In mid-September, dozens of global investors, including U.S. endowments, foundations and family offices, descended on the Chinese city of Chengdu looking for answers.
They were there for a gathering hosted by Unicorn Capital Partners, a Hong Kong–based investment firm that helps global investors like them take stakes in funds run by Chinese venture firms. As they mingled with prominent Chinese venture capitalists, the investors peppered them with questions, according to people who were present. When could the investors exit their existing stakes in older funds? Will Chinese venture capitalists begin focusing on more timely distributions of returns to their limited partners? Are there still enough startup opportunities in China for VC funds backed by foreign investors?
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