"No stranger" is the principle of forming a team

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Vision Knight Capital founder Wei

Wei's memory of the date is sensitive and accurate: he can recall the first time the start-up team really in place on the day of the situation, can also casually say the start of the fund is a day to complete, even more forget the company's office officially opened the day.

I believe Wei Jie remember the February 21 of 2011. Since Alibaba 2010 more than thousands of customer fraud exposure, the company's Business-to-business CEO David Wei to "defend Ali values" and resigned. But the media to Ali chairman Ma Yun This "Tears Chop su" move produced a considerable controversy.

The calendar always has to turn the page. After the resignation of Mr. Wei did not give himself "a long vacation", but immediately began to change the thinking. He no longer wants to be a "wage emperor", but rather a "value-creating" investor.

In recent years, PE (private Equity, private equity) in China has mutated into arranges ' s Equity (national Investment), the bubble is magnified. Friends around all advised Mr. Wei not to "join the fun".

However, Mr. Wei thought the timing was right. "When the wind blows, the pigs fly, and the birds don't have to learn to fly," he said. "Mr. Wei likened the macroeconomic boom to the intensity of the wind. He argues that when economic growth slows, companies need to fight their own skills and spontaneously demand higher levels of management and operations. So they need investors to give more than just money, and resources to manage and operate.

"We are the first venture company to have an exclusive operations management team in China," said Mr. Wei, who calls himself a zero mentality and a "rich generation of entrepreneurs". "He named his company Vision Knight Capital, transliteration is" the power of the capitalist ", but the meaning is" the Knight of the Eye ".

September 5, 2012, Mr. Wei's office of the company is now on the first anniversary of the launch. On the August 31, Mr. Wei brought a reporter to visit his office in Kerry City, Shanghai. By the window of the north, the left of the century park panoramic view, right is the Hutchison Whampoa in Shanghai's high-end Villas project "Royal Tsui Garden." Mr. Wei built the first fund name "Jia Yu" word, that is, respectively, from "Kerry City" and "Royal Tsui Garden."

Set a vision and build a team

"Entrepreneurship is to do the self-employed, is a person carrying a bag to start things." "Since last March, Mr. Wei has spent two months planning every step of his career in his head."

"What will the child look like in the future?" When Mr. Wei thought about the problem, he found that there was a very different way of thinking between the self-employed and the professional manager. "When I was a manager, I thought the team was born and the company seemed to have a bunch of people in it, and I used to be in a company where I had to adapt to its culture or upgrade its culture." He said that managers first consider strategy, performance, planning, process and so on.

Just embark on the entrepreneurial road of Wei, understand his first task is to determine the vision of the enterprise, culture and values. "A high level of understanding of culture and values and a high degree of attention to the team is what I learned in Alibaba." Mr. Wei said frankly, his five years in Alibaba, in fact, is a disguised business, this experience allows him to have a better preparation for entrepreneurship. Before he joined Alibaba, Mr. Wei was president of the China region. "If I had come straight out of my business, I might have been harder than I am now," he said. ”

And when he identified the vision of "building a management-driven venture," he outlined the boundaries of the Fund's investments: the three areas of the Internet, E-commerce, and retailing, which can only be invested in the industry around the founders ' own characteristics. "If you go into an area that we don't know, it's not going to help anyone," he said. "From the perspective of Mr. Wei, once into unfamiliar areas, it is easy to deviate from the first set" management-driven "goal direction.

Subdivision of this goal, human resources, marketing, financial management are respectively a management function of the enterprise, then according to these functions, corresponding to the introduction of these operations experts, so as to give the enterprise professional management services and resources. "We don't want to take over the business, so we call it the" functional expert in management. Mr. Wei laughs.

Of the first 5 core partners in the team, the "3 and a half" belonged to the operational partners, 3 of whom were from the field of human resources, marketing and finance, while Mr. Wei called himself a "half" operating partner. "It's the most tasty combination. Mr. Wei introduced, in the current 16 people's team, has more than 1/3 belong to the Operation team.

At present, the famous PE such as Ding Hui, sequoia, etc., are strengthening the formation of domestic operations team. Boyu Investment Company, established in March 2011, was founded by former general manager of Ping ' an group Cheung and Mary, managing director of the former de-tai Group (TPG). "Boyu has these two operational experts, and I believe they will be able to build a strong operational capability later on," he said. "Wei Zhe is not stingy to this colleague's praise, Boyu and the two fund team members are a large number of former CEO, former CFO."

"No stranger" is the principle of the formation of the team. Of the first five partners, three had been working with Mr. Wei, and had worked in Alibaba, and Zhu Daming was acquainted with Mr. Wei when he was in the capital. Mr. Wei's assistant was also brought from Alibaba. At present, among 16 members of the team, "not only know each other, but also to go beyond understanding, must work together and have direct reporting relationship for more than 3 years." Mr. Wei made a quantitative understanding of the use of knowledge.

However, these team members only receive "less than or equal to the original level of wages" when joining the Royal Fund. Mr. Wei's reason is that they are still in the entrepreneurial phase.

The big guy, raise "resources"

The team relies on the "knowledge of the people of Wisdom", and for the fund to raise the Test Wei's "self-knowledge".

"When you leave the original company to create a new platform, you can see the previous accumulation of network resources and trust, how much is based on the original company, how much is your own." "Since last March, at the same time as building a team, Wei Jie began to use the accumulated social resources to raise funds, otherwise the Royal Fund is still" source.

Due to the nature of the work and geographical reasons, the previous five years in Alibaba is not the "golden age" of the accumulation of social resources. "My social resources are likely to shrink in Alibaba," he said. ”

However, the Alibaba leader Jack Ma's open support, seems to be the sublimation of social resources. Last April, Mr Ma announced a high-profile investment in the Royal Fund, which was less than two months before Mr Wei resigned. Mr Ma supported the news of the Old men's entrepreneurship, allowing more entrepreneurs to focus on the new fund, "Born with a golden key".

From the outset, Mr. Wei did not want to waste time mobilizing "heavily-held" investment institutions. "Institutions are hesitant, and they are skeptical of a new fund that has no performance. So Mr. Wei chose to start with the wealthy family and entrepreneurs.

"I have been a director for four years at HSBC, and I have accumulated good friendships and trust with the major families in Hong Kong," he said. "The most famous is the" Little Superman ", PCCW chairman Richard Li's commitment to Mr. Wei's funding support. In August this year, PCCW announced that it would invest no more than 25 million dollars in Mr. Wei's company. Richard Li attended the 2012 investor's annual meeting of the Leung Fund, attended by the Hong Kong "father of red chips" and the GLP CEO Mei Zhiming.

Wei's "small company" did not reach the Shanghai Kerry City office standards. To this end, Mr. Wei personally call Kerry Group's Guo family, just rented the office.

Mr. Wei's fund-raising action was "downwind": He raised 300 million dollars for the Royal Fund Phase I. "Our investors have covered the most powerful family in Hong Kong, covering one of the most famous entrepreneurs in Europe, covering a century-old family of Europeans and businesses and families in Southeast Asia." Mr Wei said it was a "shocking" LP (2¥q Partner, a limited partner, or investor) who was able to pry hundreds of billions of dollars of tracking investment behind him. Among these LP, more than 10 people do not even look at the agreement, only to get the signature page directly funded. They say, "You do it anyway, I'll definitely trust you". "These are very good entrepreneurs in China and I have been friends for many years and I trust them very much," Mr. Wei said. At this time, the Royal fund has not even a reserve project.

And the overseas family has to go the most rigorous process. "I also appreciate this, even if they are funded on the basis of trust, but they have to be fully investigated before they can be implemented." "and Mr. Wei's" only dollar fund, never do parallel renminbi fund "commitment to let these overseas LP rest assured that he can concentrate on the money at hand. Because once he's working on a renminbi fund, it's hard to deal with a conflict of interest--when a project comes, is it a dollar fund or a renminbi fund?