从去年开始,IPO暴利时代渐行渐远,对于大多数PE而言,赚钱已经不像过去那样容易创投业正面临着阶段性的调整。某外资PE欲募资成立一支人民币基金,从去年年底开始,进展却一直不顺。原本很积极的国企LP变得比较犹豫,始于去年的IPO回报突然降低,他们对未来几年的投资没有信心;民营LP就更不用说了,IPO的低回报和投资周期前移,意味着他们不可能在短期内获 Since last year, the era of IPO profits has drifted away. For most PEs, making money is not as easy as it was in the past. Venture capital is facing a gradual adjustment. A foreign PE want to raise funds to set up a RMB fund, from the end of last year, the progress has not been smooth. Originally very aggressive state-owned LPs have become hesitant to begin their sudden drop in IPO returns last year and they have no confidence in the next few years of investment; not to mention private LPs, the low IPO returns and investment cycles moving forward They can not be won in the short term