”XVC is a VC team with a strong entrepreneurial spirit. The first time we met, XVC convinced me that they were the kind of “partner/shareholder” I was looking for. So far, the XVC team has indeed been like a partner.

Only 40 VC-backed companies in China that went public in the last decade became whales with a market cap of over $10 billion. When added together, these 40 companies have a market cap of $2.56 trillion, accounting for most of the market capitalization created by new IPOs.

大家好，欢迎来到本期的“xvc收藏夹”。今年五月，传奇投资家、耶鲁大学首席投资官大卫·史文森因病去世。他开创的大学基金会投资于vc/pe基金的做法，极大地影响了全球机构投资者对vc/pe基金的资产配置理念。

图9是我们网站的首页，一直没有更改过：我们是恰好选择了vc行业的创业者。 接下来分享一些案例来复盘和分析一下，XVC独特的“创业者”文化是如何在投资决策、投后服务中发挥作用的。

First, let’s look at the Chinese VC market in 2020. This chart above shows VC investment activity for the first three quarters of 2020. You can see a double-digit growth in capital deployed by VC funds in the first three quarters of this year.

对中国vc行业而言，2019年是相当低迷的一年。vc基金筹集的资金总额比上年下降了约50％，创业者的筹资活动困难重重，vc行业的总投资额也比上年下降了50％。 此外，国际政治和经济环境也在发生可感知的剧烈变化。我们生活在一个动荡的时代。

我们选择了构建一个比一般的vc更集中的投资组合，然而要获得成功，我们同样需要至少抓住一个“真正伟大的公司”。 我们在2018年投资了8个核心项目，在2017年投资了6个。尽管目前大多数被投公司的发展趋势都很好，但在接下来的过程中仍存在很大的不确定性。

Although the VC industry is slow, XVC is well funded and we have been actively looking for opportunities. However, only four companies passed our threshold to join the portfolio in 2019, and they are on average more expensive than our past investments.

2018年12月4日 · 作为VC狗，我们阅读量很大。因此，时常碰到一些有意思的东西，忍不住想分享给小伙伴们。所以呢，我们内部建了个小群，每每有分享冲动的时候，就随手往群里一丢。不过群太小了，不够过瘾。干脆！我们把它分享给大家，就是现在你看到的这个，我们叫它“XVC收藏夹"的东西。欢迎点击此处订阅 ...

我们可以在股市和币市的崩溃中学习到什么. 1. 在正式开始今天的内容之前，大家先根据股价走势来猜一猜这家股价跌了超过90 ...