T/TSLM 001-2023 Guidelines for evaluating early-stage investment institutions in hard technology

Scope

Scope: This document provides fund investors (i.e., "LPs") with key points they should pay attention to when selecting fund managers (hereinafter referred to as "GPs") in the hard technology sector, covering basic information about GPs, team member information, and an evaluation of their professional capabilities. Main technical content: GPs in the hard technology sector should possess multiple capabilities required for technology investment, including but not limited to vertical-field scientific and technological understanding, knowledge and skills in economics, finance, finance, and corporate governance, in order to achieve the goal of preserving and even increasing the value of investors' capital. When selecting GPs in the hard technology investment field, LPs should fully consider GPs' comprehensive capabilities, especially their vertical-field scientific and technological knowledge, and then evaluate their management capabilities based on comprehensive assessments of GPs' basic information, team information, and professional performance reflected in their past investment behaviors. This document is based on expert industry experience and adopts a top-down, element-decomposition approach to divide the three-level indicators that LPs should consider when evaluating GPs, with a total of 82 elements (Table 1). GPs are evaluated based on four first-level indicators from the "3+1" dimensions: The former ("3") refers to a comprehensive evaluation and analysis of GPs based on objective factors such as team conditions and capability levels; the latter ("1") is based on the allocation of rights and responsibilities and transaction perspectives, with the aim of identifying GPs who can best maximize the value of LPs' funds through comparison.

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