My Age of Investment

the next day.

Chen Hong led a young man in his thirties who was not tall and had a haircut in his mid-twenties into Xia Jingxing's office at the Bund Hotel.

Xia Jingxing went up to greet him, and greeted with a smile, "Mr. Fu, please sit down!"

"Mr. Xia, you are being polite!"

The young man was wearing a suit and no tie. He spoke very slowly, but his words were very clear.

This person is actually not Chinese, but a Singaporean named Fu Jixun. He was born in 1968 and graduated from the National University of Singapore. Worked in the investment department.

He is currently a partner of DFJ China Fund. The most famous case in his hand is leading DFJ China's investment in Baidu, and the other party is currently serving as a director of Baidu.

Xia Jingxing had already seen Fu Jixun's personal resume and information sent by Chen Hong, and he was very familiar with it.

In fact, even without looking at the information, he knew about this person, and he was very famous.

After calling the temporarily hired waiter to serve them two cups of coffee, Xia Jingxing asked the waiter to leave.

The three of them were sitting on a sofa, surrounded by a coffee table.

Chen Hong was sitting on the large sofa, with his hands on both sides of the armrests, his legs crossed, and he was the first to break the calm with a smile on his face.

"Actually, Lao Fu is very interested in Vision Capital, and he admires and respects you Xia Jingxing even more.

However, switching platforms is not a trivial matter, so we need to talk more, so that everyone can get to know each other. "

Xia Jingxing nodded and smiled, and said thank you to Chen Hong.

Then he looked at Fu Jixun and said slowly: "Mr. Fu, the Baidu case can be said to be a benchmark case in the domestic venture capital industry.

When chatting with Draper before, he praised the Chinese team a lot, especially you. "

Xia Jingxing was talking nonsense again. He and Draper, the founder of DFJ, had never been able to pee in the same pot. It would be good if they didn't choke each other when they met.

When Facebook raised funds back then, DFJ did not invest in it because of his stinginess, but Xia Jingxing believed that Draper would definitely not find the reason on himself.

When Tesla's C round of financing was completed, DFJ made a small investment, and everyone's relationship was repaired a little bit.

But Xia Jingxing believed that after a few years, if Skype failed to complete the bet, the stingy De Fengjie would speak ill of him behind his back again.

To be honest, he didn't intend to deliberately mess with De Fengjie, but they were unlucky every time, and they wanted to hit the gun, who is to blame?

Hearing Xia Jingxing talking and laughing with DFJ's real boss, Draper, Fu Jixun had no doubts about him.

Because he had also studied Xia Jingxing carefully, and knew that this was a young business leader who was really approaching the top of the pyramid. Bill Gates had even invited him to dinner, and he knew Draper. It couldn't be more normal.

At the same time, he also knew that DFJ US Fund and Vision Capital had jointly invested in Tesla, the electric sports car that had made a lot of noise in Tianya some time ago.

It was precisely because he knew Xia Jingxing's energy that he thought about whether to change his family and improve his career to a higher level.

Hearing Xia Jingxing praise himself so much, Fu Jixun said a few words modestly, and then slowly got to the point.

"Mr. Xia, I don't know much about Vision Capital either, can you introduce one or two?"

Xia Jingxing nodded. If you want someone to join your company, it is necessary to show your strength.

Therefore, Xia Jingxing introduced the nine funds of Lichun, Yushui, Vernal Equinox, Liqiu, Chushu, Jingzhe, Bailu, Xiaoman and Lixia one by one.

Unlike in the past, Envision Capital has already changed its guns, and the smallest Rainwater Fund, which invests in the US VC market, has a scale of 50 million US dollars.

Originally the smallest fund was the Lichun Fund with only US$27.44 million, but as the valuations of projects such as Tesla, Tudou, and Ganji rose, the management scale increased a lot.

The largest fund, the FOF, has a management scale of US$1.766 billion.

Xia Jingxing injected 1.5 billion US dollars of pledged 20% of Facebook's equity loans from the syndicate headed by Morgan Stanley, 228 million US dollars from Skype's withdrawal, and 38 million US dollars from Frame Media's withdrawal, all into the Chushu Fund.

Skyp has nothing to do with Xia Jingxing at all. Frame Media has only received 38 million US dollars in withdrawal returns. The result of the bet has not yet been announced, so there is only so much in the account for the time being.

Apart from most of the assets managed by the Chushu Fund are cash, there are also a small number of restricted shares of eaby and Focus Media.

These shares can be held as an asset portfolio, or sold for cash in the future, and then injected into major sub-funds.

Fund of Funds, also known as the Fund of Funds, or FOF for short, is actually a product of investing in other sub-funds.

Fu Jixun nodded again and again. He had heard media reports about the nine funds of Envision Capital.

However, many of the reports were inaccurate and exhaustive. Only after listening to Xia Jingxing's detailed explanation, did he realize the potential and ambition of Envision Capital.

"Angels, VCs, PEs, secondary markets, funds of funds, it seems that Vision Capital only lacks the territory of private equity credit (private equity bonds), leveraged buyouts, real estate investment, and infrastructure/energy investment."

After all, Fu Jixun expressed emotion, "In my lifetime, I never expected to see our Chinese own KKR and Black Stone."

Chen Hong looked at Xia Jingxing's young face, and admired from the bottom of his heart, "Yes, only those who have worked in the financial industry know how difficult it is to create a world-class Chinese capital in a financial industry dominated by white people!"

"Let me correct you, we are not trying to be China's KKR or China's Blackstone, but the world's Vision Capital!"

Chen Hong smiled, "I know, I know from the name you gave the fund, the twenty-four solar terms, that's not bad, and you don't forget your roots."

Xia Jingxing glanced at Fu Jixun, and said with a smile: "Mr. Fu, you now have a general understanding of the capital layout of Envision Capital and what it will do in the future, right?"

Fu Jixun nodded, "The asset layout is very extensive, but the current core is VC funds and PE funds, right? And they are targeting the technology and Internet fields."

Xia Jingxing admitted it frankly, because this is what he is best at, and it is also the field where investment has the fastest results and the best accumulation of strength.

For example, hedge funds are more speculative, and they run away when they get one, which is not conducive to expanding industrial capital and truly laying the foundation for their careers.

"I heard from you, Mr. Xia, that Envision Capital's PE fund wholly acquired a mobile operating system company and plans to invest in the establishment of a mobile phone brand. This looks like Buyout (M\u0026A investment) among PE funds.

But that mobile phone operating system is a start-up company with no cash flow, and the product has not even been officially developed. Mobile phone brands have grown from scratch.

This doesn't feel like the style of PE investment, nor the style of VC investment. "

The content of Fu Jixun's question is actually a bit beyond the outline.

Xia Jingxing recruited the other party to be the partner of Vision Capital-Jingzhe Fund, responsible for domestic VC investment, while mobile phones and Android are other projects that the two funds of Chushu and Liqiu are responsible for.

However, the other party is interested to know, maybe what they value is the executive position of the entire investment platform of Vision Capital, rather than a mere VC fund partner.

Therefore, Xia Jingxing slowly explained to the other party, "There is indeed no precedent for this, it is my own creation."

"original?"

Fu Jixun was very interested in this and continued to ask.

Xia Jingxing also gave a very good answer, drawing a super big pie.

"Mobile phone operating system in the future cross-border smart car operating system, and even the Internet of Things operating system? Invest in cars, mobile phones, and even various home appliances, smart wearable devices?"

Fu Jixun muttered in a low voice while thinking carefully.

Xia Jinghang's investment philosophy is a bit deviant, and seems to run counter to traditional financial methods.

In his vision, finance seems to be the blood that connects various industrial sectors.

Others are either making quick money and paying attention to buying low and selling high. This one seems to be playing with Lego building blocks. Through self-creation, investment, mergers and acquisitions, etc., he assembles pieces of parts to form a big...

"Vision Capital wants to develop into a consortium?"

Thinking of this, Fu Jixun asked subconsciously.

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