A post-95s investor begins to take over.

Not long ago, Borui Pharmaceutical issued an announcement stating that the company had nominated a post - 95 non - independent director, Yuan Fanni (Stephanie Yuan), the daughter of the actual controller Yuan Jiandong.

Yuan Jiandong, now 56 years old, started his business with APIs in the early years and single - handedly built Borui Pharmaceutical, a company with a market value of over 2 billion yuan. Now that his daughter has been nominated to join the board of directors, the intention of inter - generational succession is obvious.

Previously, Yuan Fanni rarely appeared in public. Her resume clearly shows a career in VC - she is currently a venture partner at Matrix Partners China.

One can't help but sigh that the VC circle is never short of the second - generation. They often like to gain experience in investment institutions, bringing a unique industrial perspective to family businesses.

A 29 - year - old second - generation entrepreneur working in a VC institution

Data shows that Yuan Fanni was born in November 1997. She graduated from the University of California, San Diego with a bachelor's degree and obtained a master's degree in immunology from Harvard Medical School. She has conducted research on tumor immunology and cancer at institutions such as the Dana - Farber Cancer Institute and Rockefeller University.

Looking closely, her resume is of high quality:

Harvard Medical School is one of the oldest and most prestigious medical schools in the United States. The University of California, San Diego is a top - tier public research university, and its location, La Jolla, is a globally renowned biotechnology and pharmaceutical industry cluster. The Dana - Farber Cancer Institute and Rockefeller University are also globally well - known cancer/biomedical research institutions.

In addition, she has two investment and research experiences - previously at the asset management department of Guosen Securities and currently a venture partner at Matrix Partners China, mainly engaged in investment and research in the field of biomedicine.

In January 2019, Matrix Partners China and Sequoia Capital China jointly led the Pre - IPO round of financing for Borui Pharmaceutical, with an amount of 550 million yuan. At that time, He Xing, a partner at Matrix Partners China, commented that Borui Pharmaceutical is a R & D - driven high - tech pharmaceutical company, "fully leveraging the competitive advantages of the dual - wheel drive of core technology capabilities and operational execution capabilities."

According to Borui Pharmaceutical's prospectus, Ningbo Bonded Area Hongpeng Equity Investment Partnership (Limited Partnership) holds 3.55% of the company's shares, and Ningbo Honghui Equity Investment Partnership (Limited Partnership) contributes 78.51% to it - the latter is a fund under Matrix Partners China.

Actually, VC/PE has been involved in almost every stage of Borui Pharmaceutical's development. Behind it are many investment institutions such as Sequoia Capital China, Shanghai Jianxin Capital, Yuanhe Origin, Guofa Venture Capital, Lilly Asia Ventures, Yuansheng Venture Capital, and SDIC Innovation.

Currently, the controlling stake of the company is still in the hands of the founding family - Zhong Weifang and Yuan Jiandong, a mother - son pair, are the actual controllers, and Yuan Jiandong holds 26.83% of the company's shares.

The second - generation hiding in the VC circle

Someone once joked: The seemingly unknown investment manager around you might go back to inherit the family business one day.

A VC institution in Shanghai told the investment community, "Several of our investment managers are second - generation entrepreneurs. They have abundant resources and funds, and they come from good families and are very hard - working." Looking around, it has become a standard for second - generation entrepreneurs to gain experience in the VC/PE circle.

The reason behind this is not hard to understand: The fast - paced nature of venture capital and the richness of work content can allow young people to gain experience in a short period. Through a large amount of research and contact with startups, one can quickly form the ability to judge business models.

For example, Zhou Lichen, the son of the founder of Hailan Home, worked at Trustbridge Partners for two years after graduating from Tsinghua University with a major in finance, and then entered the group to be involved in various matters. In 2020, Zhou Lichen officially took over the leadership and later led the group to start the IPO process in Hong Kong.

In 2023, a post - 90 second - generation, Deng Jing, joined the board of directors of Zhongwei Co., Ltd. Graduating from the University of California, San Diego, after returning to China, he gained experience at institutions such as Legend Capital and gradually stepped into the limelight, starting to lead the Hong Kong IPO matters as an executive director.

A more well - known case is Wang Sicong. In 2009, since he was reluctant to get involved in the management of Wanda, Wang Jianlin gave Wang Sicong 500 million yuan to start a business, and thus Pusi Capital was born.

This is far from an isolated case. Looking at the process of family businesses promoting second - generation succession, they almost all follow the wisdom of "help them get on the horse and then give them a ride". The most crucial part is to let the heirs be tempered in real business battles so that they have the confidence to take the helm.

When these second - generation entrepreneurs return to their family businesses, many of them are involved in VC/PE, such as Shi Wenling, the chairman of Chunli Medical, and Chen Chaozong, the son of Chen Qingshui, the founder of Yinlu... The huge family wealth and industrial resources are their unique advantages.

Previously, an LP of a local venture capital firm in Shenzhen set the condition that their next generation could go to the institution for training. Whether they will start their own VC business or return to the real - estate industry after being tempered is their own choice.

These are a special group of workers in the venture capital circle.

This article is from the WeChat official account “Investment World” (ID: pedaily2012), written by Yu Mengying and republished by 36Kr with authorization.