My 1999

No one doesn’t want the power in their hands to go further.

Seeing everyone's performance, Xu Liangliang felt a little complicated.

With the continuous development of the global economy.

Localization of management will become the default development strategy for more and more multinational companies.

The best example is Sequoia Capital.

It directly canceled the global headquarters and divided its global investment business into three regions: Europe and the United States, Greater China, Southeast Asia and India.

Each region manages itself.

The headquarters is only responsible for brand maintenance, financial supervision and other services.

It gives those investors who know the local market best the greatest freedom to make decisions.

While reducing management costs and improving efficiency, we can also seize investment opportunities as much as possible and amplify revenue and profits.

Xu Liang will gradually let Hanhua Venture Capital Department embark on such a path.

But copying Sequoia is not advisable.

He needs to explore the development model suitable for Hanhua step by step.

"Mr. Xu, how do you manage the business in the United States?"

Lin Junrui asked.

“When the U.S. subsidiary was established, Lin Junrui served as the company’s CEO and was fully responsible for the management of the U.S. company, as well as the investment of the Mars 2 Fund.

Chu Gang serves as Vice President of Hanhua America, responsible for the management of the U.S. private equity department and the management of White Tiger U.S. Funds. "

Lin Junrui and Chu Gang are the earliest fund managers of Hanhua's American subsidiary.

The results of the two are also very good.

They are responsible for managing Hanhua America, and no one else has anything to say.

“The second thing is that the company has more and more American funds, and it is not suitable to concentrate them all in Silicon Valley and New York.

Therefore, I decided to set up three offices in Boston, Austin and Washington. The Boston office was occupied by Mars 14 Fund and was fully managed by Chad Hurley. "

Many people know the name ‘Silicon Valley’.

But they don’t know that Boston, the ‘gene city’, is also an innovation highland in the global biomedical field.

Boston’s Kendall Square is known as the ‘Wall Street of the global pharmaceutical industry’.

Relying on the two prestigious universities of ‘MIT’ and Harvard University, it has attracted more than 2,000 scientific research institutions and companies from the global life sciences field (such as AstraZeneca, Thermo Fisher, Novartis, Pfizer, etc.).

As a fund that mainly invests in biomedicine, Fund 14 is undoubtedly more suitable for working in Boston.

"Fund 13 moved to Washington, D.C., with Javed Karim taking overall responsibility for the management of the Washington office."

As the political center of the United States, Washington attracts not only politicians, but also engineers and entrepreneurs from all over the country.

Since 2001, high-tech jobs in Washington have increased by 20%, second only to the San Francisco Bay Area in the United States.

However, unlike Silicon Valley, which is more popular with Internet companies, startups in Washington are mostly concentrated in the fields of computer system design, custom programming, private research and development, etc.

In other words, computer software and hardware are the main focus.

That’s what Javed Karim, head of Fund 13, is good at.

"Fund No. 5 moved to Austin, and Chen Shijun was fully responsible for the management of the Austin office."

Austin, Texas is the technology center in the southern United States. Thanks to low housing prices and exemption from state income taxes, it has attracted a large number of technology companies to settle in and has become a well-known high-tech center, known as "Silicon Mountain".

It is the headquarters of Freescale Semiconductor and Dell.

In addition, IBM, Apple, Google, Intel, Cisco, 3M, eBay, etc. also have local branches.

Xu Liang's allocation directly separated all the only four funds in the US venture capital department.

Mars 2 Fund, which was the earliest established and has the largest amount of capital under management, and Fund 7, which is headed by Duan Yongping, are responsible for the San Francisco Bay Area and Seattle.

The Mars 5 Fund covers Austin.

Mars 13 takes charge of Washington.

Mars 14 takes charge of Boston.

East, west, south, and center, just covering the United States.

As for the missing north, the Great Lakes region is already rotten.

"Okay, that's all I have to say, do you have any other opinions?"

"BOSS, if I find a better investment opportunity outside of Washington, DC, can I invest?" Javed Karim asked.

"Of course. The reason why I opened offices in various places is to allow you to be close to the source of innovation and not to miss local investment opportunities. It is not to keep you complacent.

However, if you are optimistic about the opportunity and other brother funds have already started to contact you, then you cannot compete for it.

If the brother fund gives up, the two parties will communicate first and then decide whether to invest. "Xu Liang said.

"OK, I'm fine."

Xu Liang glanced around with questioning eyes, but the others didn't ask any more questions.

"Chen Shijun and Duan Yongping will stay, and the others will leave the meeting first."

After everyone leaves.

"Fund No. 5 and Fund No. 7 are about to expire. How much money are you planning to raise in the next phase?"

Mars 5 and 7 are both due in December 2004, with less than 3 months left.

After the two looked at each other, Chen Shijun said: "Mr. Xu, I am currently working with five companies..."

Xu Liang waved his hand to interrupt him.

"You may be mistaken. I said at the meeting just now that the specific investment is the independent responsibility of the fund manager.

In other words, which company you want to invest in is your business, I don’t ask.

What I want to know is how much money you want to raise next.

The head office is responsible for fund raising and then allocates it to you.

Therefore, you need to think about it in advance, how much money can you use to absorb all the companies you have invested in before, and still have enough money to invest in the next two years? "

Chen Shijun felt relieved.

"Mr. Xu, I need to make a detailed assessment before I can get an answer."

"how much time is required?"

After Chen Shijun thought about it for a moment, he said, "One month."

"Then I'll give you a month."

"Thank you, Mr. Xu."

Xu Liang nodded and asked, "How is your relationship with Peter Thiel?"

Peter Thiel, founder of PayPal.

"Not bad. We can often see PayPal's old employees when they have dinner together."

"Make an appointment for me."

Chen Shijun was stunned for a moment and nodded.

"Okay, why don't you go and get busy? Call me if you have an appointment."

After Chen Shijun left, Xu Liang turned his attention to Duan Yongping, the only one left.

"Old Duan, have you really made up your mind?"

Duan Yongping smiled and nodded.

"Thanks to Mr. Xu's care in the past few years, I have also learned a lot in Hanhua. I have always been grateful. But I still plan to make a career on my own."

"I had already guessed that this blue dragon like you would eventually be able to fly for nine heavens, but I didn't expect it to come so quickly."

"Excessive praise. You and Han Hua are the blue dragons flying in the nine heavens, and I am just a wandering water snake."

Xu Liang smiled when he saw Duan Yongping lying down and making a fool of himself.

"After leaving Hanhua, what are you going to do? Venture capital or private equity?"

"Most likely it will be private equity."

"Why?"

"save trouble.

When doing private equity, you only need to look at the financial reports and at most do some actual inspection.

After the investment, there was basically nothing major.

Venture capital is different. Investment is only the first step. The trouble is post-investment management.

The founders of many companies are young. Although they are talented, they are stubborn and overconfident. It was obviously a wrong decision, but I still felt that I was the smartest and most correct.

You say one thing, and he can answer ten.

It makes investors feel like old ladies, too tired. "

Xu Liang smiled, which is why he rarely manages the venture capital department and is only responsible for private equity and hedging.

Too tired.

"Would you like to cooperate?

Hanhua acquires 30% of the equity of your private equity firm and then waives your non-compete agreement.

By then you will also have your first operating fund.

In addition, with shares in Hanhua, it will be much easier for you to raise funds from outside the company. "

Duan Yongping thought about it for a while.

"Mr. Xu, Hanhua can invest, but it cannot interfere in the company's operations."

"Of course.

We are only responsible for investing money, not for management. "

“A pleasure to work with.”

Looking at the extended right hand, Xu Liang smiled.

"Don't worry yet."

Xu Liang picked up the agreement prepared in advance and handed it over.

"have a look."

Duan Yongping took it and opened it, his expression changed involuntarily.

"You are a veteran of the company and are well aware of the profitability of the company's hedge fund division.

As long as you sign this contract, the investment institution you create in the future will be responsible for 5% of the profits of the hedging department without any investment. "Xu Liang said.

Duan Yongping did not answer immediately.

Only after I saw clearly the clause in the agreement that the 'hedge fund department' was responsible for its own profits and losses and was financially separate from the parent company did I really get excited.

Only by separating the finances can we avoid the losses of the hedge fund from affecting the parent company.

"Mr. Xu, there is no problem with the contract. I am willing to sign it."

Duan Yongping was more decisive than Xu Xin.

They, the insiders of Hanhua, know the profitability of Hanhua's hedge fund department better than the outsiders.

Super revenue of nearly 50 billion US dollars a year. If one-tenth of it is operated by a partnership company in the future, it will also be 5 billion US dollars in revenue.

After deducting the client's investment share and paying taxes, at least US$1.5 billion will be left.

5% of $1.5 billion is $75 million.

This money didn't cost him any energy or capital. It was completely pie-in-the-sky.

As long as you are not a fool, you will not refuse.

Moreover, if Xu Liang operates more funds through the joint venture company's account, the share he can earn will be even greater.

“A pleasure to work with.”

Xu Liang smiled and stretched out his hand.

“A pleasure to work with.”

Although this cooperation will allow Duan Yongping to make a lot of money, he also owns 30% of the shares of the partnership company.

Moreover, Duan Yongping’s investment ability is also at the top level.

After entering the market with US$1 million, the market value of the position exceeded US$14 billion 20 years later, and the average annual compound growth rate exceeded that of Laoba.

He will never lose money on this investment.

"By the way, where are you going to put the company?"

"Bay Area, I'm used to it here. The company has been established and we plan to focus on investing in US stocks." Duan Yongping said.

Xu Liang nodded, "If you need help, call me."

"I will not be polite to you when necessary."