My Age of Investment

"A company that has only been established for five months and has not launched any products. Darren, do you value it at 150 million US dollars?"

In the Vision Capital office, Ricky, one of the four founders of Android, was flipping through the VC fund portfolio of Vision Capital, making complaints while flipping through it.

The document he held in his hand introduced in detail the valuation, financing process, development status, etc. of each invested company.

He has read the materials of companies such as Tesla, LinkedIn, Ganji.com, Tudou.com, and Frame Media, and he thinks it is reasonable.

The only thing that is faulty is the recently added weekday company.

No matter how he looked at it, this company didn't look like it was worth 150 million US dollars.

Xia Jingxing looked at Ricky with a smile, and didn't mind the other party's doubts too much.

After Andy Rubin conveyed his words, Ricky agreed to join Vision Capital very readily.

Today is the first day the other party came to report. As soon as he arrived at the company, he asked Xia Jingxing to show him the investment portfolio of Vision Capital.

From this point of view, the other party will not let go of the company on weekdays.

"Daeron, while you're still doing your due diligence, it's still too late to repent!"

Putting the documents on the table, Ricky said seriously.

"Why regret it? This company may not be worth $150 million now, but it will be worth it in the future. When we invest, isn't it the future?"

Xia Jingxing waved his hand, "Don't mention this company anymore, I have my own intentions."

Ricky frowned, "Daren, you promised to manage a fund for me."

“The Rainwater Fund is already in the pipeline, with an AUM of $50 million.”

Speaking of this matter, Xia Jingxing's mood was a little complicated.

The $1.025 billion in Facebook equity transferred left only $871.25 million after tax deductions.

Among them, US$800 million was injected into the Liqiu Fund, and US$100 million was spent on the acquisition and capital injection of Android;

The remaining 700 million U.S. dollars, after voting for Ari, is almost only a fraction left.

And he plans to keep more than 70 million US dollars in his hand to improve his material life,

Now 50 million has been taken away to form a rainwater fund.

It can only be said that when the money is used, there will be less hate!

"Fifty million dollars."

Ricky muttered to himself, he felt that it was a little too small, so he asked again: "Is this company in the working day included in the investment portfolio of Rainwater Fund?"

"Yes!"

Xia Jingxing nodded. Although it was all his personal funds, Lichun Fund had already invested all the funds at hand. For the convenience of accounting and management, a second VC fund - Yushui was established.

"Isn't there only 35 million US dollars left?"

Ricky is in a hurry, he knows that the boss has just cashed out a billion dollars from Facebook, and the VC fund under it is only so small, which makes him very embarrassed!

So he said again: "Daren, if we only have such a small amount of funds, we may only be able to invest in some angel rounds and small A rounds with a scale of less than three to five million US dollars, or follow up."

Xia Jingxing heard the other party's tone of sadness, and comforted him: "You don't have to worry about the funds, you just need to consider investing the 35 million US dollars as soon as possible.

As long as all the funds are cast, we will directly raise the third VC fund, with a scale of at least US$100 million. "

Ricky doesn't doubt that Xia Jingxing has this ability. At present, the other party only allows him to control a fund with a scale of 50 million US dollars. Obviously, he doesn't have enough trust in his ability.

He knew that the Liqiu Fund of Vision Capital had a management scale of 800 million US dollars, and the Xiaoman Fund had a management scale of hundreds of millions of dollars.

Compared with hedge funds and PE funds, VC funds are not as large as their counterparts.

However, VC funds don’t need to be so large. What they want to play is to use small things to make big gains. The smaller the size of the fund, the more capable it will be.

Ricky made up his mind that he must impress his boss and build the VC fund into a size comparable to the other two types of funds of Vision Capital.

"Rainwater Fund's investment area will be limited to the United States. After you take over, you only need to focus on the American market."

Ricky was puzzled, "Why? I see that many venture capitals are now entering China, where the Internet and technology markets are booming.

In August alone, two Chinese technology companies, Focus Media and Baidu, are about to go public. "

Xia Jingxing shook his head, "In the Chinese market, I will set up a local fund in a while and recruit local talents. If foreigners can't play there, you just need to do a good job in the American market."

Ricky didn't ask any more questions. Since the boss had made arrangements, he could focus on the American market and save himself a business trip across the Pacific Ocean.

"Due diligence on working days, you also join in, this company is counted in the investment portfolio of Rainwater Fund.

You get to know the company well during the due diligence process, and you need to provide them with post-investment services in the future. "

Ricky nodded, he also wanted to see why this company was worth 150 million.

After ordering a few more tasks, Xia Jingxing asked Rich to step down.

After a while, there was a "bang bang bang" knock on the door.

"Come in!"

Jiang Ping walked in wearing a blue T-shirt, and asked with a smile, "Dai Lun, are you looking for me?"

Xia Jingxing saw that the other party was dressed as a programmer, and didn't say much. He was a trader, and he didn't have to go out to meet clients, so he naturally wore whatever was comfortable for him.

"sit!"

Xia Jingxing pointed to the seat in front of the desk.

After Jiang Ping sat down, he straightened his back and looked straight at Xia Jingxing.

"Don't be nervous, I just want to chat with you, nothing else."

Xia Jingxing saw that the other party was a little stiff, and he didn't know what was going on, remember that it wasn't like this before?

Jiang Ping smiled. Before joining Vision Capital, his mentality was completely different, and he could look at Xia Jingxing at the same level.

But now that Xia Jingxing became the boss, his mentality changed instantly.

When facing Xia Jingxing, he could no longer be as natural as before.

Xia Jingxing reckoned that the traditional cultural concept was still at work, and he felt apprehensive when he saw the leader.

He didn't say more about it, so as not to add psychological pressure to the other party.

"Is Xiaoman Fund's fundraising coming to an end?"

After Jiang Ping joined Vision Capital, Xia Jingxing also sent the other party out to participate in the fundraising process.

It's just that Jiang Ping went relatively late, and the fundraising has come to an end.

Thanks to Tobil Gates' investment, a large number of rich people and institutional investors followed closely, and they also followed the richest man to invest.

These people are chasing ups and downs, thinking that even Bill Gates wants to invest in Xiaoman Fund, it must be wrong.

In addition, Xia Jingxing also went to the TV station to show his face once, inadvertently showing the rate of return of the Lixia Fund, which added fire to the hedge fund under Vision Capital.

With multiple effects superimposed, the raised Xiaoman Fund raised fees faster than expected.

Jiang Ping nodded, "Yes, it's over soon, and we are about to enter the closed period.

The fundraising was so hot that the total amount of intended investment exceeded one billion US dollars.

For this reason, we had to reject the investment of some people.

Of course, this also has something to do with my limited ability, otherwise Xiaoman Fund has a management scale of more than 600 million US dollars. "

Xia Jingxing nodded. At first, the Xiaoman Fund planned to raise 500 million US dollars, but it was not expected to be too popular.

Even if the profit share is as high as 30%, it can't stop the enthusiasm of investors, crying and shouting to invest.

It's not that he doesn't want to raise more money, but that Xia Jingxing is afraid that Jiang Ping won't be able to control the amount of money raised.

Take your time, it needs a process of growth, Xia Jingxing comforted himself like this.

"Trading strategy, I plan to focus on Latin American foreign exchange markets and emerging Asian stock markets..."

When it came to the transaction, Jiang Ping seemed to be a different person in an instant, spitting and eloquent.

The other party spoke too fast, and Xia Jingxing couldn't hear many words clearly.

However, he didn't press the question. He had full confidence in Jiang Ping's ability.

Moreover, the fund and Jiang Ping have formed a bond. The fund's profit share will take 20% as the fund manager's bonus, so it is not afraid that the other party will not work hard.

In addition, when Jiang Ping decided to resign from Lehman and came to Envision Capital to report, Xia Jingxing also gave him a welcome gift, the management fee of Xiaoman Fund for the first year, which was 12 million US dollars.

Jiang Ping was extremely grateful for Xia Jingxing's courtesy and respect, but also felt heavy pressure.

"Uh, I have brought over a dozen overseas students from mainland China to Lehman, can they be recruited into the company?"

Xia Jingxing nodded, "Sure, the team is up to you, you can form it however you want."

Jiang Ping smiled, chatted a few more words, got up and left to work.

txt download address:

phone-reading: