Our guest today is Sophie Yao, the China General Manager of Pegasus Tech Ventures, which some people may know for their notable investments like SpaceX and Airbnb. Sophie currently manages a $1 billion fund that predominantly focuses on pre-IPO deals.
1:48 Introduction to Sophie Yao
2:59 The CVC 4.0 Model
4:33 Rationale behind corporate partnering with single LP funds
6:58 The $1 billion pre-IPO fund, what it is and why Pegasus invests in pre-IPO deals
8:04 Risks associated with pre-IPO deals
9:46 Pre-requisites in a pre-IPO deal. How do you measure returns?
12:28 Role of the pre-IPO investor in supporting companies
13:40 Evaluating potential investments
16.14 Next wave of IPOs from China
20:58 Revenue vs Technology: What matters more in deep tech investment
23:12 Does investor behavior shape the type of companies in China?
24:36 China’s STAR market and how it has performed so far
26:15 Companies doing well in the STAR market
26:45 Alibaba Ant dual IPO: Inflection point in Chinese companies' perspective on IPOs
28:41 Foreign companies listing in STAR market
29:23 US-China deteriorating relations and impact on internationalization of Chinese tech startups
31:29 Luckin’s impact on the perception of listed Chinese companies
34:36 Lessons for Series A or B founders
36:54 Pegasus’ area of investment and how to contact Sophie
37:53 Pegasus’ Incubation program
Many thanks to our guest Sophie Yao; host Oscar Ramos; producers Eva Shi and Sagar Chaudhary; editor David; organizer Chinaccelerator; and sponsor People Squared. Be sure to check out our website www.chinaccelerator.com
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