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九鼎投资:快跑技术派
何菲 IT经理世界 2011年2月20日 http://www.ceocio.com.cn/12/93/648/652/57388.htm
2010 年的最后一天, 昆吾九鼎投资管理有限公司 (以下简称九鼎投资) 通过设立办事机构的方式, 完成了对全国 30 个区域的布局,而大部分全国性 PE 依然坚守京广沪深。 根据各个目标区域 GDP 在全国经济总量的占比, 九鼎设置了区域办事机构招募人员的相应比例, 如果没有达到既定比例,该区域负责人将自动下课。很多投资机构的人听到这些消息,自叹说“我们 算是老派的创投机构了,不可能像他们那样在全国各地设立办事机构。” 一天之中最多要跑三四个城市、最多超过 20 个小时的单日工作时长,这是越来越多创投机构人 士的工作强度与节奏。尽管如此,他们依然要面对越来越多的竞争者以及越来越贵的项目价格。闲庭 信步般的投资生涯恍如隔世。团队制取代了明星制、专业基金取代多元化投资、集体决策取代了个人 决断。在新的竞争环境下,九鼎投资选择了专业化与技术派路线,风格偏向“快、准、狠”。 好项目看谁下手快 2008 年,创投界还少有人知道九鼎。2009 年,在清科集团私募股权投资机构的年度排名中,九 鼎杀入前十名榜单,也是当年唯一一家进入前十名的民营人民币基金。2010 年底,九鼎投资跃升至 行业第四名,在本土 PE 机构中则排名第二。 这家不满三年的创投机构先后投资了近 60 家企业。 吉峰农机、 金亚科技、 辉丰股份等都已上市, 其中吉峰农机曾创下了涨幅近 300%的记录, 成为创业板一周年涨幅最大、 创投收益最高的明星公司。 据说在这个项目上九鼎的投资回报率就超过 20 倍。 投资界目前有“九鼎速度”的说法。根据那些在消费升级、城市化、产业升级、全球化分工中受益 的产业,九鼎分别组建了消费、医药、农业、先进制造和新兴产业共 5 个行业研究团队。在这些行业 中,九鼎重点聚焦于行业、区域市场领导者,或是具有成为行业领导者潜质的项目,通过规模化运作 或产业上下游整合等建立起项目之间的协同效应。 随着全国区域布局的完成,九鼎的团队增至 200 多人。“九鼎速度”令创投界的同行们感叹后生可 畏,自然也有不少存疑。在九鼎投资合伙人蔡蕾看来,“中国经济的持续增长和产业经济快速资本化 的大格局与大趋势”催生了九鼎的投资节奏,很多机会是市场本身给与的。对于处于创业阶段的创投 机构而言,这几年正是原始积累的黄金时期。 对项目的激烈争夺也正在改变投资圈的生存法则。好消息是,去年基金数量与募资总额均涨势明 显,创投机构粮草充足;坏消息是,相对于资金的充裕,好项目则越来越少,价格越来越贵。全民 PE 的狂潮下,投资活动几近狂热,来自清科的数据显示,去年年度获投企业数量已经打破过往 4 年 纪录,创投机构正在面临前所未有的激烈竞争。 “未来对项目的争夺可能向西部及二三线城市转移”,蔡蕾认为,“这是项目竞争加剧使然。未来一 年,九鼎应该会继续保持目前的投资速度。”蔡蕾表示,“九鼎的业务体系和团队规模能够支持。”

对于成功的投资活动而言,团队规模只是必要却非充分条件。“投资活动 95%是技术,只有 5%是 艺术。”这话出自九鼎投资总裁黄晓捷。 医药产业投资专业化 专业基金是技术派 PE 的核心特质。 九鼎目前管理了正道九鼎、 昆吾九鼎、 夏启九鼎、 商契九鼎、 周原九鼎、九鼎医药等多支人民币基金和一支美元基金。 2009 年,九鼎设立了国内首只民营医药行业股权投资基金——昆吾九鼎(北京)医药投资管理有 限公司。该基金规模首期为 5 亿元人民币,主要投资者为民营企业,包括一些房地产、能源等行业企 业。 九鼎邀来禹勃担任九鼎医药基金总经理。禹勃此前曾担任海虹医药电子交易服务有限公司总经理, 海虹集团助理总裁,在此之前曾在国家医药局、国家药监 局工作。 先有专业化团队,再有专业化投资,这是九鼎一直以 来的投资思路。专业化基金的设立导致投资活动的进一步 细分。九鼎医药基金成立时便设立了药品、医疗服务、物 流配送、连锁药店等细分领域,现在该基金主要在 9 个相 关细分领域进行投资。 根据前期调研,“当时该行业可供投资的企业超过 500 家。”禹勃并不急于全面开花,“先投各细分行业前几名, 但对研发能力较强的也会保持联系以便将来入股”。去年九 鼎医药一共看了 300 多个项目,实际投资 19 个案子。 禹勃说话倒也实在:“投资我是不懂的,但是我懂得这 个行业。”他组建起将近 20 人的医药专业投资团队,团队 里有新药研发、医药制造的权威人士、新药销售体系核心 人士、曾参与“十二五”规划相关医药政策起草的政界人士 和医药相关媒体人士等。为了帮助公司加强对于后续产品 的研发,九鼎医药的团队每天都对 SFDA 所有审批的新药进行梳理,为企业寻找具有潜力的品种。 当时,专业化基金还未成主流,这群人在投资圈中显得颇为另类。“他们刚开始可能没有财务工作 背景,但是有行业经验,能够准确地找到优秀企业。”九鼎似乎有理由得意于现阶段的成绩——去年 共有 20 多个医药公司获得投资,几乎一半的项目都被九鼎医药基金收入囊中。“专业能力使我们能够 好、快、准地对项目进行投资。”禹勃说,“有些企业,很多创投就看不懂,不敢投。” 九鼎医药与企业之间的沟通方式也有些与众不同。“可能别的创投会强调财务投资能力,而我们则 会和做企业的人讲讲行业里的习惯。”行业里的那点事儿使得企业与创投机构之间迅速地找到共同语 言,建立起亲切感。而内部的业务分工又使得专业人士可以从上市流程等事务中抽离出来,“我们不 判断上市流程,只判断项目价值。”

不过很快他们就发现,仅仅开发合适项目还远远不够。“只有加强售后服务才能保证基金的健康成 长,使我们成长为品牌基金。”禹勃说。尤其对于那些优质企业而言,专业团队的增值服务远比资金 和人脉更诱人。在投资浙江万邦药业股份有限公司的过程中,禹勃逐渐认识到这一点。 禹勃曾与浙江万邦谈了大半年。这是一家“不差钱”的企业,而九鼎医药创立不久,增值服务还有 待跟进。意识到这一点之后,九鼎医药开始强化投资后的管理服务。 现在,从新药研发、医药制造、营销体系构建、国内相关企业并购等方面,禹勃率领的九鼎医药 提供的投后服务覆盖了这一行业的所有流程,针对不同企业的需要“对症下药”。专业化的投后管理进 一步挖掘了其增值服务的潜力。“比如通过并购的方式,我们清理了国内其他相关生产原料企业,使 这家企业成为独家供应商,为对方增加了一至两千万元的收入。”禹勃透露。 从发现价值到创造价值,九鼎医药进一步开发了专业团队的潜力。不过,随着团队的迅速扩容, 新的问题浮出水面——如何才能在快跑中继续保持精准的发现与创造价值的能力? 更加专业的精耕细作 专业化团队在九鼎颇受尊重,也是九鼎的核心资产,不过他们也必须遵守游戏规则——个人决断 让位于集体决策。 在九鼎,项目开发、项目评审、尽职调查(Due Diligence,以下简称 DD)和风险控制之间的分工 和决策权限完全独立。按照项目的重要程度等因素,九鼎确立了一审、二审和三审多个级别的评审程 序, 由五位合伙人组成常任评审, 涉及到相关专业项目, 该专业基金负责人必须参与。 到了三审层面, 则主要由合伙人做出决策。不过即使到了三审时,按照黄晓捷的说法,“在九鼎没有最终决策者,不 存在谁领导谁,都是集体决策。”因此,在九鼎,很难找到具有明星色彩的“形象代言人”。 这种决策机制,可以最大限度减少个人对项目判断的感情因素,也可以“充分展示项目特点,从不 同角度发现项目价值。”禹勃认为。那么,在这种决策机制下,如何保证不错杀项目?如何才能保证 项目开发等工作人员的积极性? 实际上,九鼎的项目投资标准及其评审“可谓苛刻”,以至于一些企业九鼎虽然拿到了投资机会, 却不得不最终放弃,其中就有一些后来成功上市的企业。蔡蕾认为,这种决策机制是基于专业分工和 风险防范的考虑。优点是规模效应明显,挑战则在于管理的精细化。 尽管内部分工严密,九鼎的员工流动却呈现出相当大的开放性。在能者居上的思路下,那些业绩 突出的年轻员工可以快速升职,而即使是合伙人,也有可能因为工作业绩与职位不相匹配而下课。 朱鹥佳是学建筑材料的硕士,2008 年以实习生身份进入九鼎投资。去年 6 月,因为业绩出色, 他被升为医药板块投资总监。这是他进入公司不到两年的时间里第二次升职。现在朱鹥佳的下属还包 括了他以前的上级。 开放的内部流动意味着九鼎上上下下都要“拼”。禹勃觉得进入九鼎之后,工作强度要比以前大很 多。 “最多一天跑了四个城市, 那天还下着暴雨, 我从早上 6 点半出门到第二天凌晨 2 点才躺下休息。 ” 不过他依然庆幸自己赶上了中国资本化的黄金时期。 “想想看, 你这些年积累的资源就是为了这一刻。 ” 他说。

蔡蕾将九鼎的特征归结于“更加的市场化、规模化、专业化”。然而作为“更加市场化”的民营创投机 构,“九鼎们”面临的市场环境也更为复杂。越来越多的政府主导基金正在加入投资阵营。他们的市场 化经验有待积累,但对政策资源的调动却有其天然优势。 对于禹勃率领的九鼎医药而言,民营创投机构获得了更多政策激励,但也面临更多国字头对手的 竞争。医药产业上升到国家战略层面之后,国家资本将加剧对这一行业的渗透。比如国药、华润、通 用已经包揽国内的疫苗、流通、进出口等业务。对于民营医药专业基金而言,更加需要发挥地方性队 伍的优势,寻找那些有成长潜质的优质企业。 在这种形势之下,“我们就要坚持草根之路,艰苦一点艰辛一点都没什么,但一定要继续保持专业 性。”禹勃认为。也正因为如此,九鼎速度更要够快。“今年的项目投资将会追加到 30 多家”。他说。3 月份,九鼎医药还将完成第二期资金的募集,规模为 10 亿元。 竞争的加剧也意味着专业化服务时代的到来。“在市场快速扩容态势下,创业板市盈率将可能很快 下调,回归理性区间,甚至整个中国 A 股估值水平 2-3 年时间将向成熟市场估值水平靠拢。”蔡蕾认 为,未来资本市场的成熟对 PE 们产生最大影响,是要更加重视所投资企业的持续成长,而相对淡化 来自市场的收益。 这一切将有赖于更加专业的精耕细作。“是否满足了真正的需求,是否拥有忠实的客户,重视真正 创造了价值。”蔡蕾说。 ************************************************************************************************ 为什么是九鼎模式? 何菲/文 曾经有一本关于顶级 风投的书籍摆在诸多创业 者的面前,被后者视为融 资指南,那本书的书名是 《你拿什么吸引我》。风 水轮流转。这句话如今成 了创业者们对风投们说的 常用台词。 在创投市场井喷之前, 资金算是稀缺资源,无数 的创业者们为了找钱,不 得不花钱买门票,辗转于 各大创投论坛,以求得见 风险投资商一面。风投们则相对悠哉,一些外资机构甚至私底下表示,不太考虑找上门的项目。据说 有一家著名外资风投的合伙人,在各大学校和论坛演讲时,总会礼节性地留下一句:“有好项目就 E-mail 我。”却鲜有人收到过回复。

风投们喜欢将风投与创业者之间的关系比喻成恋爱结婚,当时不乏一见钟情的案例。经常听到有 VC 说“不到 20 分钟就决定投了他们”。还有不少数千万美元的融资,不过就是一顿晚饭的事。 这当然有夸张之嫌,就算创业者和创投机构对上了眼,尽职调查和风控等流程依然不可省略。然 而这些故事中依然诞生了不少投资明星,他们就像直觉敏锐的艺术家,信手一指便能成就资本神话。 2010 年是中国创投史上最具有历史性意义的一年, 中国创业投资市场的募资、 投资和退出均刷新 历史。清科集团数据显示,这一年,中外创投机构共新募集 158 支基金,募资总量达到 111.69 亿美 元, 2009 年全年涨幅分别高达 68.1%和 90.7%; 较 而与 2008 年的历史高位比较, 涨幅也分别为 36.2% 和 52.8%。 全民投资的时代悄悄来临了。 相对于越来越充裕的资金, 好的项目越来越少, 项目争夺愈发激烈。 “以前要考察三年的项目,现在三个月不到就要完成。”不止一位 VC 这般感叹。项目考察周期越来越 短、价格越来越贵、不差钱的企业更是对创投机构百般挑剔。VC 和 PE 们开始对心仪的项目秘而不 宣,因为稍有不慎就可能被其他创投机构抢过去。当一家食品加工连锁企业在家门口海选 40 家投资 公司的时候,创投机构们蓦然发现,自己已经成为市场中的乙方。 快速出击、分工严格、流程严密、重视投后管理的运作模式开始在创投市场发挥效力。在以规模 化、专业化和公司化取胜的竞争思路下,集体决策优于个人决断,由此进一步导致团队的急速扩张。 九鼎模式其实并非孤例。其他创投机构比如本土的达晨和老牌外资创投凯鹏华盈也设立了专业基 金。因此,与其说是九鼎选择了这一模式,毋宁说是市场选择了九鼎模式。尽管远期效应仍待检验, 但九鼎实验, 无论是对于这家年轻的 PE, 还是对于中国创投市场而言, 都具有不可忽视的积极意义。

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