聚焦科技产业的VC人

中国日报 复星锐正资本

当复星找到王钧,希望他能够领导一支新成立的VC基金时,王钧很快就给出了肯定的回答,没有片刻的犹豫。

复星需要VC业务来完善其资产管理平台,并发掘新的战略和商业模式。我对VC投资充满了激情,在我看来VC领域会有很大机遇,特别是在中国的宏观经济和大型产业呈现巨变之时。”复星昆仲资本管理合伙人王钧说。

王钧拥有一份令人羡慕的履历表:北京大学、西北大学凯洛格管理学院、麦肯锡、鼎晖创投。他的上一个身份则是学大教育集团总裁。

2013年初,王钧同另外三名合伙人共同组建了复星昆仲资本,其目标是成为一家专注于“互联网+”的全球性VC基金,“互联网+”也就是指把互联网和传统行业结合起来的一种新的商业模式。

目前,复星昆仲资本在北京、上海、深圳和美国硅谷拥有办公室,共有36人。

“我们组建团队时,我很快开始寻找勤奋、聪明、富有个性且具有不同背景的候选人。”王钧表示。

不过他最看重的是乐于学习,具有应对持续变化的能力,对初创企业的热情,以及企业家精神。王钧表示,在公司营造了民主式的决策文化,鼓励年轻人多展示能力和创新。

VC投资是一件非常个人化的事情,民主式决策是确保我们能够吸纳多家优秀企业者的唯一方式。”王钧说。此外,他还表示昆仲资本并非是那种高管人员数量臃肿,“头重脚轻”式组织结构。

复星昆仲资本的投资决策委员会由六人组成,包括王钧,以及来自母公司的三位委员,复星集团董事长郭广昌也在其中。

“如果要让我总结复星昆仲的方向和策略,那就是进取和决策性。”王钧说。




复星昆仲资本目前拥有两支基金:一支8亿人民币(1.254亿美元)基金,一支美2亿美元基金。

一期基金由复星集团直接提供资金,现阶段复星昆仲资本在进行二期基金募集,将会由一支6亿人民币基金,和一支2.5亿美元基金组成,其投资者构成将更为多元化。

一期基金自组建以来,已经投资了中国和海外共计36个项目,总投资金额为11亿元人民币。

这些交易中包括美国硅谷的Scanadu,一家提供便携式个人健康监测仪器的公司;挂号网——中国最大的在线医院挂号系统、医疗及保健服务平台,还有国内领先的移动销售管理解决服务提供商和创科技。

上述投资中,有6家将从2016年初起,在中国中小企业股份转让系统交易。

“我们整体上会看一些与‘互联网+’相关的项目:商业服务(或O2O),B2B,数字娱乐和人工智能。”王钧表示。

迄今为止,金融、医疗健康、教育、旅游、汽车和房地产行业在创造新的投资契机方面最为成功。

王钧认为,过去VC投资过于集中在B2C公司,而非B2B公司,然而,后者的回报实际上更加丰厚,且更有利于中小企业的发展。

清科(Zero2IPO)研究中心最新数据显示,今年上半年中国VCPE公司完成的交易共有613笔,总投资金额达到164亿美元——较去年增长了33.6%

根据清科的研究,互联网业投资热度最高,其次是信息科技业。



When Wang Jun was asked by Fosun International Ltd, a Chinese conglomerate, to head a new venture capital fund, he accepted with barely a second thought.


“Fosun needed VC funding to perfect its asset management platform and discover new strategies and business models. Venture capital investment is my passion, and I knew there would be big opportunities, especially at a time when China’s macro economy and its larger industries are changing so dramatically,” said Wang.


With spells at Peking University, Illinois’ Kellogg School of Management, followed by McKinsey & Company, CDH Venture — an arm of one of China’s biggest asset managers CDH Investments — and finally working as president of the US listed Xueda Education Group, Wang has an impressive pedigree.


He was asked to set up Fosun Kinzon Capital with three other partners at the start of 2013, with the aim of becoming a global VC fund focused on “Internet Plus” — the new business model that combines the Internet with traditional industries.


The VC arm now has 36 people in offices in Beijing, Shanghai, Shenzhen and Silicon Valley in the United States.


“I was immediately on the lookout for hardworking, smart and cool people from diversified back­ grounds, when we were setting up the team,” said Wang. But his most important conditions were a willingness to learn, an ability to handle constant change, and a passion for startups and entrepreneurship.


Wang said he has entrenched a democratic decision­ making culture in the company, to encourage young people to show­ case their abilities, and to encourage innovation.


“Venture capital investment is a very personalized thing, and democratic decision making is the only way to ensure we have a wide portfolio of good companies,” said Wang, adding this is not an organization top­-heavy with over­-bearing managers.


There are six people in Fosun Kinzon Capital’s investment decision­ making committee, including himself running Kinzon Capital, with three others from the parent company involved, including Fosun International Ltd’s Chairman Guo Guangchang.


“If I was to summarize Fosun Kinzon’s direction and strategy, it would be aggressive and decisive,” said Wang.


Fosun Kinzon has two funds so far under management: a yuan­denominated vehicle worth 800 million yuan ($125.4 million), and a dollar­ denominated one worth $200 million.


The funding of both came directly from Fosun, but it is now financing a new yuan­denominated fund worth 600 million yuan, and another dollar­-denominated one worth $250 million in which the investor base will be more diversified.


Since being formed, the two launch funds have invested in 36 deals at home and abroad, worth a total 1.1 billion yuan.


Those have included United States­based Scanadu, a Silicon Val­ley company that makes hand­held multi­sensor mobile health devices and personal health data platforms; Guahao.com, China’s largest online hospital registration booking sys­tem, medical treatment and health­ care service platform; and HEcom, a leading domestic mobile sales management solution provider for small and medium­sized enterprises.


Six of its investment targets are due to be listed on the National Equities Exchange and Quotations, China’s third national equity exchange which is popularamong micro­sized, small and medium­sized companies, by the beginning of 2016.


“We generally look at some types of ‘Internet Plus’ deal: service commerce (or online­to­offline), business­ to­ business, digital entertainment and artificial intelligence,” Wang said.


So far, finance, healthcare, education, travel, automobile and real estate sectors have been the most successful at generating new investment opportunities.


He reckons in the past too much venture capital investment went into business­ to­ consumer companies instead of business ­to business services, which have actually proved far more lucrative, and more beneficial to small and medium­sized enterprises.


The most recent figures from Zero2IPO Research Centre show there were 613 deals completed by Chinese venture capital and private equity companies in the first half of this year, worth a total of $16.4 billion — a 33.6 percent rise compared with last year.


Investment in the Internet sector was the most popular, followed by information technology, according to its findings.


(本文作者:中国日报记者 蔡潇)




微信号:kinzoncapital

昆仲官网:www.kinzoncapital.com

人才通道:KZresumes@fosun.com

商业计划书:kinzon@fosun.com


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