尽管募资活动激增，但专家指出这只是美元基金的选择性重启，尚未回到过去全球投资者争相涌入的鼎盛时期。由于国内经济放缓、美国对敏感领域的投资限制以及上市监管收紧导致退出机会减少，先前的风险投资市场曾经历长期低迷，目前的募资目标仍远低于2020和2021年的高峰。
目前的募资环境被投资者视为买方市场，使他们能够与基金经理谈判获得更有利的条件，例如更多的跟投资格与较低的管理费。与此同时，尽管许多美国投资者因政策限制而退出，来自欧洲和中东的投资者正展现出更大的兴趣，市场上也涌现出更多专注于人工智慧或机器人供应链等利基领域的小型专业基金。
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.