1、 Industry changes drive a paradigm shift in post investment management
In 2024, the post investment management of the biopharmaceutical industry is undergoing structural adjustments. With the tightening of listing on the Science and Technology Innovation Board and the continued capital winter, over 70% of institutions have shifted their focus to managing existing projects. Dr. Dan Liu, Managing Partner of Pivot BioVenture, pointed out that currently 90% of institutional energy is focused on post investment, with only a few top funds maintaining a normal investment pace. Behind this transformation is the inevitable choice of the industry from "casting a wide net" to "intensive cultivation" - pharmaceutical companies that have not met profit expectations trigger repurchase clauses, forcing institutions to strengthen risk control and value restoration before exiting.
2、 Post investment dilemma: manpower investment ≠ efficiency improvement
Although 'all staff voting' has become the norm in the industry, there is significant differentiation in efficiency. According to Fu Quan, a partner at Longma Feng Venture Capital, post investment management needs to rely on industry resources and professional experience, and most institutions face two major contradictions: first, the boundary of responsibilities before and after investment is blurred, making it difficult to quantify contributions; Secondly, there is an overload of manpower but inefficient service, and some investors have put forward unrealistic suggestions due to a lack of industry awareness, even causing resistance from founders.
Data shows that only 20% of projects can be naturally withdrawn, 10% are difficult to salvage, and the remaining 70% require deep intervention. The management limit for top investors is 10-15 projects, and overloading operations can easily lead to dilution of service quality. In addition, the imbalance of post investment incentives (low Carry allocation ratio) further weakens team motivation and exacerbates talent loss.
3、 Professional capacity building becomes the key to breaking through the situation
The industry is shifting from extensive "firefighting" to refined empowerment:
1. Resource integration and BD capability upgrade: The focus after investment has shifted from primary market financing to strategic cooperation with pharmaceutical companies. Investors with industry connections can significantly increase the survival probability of their companies by introducing MNC cooperation, connecting clinical trial resources, or promoting mergers and acquisitions.
2. Hierarchical management and differentiation strategy: Referring to the hierarchical model of Fosun Ruizheng, dynamically adjust the intervention intensity according to the maturity of the enterprise. Early projects focus on team building and compliance construction, while growth stages focus on commercial implementation, and mature stages support capital operations.
3. Cost saving and efficiency optimization: Dr. Liu Dan observed that cost control measures such as scientific layoffs can be effective within six months without affecting research and development efficiency, highlighting the need for both financial sensitivity and strategic judgment after investment.
4、 Policy recovery and long-term value accumulation
In 2024, positive signals will be released from the policy side: there are signs of loosening of the fifth set of standards for the Science and Technology Innovation Board, and companies such as Hanbang Technology will inject confidence into the industry. Shen Zhiqun, Vice President of the China Investment Association, pointed out that the equity investment industry is entering a window period of "optimization and restructuring", and specialized post investment capabilities will become the core competitiveness of institutions.
In the short term, 'forced post investment' remains the main theme, but the industry consensus is gradually becoming clear: post investment management is not a temporary solution, but an extension of investment logic. In the future, investment institutions with the ability to deeply cultivate industries, resource networks, and systematic methodologies will take the lead in the new cycle. As Fu Quan said, "Valuable empowerment is always scarce, but it is always needed
