seven years, for a start-up company, it is time to make some summary of the same for a VC. Good at clearing returnees entrepreneurs led by Deng Feng NLVC worked out a set of their own investment logic.



| Yan Xiaolin photo | NLVC

station in China Trade Center 32 floor window, behind Deng Feng is gathered in the capital most people CBD Caizhi buildings, and a whole Chang’an Avenue.

Here is the new

office moved into the northern lights at the beginning of last year, 1200 square meters of space is divided into a plurality of small meeting room and office room are single etc.. There is a minimalist furnishings belong to Deng Feng. In addition to the name of the door, do not see any level, title.

he spends most of his time here without going on a business trip. Sometimes it’s too late to go downstairs. Weekends, he stayed in the room next door to love and sound, with turntable. Another, the office arranged fancier "sound UN" Zhou Hongyi attended his equipment, said: "too bad, you get back to the set of cattle breaking." He not take it seriously: "I’m not of sound of music."

this may be understood as, in Silicon Valley to sell $4 billion 200 million NetScreen, experienced a brilliant life, and now, in addition to wealth and success, there are more spiritual aspirations. SMTH BBS circulated in early 2005 when he returned to his alma mater — a case: intend to do a non-profit private think tank, the Chinese enterprise to the world.

so, after six years will be located in the office of Tsinghua Science Park adjacent to Zhongguancun is very reasonable: the most opportunity to go out, it is the most familiar TMT Deng Feng field.

but 7 years in office transformation, its investment strategy is quietly changing: Clean Technology (including new energy, energy saving and environmental protection, new materials, advanced manufacturing) the proportion of the investment has accounted for 25%; further into the hands of health care, there are also 10% new type 5%; consumption proportion; TMT investment fell to 60%.

This adjustment is in charge of

$1 billion for a company founded seven years, VC, is not an understatement. For this, this print journalist in a few months several visits to general manager Deng Feng and Jiang Haotian, Li Lixin, Yang Lei, Yang Ruirong four directors, and contacts with many accept its investment entrepreneurs, trying to clarify the change trajectory and its inherent logic.

portfolio: high and low beta dumbbell structures

cast clean technology, health care is a long established idea, but the establishment of the team takes time." Deng Feng denied the reporter on the northern lights to adjust the investment strategy question: "any one area we.