This year, investors are no longer going to Yonghe Lama Temple but instead are seeking out masters of Zhouyi for fortune - telling.

Fortune - telling, revising family genealogies, selling courses on self - media, and diverting traffic to securities firms... The irregularities in private equity funds are becoming increasingly "abstract".

After previously reporting on the "ten - layer nesting" issue, the Shenzhen Securities Regulatory Bureau disclosed recent irregularities of private equity funds in its jurisdiction that deviated from or abandoned their main business.

Among them, several typical cases have attracted market attention: Some private equity fund managers openly "sell courses" on self - media or recommend clients to securities firms and futures companies to obtain rebates; Some private equity fund managers collude with other institutions in the market for interest transfer, charge large consulting fees. Even more, the managed funds conduct "buy high and sell low" transactions with the executives' own funds. In addition, some private equity fund managers are suspected of illegal fundraising, market manipulation, and off - exchange margin trading.

What's most worth mentioning is fortune - telling.

In fact, fortune - telling is no longer a new thing in the venture capital circle.

It's normal to consult masters for feng shui and interior design. Even LPs are no exception. It's common for them to have private masters give lectures and calculate returns based on the photos of institutional partners. These common phenomena show that even GPs and LPs at the core of the investment industry can't avoid it.

Some investors are very keen on so - called "metaphysical funds". Industry friends say they study the Book of Changes more seriously than financial reports. This has become an underlying survival logic that compliance can't stop. "Now, who goes to the Yonghegong Lama Temple? Everyone pays masters for fortune - telling."

As the saying goes, life is full of disappointments. Now, under stricter supervision, it's better for investment institutions to trust themselves rather than consult masters, because masters are not reliable after all.

VC/PE's Preferences: Bracelets from Yonghegong Lama Temple and Stone Monkeys from Baiyun Taoist Temple

In this typical problem report, engaging in businesses unrelated to private equity fund management takes the lead.

Among them, issues such as irregularly charging consulting fees and financing service fees are the focus of the report. For example, an equity - type private equity institution, due to insufficient incremental business, signed an "Underwriting Agreement" with a real estate enterprise, promoted the accounts receivable income right transfer plan issued by the real estate enterprise on a pseudo - financial asset exchange to multiple individual investors, and received more than 1.5 million yuan in consulting fees; There are also private securities institutions that provide consulting services for multiple bond issuers, connect with financial institution funds, assist in facilitating bond transactions, and collect consulting fees.

In the category of "not focusing on the main business", selling courses, hanging the fund practice qualification certificate, fortune - telling, and revising family genealogies are particularly absurd.

In the report, the management fees and performance rewards of a securities - type private equity institution account for a very low proportion of the company's income. Its main income comes from the actual controller selling "investment courses" through self - media and obtaining rebates by recommending clients to securities companies and futures companies in the name of related parties or the company. Another equity private equity institution assisted non - company employees in obtaining fund practice qualifications.

During the inspection, the Shenzhen Securities Regulatory Bureau also found that a securities - type private equity institution shared offices with four affiliated companies. There was no sign or obvious logo of the manager at the office. On - site, many people were engaged in businesses unrelated to private equity fund management, such as fortune - telling based on the Book of Changes, knowledge payment, and revising family genealogies.

In the VC/PE industry, praying to gods is not a new thing.

Some insiders have questioned whether VC firms make money by market cycles or personal judgment. In fact, to invest in a super IPO, luck is indeed needed. But for investors, luck is very much related to fate.

To increase their "luck", investors often go to places with a so - called "good aura" for outings. A typical example is Tanzhe Temple in Mentougou. It's an ideal tourist destination where one can relieve work pressure while enjoying the outing and pray for career success by burning incense.

Tanzhe Temple is located in Mentougou, Beijing. There's a saying that "First, there was Tanzhe Temple, then there was Beijing City". With a history of more than 1,700 years, it faces south with the Baozhu Peak at its back. The temple faces east, with an altitude of more than 300 meters, covering an area of 4.4 hectares and a building area of 8,392 square meters. Emperor Kangxi of the Qing Dynasty praised it as "a famous mountain and scenic spot no less than Wutai Mountain".

"I once accompanied an invested project to Tanzhe Temple. The project was not going well at that time. We chatted to relax while climbing the mountain and burned incense along the way. It can be regarded as post - investment service." An investor said. "During the Spring Festival every year, Tanzhe Temple has night sessions. Last year, the 'Good Luck Coffee' there was very nice. Ordering coffee would also get you a lucky bucket."

In addition to Tanzhe Temple, the Yonghegong Lama Temple is also a "familiar haunt" for investors.

Not far from the Yonghegong Lama Temple, there's a two - story coffee shop. Even on weekdays, there are many investors inside. People come and go, discussing valuations, businesses, and investment tracks.

Moreover, there's a hidden place for middle - aged investors - the Baiyun Taoist Temple.

"In Beijing, the Baiyun Taoist Temple is truly a hidden place for middle - aged people."

Regarded as "the first Taoist temple in Beijing", the Baiyun Taoist Temple is hidden on one side of the West Second Ring Road. According to senior enthusiasts of the Baiyun Taoist Temple, Empress Dowager Cixi often visited it in the past. Eunuchs led by Li Lianying donated their salaries for three years to build a rockery in the temple to accumulate good fortune for themselves. "Yonghegong Lama Temple is too crowded, while Baiyun Taoist Temple is just right."

Of course, when going to a temple to burn incense, it's inevitable to look at the "souvenirs".

The temple souvenirs are now very diversified. There are those for attracting wealth and good luck, those for storing wealth, as well as amulets, safety talismans, and talismans for eliminating disasters. All kinds of products in different investment "tracks" and forms are available. In addition to regular bracelets and accessories, "mystic talismans" are one of the main cultural and creative souvenirs of the Baiyun Taoist Temple, costing 30 yuan each. It's said that putting a so - called "insomnia talisman" under the pillow can eliminate pre - sleep troubles and make one "energetic and radiant in the morning". Such talismans are very popular.

Touching the stone monkeys for good luck is also a traditional folk activity at the Baiyun Taoist Temple. As a result, the stone monkeys at the temple have become shiny from being touched.

Previously, the official website of the China Securities Regulatory Commission issued a document stating that "severely crack down on illegal activities such as using the Heavenly Stems and Earthly Branches, Yin - Yang and Five - Element theory, and feng shui theory to predict the stock market".

Not only in the secondary market, but also in the primary market investment circle, using Yin - Yang and Five - Element theory to evaluate projects and the Eight Trigrams theory to determine investments can only be regarded as the "standard configuration".

A partner of a medical institution once told Rongzhong that it's quite common for individual LPs to have their funds and projects calculated. "We were about to complete the fundraising for a fund when suddenly an investor called me and said he couldn't invest. " He said helplessly, "It turned out that his master calculated that a certain project we intended to invest in was 'incompatible' with him and would result in losses."

"We were on the verge of completing the fundraising, but the sudden withdrawal of investment put us in a very passive position."

Three years later, the investment projects of this fund developed well. The project that was calculated as "incompatible" by the master even exceeded expectations. "When I mentioned to the investor over dinner that the 'incompatible' project had made a lot of money, the investor told me, 'That master's calculation was inaccurate. I've changed to a more powerful one now'."

Now, it's difficult to raise funds in the primary market. Once an LP with investment intention is found, it can't be easily let go. To meet the needs of LPs, GPs also pay attention to choosing office locations with a wide view. They prefer open space in front of the office to receive positive energy from all directions, which is in line with the business principle of attracting customers from all over. According to this principle, when choosing an office, many GPs prefer an unobstructed view in front, without any obstacles such as walls, electric poles, billboards, or large trees blocking the view.

Behind these feng shui theories, it's not just simple feudal superstition. It also implies investors' difficulty in controlling the uncertainty of market cycles.

VC/PE Seek Fortune - Telling to Relieve Anxiety

There's a term in the market - "stock market anxiety disorder". Specifically, in the face of shrinking stock market funds, many stockholders experience symptoms such as fear, insomnia, irritability, and depression. Apparently, the formation process of stock market anxiety disorder can be divided into several stages: excitement, fanaticism, greed, fear, worry, and anxiety.

Now, this kind of anxiety has spread to the primary market.

"I feel irritable as soon as I open my eyes every day. My friends around me have either had their salaries cut or lost their jobs. I don't know what to do in the future. So I searched on Xiaohongshu and found many people asking relevant questions, such as what to do after losing a job in fund operation. Some people replied that there was no way to switch careers. After reading that, I felt even more annoyed." Zhang Qing complained.

Lu Yi also said, "When I opened Xiaohongshu, the first post pushed to me was 'How many unemployed investors are there in Beijing?' Does big data already know that our jobs are at stake?"

"Every time I see such posts, I feel very anxious, but I can't help but read the comments. The highly - voted comment suggested taking the civil service exam, but there are age restrictions for it. For us investors in our late 30s, we're not considered old in the institution, but we're not eligible for the civil service exam either. Some people also asked, 'Why don't investors start their own businesses after seeing so many projects?'"

Lu Yi said helplessly, "It's not that easy! Not to mention we haven't made much money. Even a well - known entrepreneur who founded his own brand institution has recently been sued."

It's not that investors are not excellent.

During the upward phase of the industry, there was abundant capital in the market, and the entrepreneurial environment was very favorable.

From domestic coal mine owners and various high - net - worth individuals to long - term university funds overseas, they all provided rich sources of funds for China's venture capital market. At the same time, policies such as mass entrepreneurship and innovation were frequently introduced, attracting many outstanding high - end talents to return to China and join the entrepreneurial wave. For a while, there were projects and funds. As the bridge between them, investors also reaped the dividends of the capital market.

In the past few years, the sources of funds have become more single.

Since 2019, the proportion of state - owned capital investment has gradually increased. Large - scale mother funds have become the main targets for market fundraising. At the same time, the investment amount and the number of investment cases have also shown a downward trend. After the industry's investment amount reached a historical peak of 1.4 trillion yuan in 2021, it decreased by 36%, 24%, and 8% year - on - year from 2022 to 2024 respectively.

In terms of industry distribution, the proportion of strategic emerging industries such as semiconductors, new energy, new materials, and biotechnology in venture capital has increased rapidly. However, the exit market faces the situation of limited IPO exits, under - developed merger and acquisition funds, and the S - funds still in the initial stage. In the industry's downturn, the influence of state - owned institutions has significantly increased, and their number and the scale of managed assets have been increasing year by year.

This has also led to the current situation of VC/PE in fundraising: There are fewer sources of funds, and the requirements are higher. They can only invest and manage exits in line with the requirements of state - owned capital.

As the pressure increases, VC/PEs are seeking more "psychological comfort". "We don't go to the Yonghegong Lama Temple this year. Our boss has paid a master of the Book of Changes for fortune - telling."

"It's very expensive. We just use DeepSeek for fortune - telling."

Halfway through 2025, the Ice and Fire Song of the Investment Industry

Superstition in the venture capital industry has a long - standing history. Generally speaking, it becomes more prominent when the industry is in a downturn. The more difficult the work is during the industry's downward phase, the more people turn to gods and try different methods.

"Last year, when I went to Beijing for a meeting, I went to the Yonghegong Lama Temple with colleagues before returning. We prayed for the company to raise funds successfully and for us to keep our jobs." An IR of an institution in the Jiangsu and Zhejiang area said. "We actually completed a round of fundraising in the second half of the year. Although it was the result of the whole team's efforts for a year and a half, psychologically, we still think the Yonghegong Lama Temple is very effective."

In a blink of an eye, the first half of the year has passed. After the brief excitement period of DeepSeek and the so - called "Six Little Dragons in Hangzhou" after the Spring Festival, the VC/PE industry has gradually returned to calm.

In the first half of the year, there are several positive factors for the industry:

On the fundraising side, first, there's the pilot implementation of science and technology innovation bonds. Four private institutions have tested the waters of science and technology innovation bonds, which can be regarded as a new channel for fundraising.

In terms of A - share exits, at a recent meeting, Wu Qing announced that the third set of standards for the Growth Enterprise Market and the fifth set of standards for the Science and Technology Innovation Board will be restarted, allowing unprofitable enterprises in sectors such as healthcare to have the opportunity to list on the A - share market.

In terms of Hong Kong stock exits, since the beginning of this year, consumer stocks have been frequently over - subscribed when listing on the Hong Kong Stock Exchange. The high valuations given by the secondary market are stimulating a wave of consumer enterprises to flock to the Hong Kong Stock Exchange. Behind this, investors who have endured hardships for many years have finally received the long - awaited returns.

Looking down from the surface of the lake, the ripples of past negative factors are gradually dispersing. But diving deeper, it's not time to relax yet.

"I thought there would be a good start and I could see a glimmer of hope for the industry. But after half a year, I found that risks still exist and caution is still needed."

Previously, the Guangdong Provincial Department of Finance issued the "Administrative Measures for Government - invested Funds in Guangdong Province". It mentioned that the management fees of government - invested funds will be approved and allocated based on performance evaluations. In addition, management fees are paid from the fund's income or interest. In principle, they are not allowed to be deducted from the principal. If the fund has not generated income or interest yet, the management fees can be prepaid from the principal and replenished later when the fund generates income or interest.

For a while, "paying to work" has become a joke in the VC/PE industry.

The dispute over management fees reflects the current survival problem of China's private equity industry: Government - guided funds, as the mainstream investors in the market, haven't made money. The core decision - making power they hold is overturning the management fee system created by US - dollar funds: Without income, there's no survival.

At the same time, market - oriented, pure financial investment institutions without certain accumulations also have no chance to raise funds.

It's like being in a situation of "half water and half fire". Investors in this situation can hardly predict the future. Naturally, paying masters for fortune - telling has become a spiritual sustenance.

This article is from the WeChat public account "R