Investment Approach投资方法

A flexible platform for diversified,
high-conviction capital deployment. 一个用于多元化、高信念
资本配置的灵活平台。

The firm utilizes flexible infrastructure enabling portfolio construction across geographies and investment stages, from nascent ventures through established enterprises. 公司依托灵活的基础架构，得以跨地域、跨投资阶段构建投资组合 —— 从初创企业直至成熟企业。

Overview总览

Research first. Conviction second. Capital last.先研究，再信念，最后才是资本。

An extensive sourcing network combined with proprietary evaluation tools identifies top-performing managers, with bottom-up research and enduring value creation anchoring the process. 广泛的项目获取网络与自有评估工具相结合，用以识别业绩领先的管理人；而自下而上的研究与持久的价值创造，则构成整个流程的根基。

“A flexible platform for diversified, high-conviction capital deployment.” “一个用于多元化、高信念资本配置的灵活平台。”

Two Strategic Components两大战略组成

One platform, two complementary engines.同一平台，两台互补的引擎。

Liquid Strategies流动性策略

Concentrated, high-conviction long-only portfolio of 10–15 high-quality businesses driven by fundamental research on each position.集中且高信念的纯多头组合，持有 10 至 15 家优质企业，每一笔持仓均以基本面研究为驱动。

10–15 high-quality businesses10 至 15 家优质企业
Long-only, high conviction纯多头，高信念持仓
Position-level fundamental research逐笔持仓的基本面研究

Illiquid Strategies非流动性策略

Selective direct investments and fund commitments emphasizing leadership, organizational culture, competitive advantages, and expansion potential.精选的直接投资与基金出资，重点考察领导团队、组织文化、竞争优势与扩张潜力。

Selective direct investments精选直接投资
Fund commitments with leading GPs与顶尖 GP 的基金出资
Leadership, culture, moat and scale potential领导团队、文化、护城河与规模化潜力

Fund Selection — The Cornerstone基金遴选 —— 平台基石

Relationships with leading GPs, and a proprietary manager evaluation.与顶尖 GP 的深厚关系，以及自有的管理人评估体系。

Relationships with leading GPs and proprietary manager evaluation constitute the platform’s foundation.与顶尖普通合伙人（GP）的关系，以及自有的管理人评估体系，构成了这一平台的基础。

—Investment Strategy投资策略

—Portfolio Construction组合构建

—Target Stage & Size目标阶段与规模

—Entry Valuations进入估值

—Geographic & Sector Focus地域与行业聚焦

—Sourcing and proprietary deal access项目获取与专有交易渠道

—Underlying company involvement对底层企业的参与程度

—Exit Strategy退出策略

—Size and Suitability团队规模与适配度

—Specialization专业化程度

—Leadership and Succession领导力与传承

—Team Stability / Rotation团队稳定性与人员流动

—Attribution业绩归因

—Carried Interest Distribution附带权益分配

—GP CommitmentGP 出资承诺

—Competitive Analysis竞争对比分析

—First Quartile Returns首四分位回报

—Loss ratios / write-downs亏损率与资产减记

—Winner / Loser case studies成功与失败案例研究

—LP distribution and timeframeLP 分配及其周期

—Leverage usage杠杆使用情况

—Valuation and return analysis估值与回报分析

—Structure Type架构类型

—Legislation适用法域

—Fund Size基金规模

—Fees and expenses费用与开支

—Fee-to-team suitability费用与团队规模的匹配度

—Market standard alignment与市场惯例的一致性

—Other relevant terms其他相关条款

Investment Selection项目遴选

Targeting risk-adjusted returns.以风险调整后回报为目标。

Four pillars guide every decision we make on a direct investment.四大支柱，指引我们在每一笔直接投资上的决策。

Market Leadership市场领导地位

Addressable market attractiveness and scale目标市场的吸引力与规模
Sustainable competitive positioning可持续的竞争定位
Significant commercial traction显著的商业化进展

Upside上行空间

Clear value creation pathway清晰的价值创造路径
Strong, scalable growth强劲且可规模化的增长
Target value proposition sustainability目标价值主张的可持续性

Differentiation差异化

Aligned management with relevant track record利益一致且具相关业绩的管理层
High entry barriers高进入壁垒
Sound unit economics稳健的单位经济模型

Downside Protection下行保护

Attractive entry multiples有吸引力的进入倍数
Liquid exit markets具流动性的退出市场
VC: profitability path and modest cash burn风险投资：清晰的盈利路径与适度的现金消耗
Preference share liquidation preference protection优先股清算优先权保护

Partner with us与我们合作

Where should we be looking next?下一个机会，会在哪里？

If you are a fund manager or founder building something durable, we would like to hear from you.如果您是正在构建长期事业的基金管理人或创始人，我们期待您的来信。

Start a conversation开启对话

A flexible platform for diversified,high-conviction capital deployment. 一个用于多元化、高信念资本配置的灵活平台。