one after another. Fresh river and lakes have been almost overwhelmed by the entire army, and even Hema has unprecedented financing.

Not only fresh, the popularity of the entire large consumer track is not as good as previous years. Judging from the performance of the secondary market, a large number of IPOs' new consumer star unicorn stock prices have fallen below the issue price, and some have even lost to the B round. The cliff -type curve has made the first -level market VC/PE more cautious, and many star consumer companies have a difficult financing.

For example, the housekeeper O2O company easily announced that the capital chain was broken at home, and the honey bud APP, which had been valued by more than 10 billion yuan, was about to shut down; the new drink super unicorn was valued at 5 billion US dollars in half a year, which was staggering; Silently reduced staff .... Consumer startup companies without hematopoietic function are now at stake.

The LP funded behind him is more worried. In the circle of friends, an investor lamented: "The owner of the consumer company earns countless buckles, some investment institutions make huge management fees, FA earn a sky -high agency fee, some investors earn FA returns, only LP and secondary markets The world of investors injured. "

This year, consumer VC fund raising funds is the most difficult

Positive conduction to startups

After witnessing the bubble of the consumer star company, LP tightened the money bag when facing the consumer VC fund.

"This year's fundraising difficulty has increased, and the process of fundraising is slow, and it has not been expected." Zheng Zhou (pseudonym), a fundraising staff of an early consumer investment institution in the Yangtze River Delta, bluntly said that since this year, she has visited intensively The company, financial institutions, and wealthy families and individuals, but they have a few gains.

And this year, the excitement of guiding funds from various places is obvious to all. From Hainan to the northeast, a government guidance fund has come. The latest report of the Qingke Research Center shows that in the LP of the new RMB fund fundraising in the first half of 2022, government institutions have contributed more than 100 billion yuan, and the state -owned Assets LP represented by guidance of funds and state -owned enterprises/central enterprises is active.

Specifically, the state -owned asset LP represented by state -owned enterprises/central enterprises and government guidance funds has become an important funder for the RMB fund. Live water. In order to raise funds, VC/PE began to run to major provinces, cities and counties, and dust. Zheng Zhou naturally wouldn't miss it, "but after the first introduction of the fund, there was no following. Most government guided funds did not have the position of consumption VC."

Coincidentally. A friend of the South China government guided fund practitioners mentioned that government guidance funds still value the industry very much when filtering the sub -fund. Although there is no explicit regulations that cannot be invested, consumer GP will often be excluded first in actual situations. Earlier, a case was circulated in the circle: Government of a certain tier cities guided the fund for a well -known consumer investment institution, and later was asked to write a review book for this.

Compared with investment returns, government guidance funds often give priority to pursuit of industrial and social benefits. According to the above -mentioned personnel analysis, nearly 90 % of the domestic guidance funds are currently industrial funds, and most of them are high -end manufacturing, information technology, medical and health and other technological innovation industries that are in line with national strategic orientation. "In contrast, the consumer company is not strong in their impression that in their impression, it is nothing more than eating, drinking, and fun. In the past, there were also a lot of consumer projects in the government, but the benefits were not optimistic."

This is also one of the important reasons for local parent funds that do not put in consumption funds. Conversely, they prefer the hard technology attribute GP in the direction of new energy, new materials, intelligent manufacturing, and biomedicine.

If the fundraising is not smooth, the consumption VC fund cherishes the bullets, and every time you go out, you must take care of it. The dolphin club, which focuses on the new consumption, has initiated a vote. As of early May this year, 36.2%of investors who did not invest in a project, investors who reported to a project accounted for 25.5%, and two projects accounted for 14.9%. It accounts for 76.6%of the overall voting.

The situation is deserted, and the consumer investor Wang Ning (a pseudonym) does not conceal. In the first half of this year, I did not invest in a project. "Not long ago, the founder of the beverage project I invested last year to find it up and hope to save a round. I really want to save it. ; But in terms of rationality, the pressure given by LP is now very high, and there is no way to help him from the level of LP and funds. "

When the low fruit in the consumer is picked out

Someone leaves, someone sticks to

"Low threshold is the biggest misunderstanding of consumer investment." The investment community talked about a circle of professional consumer investment institutions, and they mentioned this view.

I can't help but think of a real case. In the two years when the new consumption was the most lively, a well -known domestic institution in China watched the head institutions such as Sequoia and Gao Yan became more active in new consumption, because they were worried that missing the track also studied several consumer brands, until this year After the Spring Festival, the consumer team members who were established internally began to transfer, and no longer looked at the C -side brand consumption project.

"This experience made us deeply realize that everyone can understand that consumer projects seem to be able to see it, but the invisible threshold is very high, which is more suitable for very vertical consumer funds. Most of the comprehensive funds like us play the role of financial investors. The empowerment that can be brought to consumer companies is very limited, and the consumer industry resources are limited. It is difficult to really accompany the enterprise for a long time. " few.

Many consumer VC investors feedback, new consumer investment is already very demonized -currently in the market, whether it is a state -owned LP or the public, everyone's understanding of consumption is still too narrow. The brand is hung up. When it comes to the new consumption, it is to spend money to buy traffic. "Consumption 牌 brand, the latter is just one of the most popular areas. The consumer industry is not just the brands such as Xixue, Naixue, Santun, and Huoxizi. The channels, supply chains, digitalization and other aspects cannot be ignored. "

As mentioned above, the brand -oriented consumption investment has a very high threshold, and the real investors often need to have their own experience in creating a successful brand. This is the ability that most investors who have shifted from TMT to consumption. Essence To this day, the low fruit in the consumer field has been taken out, and it often needs to be rooted in a more vertical segmentation track.

Therefore, this year's most lively consumer investment direction has begun to become a supply chain, and a new slogan also circulates in the circle- "the supply chain can get the world."

As we can see, the suppliers behind the new consumer star company are collectively rushing to the IPO, and the IPO team of the supply chain company provided raw materials for Xixue, Naixue, and the vitality forests has been mighty. "Consumption investment is not simply differentiated at this stage. It has essentially entered a new stage: from the differentialization of the front end to the latter brand growth, it is a problem of supply chain." A consumer investment institution in Beijing The partner has analyzed that it also includes the prefabricated vegetable industry that has attracted the attention of governments in various local governments that year.

The tide receded, the scope of consumer investment has become increasingly larger, and it is no longer limited to brand investment such as eating, drinking, and fun. "New consumption must understand a truth today. Pure traffic is just an online channel, not a complete company. There must be two characteristics in the future of consumer markets and new trends, that is, technology plus innovation." Jiahua Jiahua. Song Qian, the founding partner of capital.

When the new consumption noise permeated, Chen Feng, the capital management partner at the beginning of the day, reminded: "When we see too many opportunities and returns, we will enter a state of weighted by the mediocre value of this world, so as to lose the followers Great intersection. "In his words, investment consumption needs to break path dependence and inertia bias. Investing in a project is not as good as investing in an industry. Today," industrial thinking "is applied to consumption. Chang Xin, the founder of Bee Qiao Capital, also emphasized many times that consumption is a special category of all investment varieties. Compared with energy, medicine, technology, and corporate services, there are clear standards, but consumption is not. Consumption investment is based on common sense, but the judgment of common sense, the characteristics are changes, charm or difficulty lies in this.

"Capital cannot be a standard for measuring whether the consumer market has the opportunity. You must not exaggerate the wisdom and ability of capital, let alone judge whether this market is good or not with the direction of capital." Truth will always only be in the hands of a few founders and investors. Essence

Hurricane rolls, everything is returning to rationality, and only those who really love them. They still firmly believe that in China, the consumer market will always be "long and thick."

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