Alibaba has become a limited partner again.

Jiema LP, a media outlet in the investment industry, learned that recently, Wuxian Qihang Haihe (Tianjin) Venture Capital Partnership (Limited Partnership) was established. Digging deeper, Alibaba's presence was unexpectedly discovered.

Specifically, the general partner of the new fund, Wuxian Tansuo (Beijing) Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Wuxian Tansuo"), has a close relationship with Tsinghua University. Behind it, Tianjin Huakong Dianke has invested in many early - stage projects from Tsinghua University. Another major investor, Tianjin Tiankai Jiuan Haihe Haitang Equity Investment Fund Partnership, is a fund affiliated with Tianjin University.

In other words, this time when Alibaba acts as an LP, it is expected to invest in early - stage projects of universities.

Alibaba Invests in a Tsinghua - affiliated Fund

According to information from Qichacha, the total investment of Wuxian Qihang Haihe (Tianjin) Venture Capital Partnership (Limited Partnership) is 140 million yuan. Its main business includes equity investment, venture capital, and investment management. The general partner of the company is Wuxian Tansuo (Beijing) Enterprise Management Partnership (Limited Partnership).

The LP lineup of the new fund is impressive, including seven investors such as Tianjin Tiankai Jiuan Haihe Haitang Equity Investment Fund Partnership, Hangzhou Alibaba Venture Capital Co., Ltd., Sequoia Yuhui (Xiamen) Equity Investment Partnership (Limited Partnership), and Beijing Haitian Ruisheng Technology Co., Ltd.

Among them, the LP with the largest investment ratio is Tiankai Jiuan. Behind it is the Beiyang Haitang Fund, which was initiated by Tianjin University alumni entrepreneurs in 2019 and focuses on investing in hard - technology projects of Tianjin University faculty, students, and alumni.

Haitian Ruisheng is one of the earliest providers of AI training data solutions in China. It is committed to providing AI data sets and services for AI enterprises and R & D institutions and was listed on the STAR Market in 2021.

Behind Tianjin Ren'ai is Ren'ai Capital, which is the investment and operation platform of Ren'ai Group. It mainly invests in areas such as healthcare, semiconductor technology, artificial intelligence, new energy, and new materials. It has previously been an investor in many domestic investment institutions.

Sequoia Yuhui is a fund established by Sequoia China in Xiamen in 2021. It has invested in investment institutions such as Miracle Plus, Challenger Venture Capital, Plum Ventures, and Inno Angel Fund. Behind the Chengdu Jiaozi Zhongying Innovation and Development Fund stand Geely Automobile, BOCI Investment, and state - owned assets in Chengdu, Zigong and other places.

What has attracted outside attention is that Alibaba also rarely appears in the LP lineup.

The shareholders behind the general partner of the new fund, "Wuxian Tansuo", include Tianjin Huakong Dianke. Relying directly on the Department of Electronic Engineering of Tsinghua University and the Tianjin Institute of Electronic Information of Tsinghua University, it is mainly engaged in private fund management and investment business.

The well - known SEE Fund of Wuxian Fund is an affiliated fund of Huakong Dianke. Its founding partner is Yao Song, a post - 90s graduate of Tsinghua University. It mainly invests in projects incubated by the Tianjin Institute of Electronic Information of Tsinghua University and entrepreneurial projects of Tsinghua University alumni.

Looking at Huakong Dianke's past affiliated investments, its investment rounds mainly focus on early stages such as the angel round and Series A. There are many star projects such as Wuwen Xinqiong, Songyan Power, Qiongche Intelligence, Galaxy General Robot, and Xinghaitu, and it is one of the angel investors in all of them without exception.

It is not difficult to see that Alibaba's investment in the new fund aims to cooperate with universities and target the source of technological innovation.

Cooperating with Universities to Find Market - oriented LPs

Market - oriented LPs such as Alibaba have always been the much - anticipated source of fundraising in the primary market.

In the past, social LPs such as market - oriented FOFs and high - net - worth individuals were important sources of investment. However, as the dividend period of the primary market declined, when investors found that the returns were far lower than expected after several years of investment, many social LPs became cautious or even stopped investing. In recent years, the lack of market - oriented LPs has become one of the problems faced by VC/PE.

State - owned LPs have become the main investors in the primary market. In particular, government - guided funds from various regions have become an unavoidable source of funds for GPs. On the other hand, the many restrictive requirements of state - owned LPs, such as the requirement for reinvestment, have also made many GPs look forward to the emergence of more market - oriented LPs.

It is commendable that listed companies, as important representatives of market - oriented LPs, still often appear in the venture capital circle. According to incomplete statistics, since the beginning of this year, more than 70 listed companies have participated in the establishment of industrial funds. When listed companies act as LPs, they usually choose to cooperate with top - tier investment institutions in the market to achieve industrial and financial returns.

As cutting - edge technology becomes a new industrial opportunity, just as Alibaba invests in the Tsinghua - affiliated fund this time, they are starting to appear in the LP lineups of university - affiliated funds.

In April this year, A - share listed companies Guobang Medicine and Hailian Jinhui jointly initiated the establishment of Hangzhou Qizhen Kaiwu Equity Investment Fund with the Innovation and Entrepreneurship Research Institute of Zhejiang University and Liming Investment. This is a Zhejiang University - affiliated fund that will focus on exploring disruptive technologies from Zhejiang University and investing in cutting - edge fields such as artificial intelligence and robotics, biomedicine, new materials, and quantum technology.

Even earlier, universities such as Tsinghua University, Fudan University, and Shanghai Jiao Tong University have frequently appeared in the VC circle. On one hand, there are universities with a large number of original technology projects; on the other hand, there are listed companies that "turn to investment after successful entrepreneurship". When they appear in the venture capital circle at the same time, relying on their geographical advantages, they further promote the transformation of scientific and technological achievements and share the technological feast.

For listed companies, the current industrial development is changing rapidly, especially in cutting - edge technology tracks such as AI and robotics. Technological innovation often starts in universities. Now, more and more Chinese university talents are active in the industrial front line, which has also restored the confidence of listed companies in acting as LPs.

For GPs, isn't cooperating with university resources a new way out?

This article is from the WeChat public account "Jiema LP". Author: Wu Qiong. It is published by 36Kr with authorization.