儘管募資活動激增，但專家指出這只是美元基金的選擇性重啟，尚未回到過去全球投資者爭相湧入的鼎盛時期。由於國內經濟放緩、美國對敏感領域的投資限制以及上市監管收緊導致退出機會減少，先前的風險投資市場曾經歷長期低迷，目前的募資目標仍遠低於2020和2021年的高峰。
目前的募資環境被投資者視為買方市場，使他們能夠與基金經理談判獲得更有利的條件，例如更多的跟投資格與較低的管理費。與此同時，儘管許多美國投資者因政策限制而退出，來自歐洲和中東的投資者正展現出更大的興趣，市場上也湧現出更多專注於人工智慧或機器人供應鏈等利基領域的小型專業基金。
After a three-year fundraising slump, Chinese venture capital firms are preparing to raise an estimated $35 billion in new dollar-denominated funds. This revival is primarily driven by successful public listings of technology companies like AI developer Zhipu, alongside breakthroughs in artificial intelligence and robotics. Many investors view backing Chinese AI as a hedge against US market bets, given the cost competitiveness and cheaper model access offered by Chinese companies. (Key numbers: 350)
Despite the surge in fundraising activity, experts note that this is merely a selective reopening for dollar funds rather than a return to the peak boom when global investors fiercely competed for access. Following a prolonged downturn caused by a slowing domestic economy, US investment restrictions on sensitive sectors, and a lack of exit opportunities due to tightened listing controls, current fundraising targets remain significantly lower than the highs of 2020 and 2021.
The current fundraising environment is described by investors as a buyers' market, allowing them to negotiate more favorable terms with fund managers, such as greater co-investment rights and lower management fees. Meanwhile, as many US investors step back due to policy restrictions, European and Middle Eastern investors are showing increased interest, and there is a rising trend of smaller specialist funds targeting niche areas like robotics supply chains and AI agents.