According to TechFlow, Jocy, founder of IOSG Ventures, analyzed the challenges currently faced by Asian funds and the changes in the VC industry landscape. Jocy pointed out that European and American funds are squeezing the living space of Asian funds, LPs are becoming as valuable as high-quality developers, and investor relations (IR) work will become increasingly important.

In the past few cycles, the Asian market has seen a "fund per capita" phenomenon, but many people are now beginning to flee the VC business model. In order to obtain overseas project quotas, Asian funds often over-commit, causing American projects to be biased against Asian funds.

Jocy also revealed that in the last cycle, most Asian funds had a lock-up period of 2-3 years, while European and American funds usually had a lock-up period of 8-10 years, which made it difficult for Asian funds to find LPs willing to invest for the long term.

The European and American LP markets are relatively mature, and when a fund is launched, it is possible to find anchor LPs from university endowments and family offices. Jocy believes that a healthy market requires a series of transmissions from the LP market, VC market to the entrepreneur market, and Asian funds that persist face severe challenges.