BAT’s rapid rise in just fifteen years created the myth of China’s Internet，Subsequently，One after another investment institutions began to gather funds，Intention to hunt the Chinese Internet market，They spend heavily in various fields，Hope to bet on the next BAT-level company。

Almost born with it，Most investment institutions are chasing the trend in this process，With their encouragement，Group buying、Smart hardware、Sharing economy、Internet Finance、O2O、Enterprise-level services、VR、Artificial intelligence, etc.，Becoming the focus of the spotlight in one direction after another。Capital even spares no effort to create a certain "concept"，So that the projects you invest can find the next "takeover" before the trend recedes。

An investment institution said six months ago that it invested in Internet finance and O2O，In half a year, we may turn our attention to VR/AR，VR/AR will be cold in half a year，They may quickly turn to artificial intelligence。This way of fighting guerrilla warfare，Efficient、Flexible、Adapt to changing circumstances，If you block the right outlet, you may invest in the next JD.com、Meituan、Didi，But in the meantime，This method of shooting and changing places，It also seems too simple and crude，Not focused enough and may step on the wrong time node。

But many investors who are known for their savvy have seen opportunities to focus on a certain segment。For example, Liu Chunhe, the founder of Chizicheng, and Wu Shichun, the founding partner of Plum Angel Ventures, saw the opportunity for 188bet app China’s Internet to go global，So the “Great Voyage Fund” was specially established for China Mobile to go overseas。

Zuoyu Capital founded by Hu Weidong can be regarded as an alternative in the industry。Dang Ctrip、Qunar and other online travel industry giants’ initial layout，188bet online sports betting This is China’s first investment institution focusing on the tourism and service consumption industries，Its characteristics are，Focus on the established direction first，The second is to be deep enough in this field。

Don’t be a nomad 

In the words of Hu Weidong，Zuoyu Capital wants to be a farmer in the capital market，Plow this land deeply，Stay here forever，Manage this land well，Water、Fertilization，Slowly cultivate and fertilize this land before harvesting，At the same time, prepare for next year’s farming。Many organizations work as nomads，There is a hot spot here today，Everyone rushes upward，There will be new opportunities elsewhere tomorrow，I finished eating this piece of grass again and rushed to another place。This is where Zuoyu Capital is different from many institutions。

It should be pointed out that,The "travel" that Zuoyu Capital focuses on is not pure outing as people understand it in the traditional sense，But the delocalization of lifestyle，On this basis，All production methods plus transportation can be "tourism"。Based on this，Travel can be expanded to many aspects，Many projects are considered tourism，Can also be counted as other industries related to tourism，For example, overseas study tours are both tourism and education，Theme parks and tourism performances are a combination of tourism and entertainment，Shikelang Sports, a boutique event development and operator invested by Zuoyu Capital, is closely integrated with tourism。For Zuoyu Capital，Culture and tourism do not separate families，It is natural to extend to surrounding industries through tourism。

After Hu Weidong joined China Venture Capital in 2010，Has been engaged in tourism-related investment business，Has led and completed many influential mergers and acquisitions transactions in the domestic tourism industry，For example, in 2013 Ctrip made a strategic investment in "Tufeng.com", the largest destination tourism website in North America， Qunar.com invested RMB 500 million in Travel Know-how at the end of 2014。

During this period，Hu Weidong is also full of struggles and entanglements，Because at that time，No one would think that there is an opportunity to invest in a vertical industry: what opportunities can there be in segmentation，It’s not enough to just look at one industry，The risk is too high。These doubtful voices are endless，He once wavered，Game、Finance、O2O has been considered in various directions，In the end, I chose to stick to the field of tourism。

March 2015，Hu Weidong resigned from the position of director of China Investment Capital，Founded Zuoyu Capital，Determined to be a dedicated boutique investment institution，Instead of being a big and comprehensive team、One shot to exchange for a place fund。

“There are too many opportunities to make quick money in the capital market，But on the one hand, we control desires at the industry level，Don’t invest in all fields；On the other hand, you must control your desires at the project level，Don’t make money that you shouldn’t make。"Hu Weidong said，This summer，When two LPs from Zuoyu Capital chatted with me about investing，I think investment should be vertical，Deeply engaged in the industry，He had mixed feelings at the time，When he was shaken by confusion，How I wish to hear someone say such a sentence。

actually，Exactly focus，It was only then that Zuoyu Capital quickly accumulated influence in niche areas。Zuoyu Capital takes the tourism market segment as its entry point，Deploy various investment sectors around the goal of large-scale consumption upgrade，Meanwhile，Also provides high-quality financing and post-investment services to investment companies，Also delivers a large amount of industry research and trend research，Provide some support and guidance for your own investment business。

Zuoyu Capital makes angel investments although the number is small，But I always pursue to do it very accurately，This is also the essential difference between a focused organization and a large and comprehensive organization。“We only invest in the tourism industry，It is definitely not possible to invest in hundreds or thousands of projects a year like angel funds，People bet on probability，Since we are focused，The hit rate must be higher than others，Because if you focus on one industry, you have fewer options，188bet online sports betting Only accuracy can reflect the value that concentration brings to you。"Hu Weidong said。

The "troika" keep pace with each other

Another big difference of Zuoyu Capital is，Do both investment and investment banking，Also does industry investment research，Invest from an investment bank’s perspective，Investment banking from an investment perspective，Use investment research to influence the industry。

Investment banking is just the entrance，Continuously help organizations obtain more high-quality projects，The direct investment business is the business that truly contributes revenue to the organization，For example, Angel Fund，Growth-stage Series A Fund、Series B Fund，And later mergers and acquisitions funds，These can bring huge returns。In Hu Weidong’s view，Investment and investment banking work together，Can play 1+1>Utility of 2。

The synergy of investment banking is reflected in all aspects of investment business:

First，Investment banks can help bring investment targets；Second，Investment banks can provide post-investment services for invested companies，Mainly involving funds and talents；Third，Investment banks can help invested projects exit better；Fourth，Investment banks can often participate in large projects，Can quickly increase brand awareness for organizations；Fifth，Accumulated LP in investment banking business，Serving these companies is itself a potential LP for the organization，This is why it is still relatively easy for Zuoyu Capital to raise funds in the cold capital winter。

In reverse，Investment can bring more high-quality targets to investment banks，Once the top-to-bottom layout of the industrial chain is done，These assets can be packaged in the future，Conduct mergers and acquisitions or capitalization operations，At this time, investment banks are needed to intervene in the business。

It is reported that Zuoyu Capital currently has two investment funds:One is an angel fund of RMB 100 million, has invested in multiple projects;The other is a tourism investment fund with a scale of 2 billion yuan launched by the Zhejiang Tourism Group，First phase 1 billion yuan，Recently officially established in Hangzhou。Also，Zuoyu Capital also launched a 1 billion industrial M&A fund and a 500 million VC fund，We are currently going through the corresponding legal procedures。

Investment research is the think tank of Zuoyu Capital，Because they are all prospective studies，Not interpreting things after they happen，It’s about anticipating future opportunities before they happen，Zuo Yu hopes that investment research can affect the development of the industry。

“For example, the business model of small-destination transportation like Huang chartered car，In fact, these are concepts we proposed a long time ago，Many projects are also based on our forward-looking research to determine that there may be opportunities in this industry，We bring our own money，Go to the corresponding team with your ideas to do this。"Hu Weidong said。

In-depth participation in financing and mergers and acquisitions of companies in multiple industries

Another distinctive feature of Zuoyu Capital is that it does not limit its vision to online travel，Instead, we aim at the entire tourism industry，Because looking at the tourism industry only from the perspective of the Internet will often only see the tip of the iceberg，You will miss many opportunities。For example，Travel Knowledge, which recently reached a blockbuster deal with Ctrip, does not belong to the online travel field，But it is an important player in the entire tourism industry。

Travel Know-how has the largest number of business outlets in China、The offline travel chain channel with the largest number of group groups，Has more than 5,000 physical franchise stores，Covering nearly 30 provinces, municipalities and autonomous regions across the country，In 2015, approximately 5 billion yuan in vacation product booking transactions were completed。

October 17，Ctrip Travel Network and Travel Best Travel officially signed the "Strategic Investment Cooperation Agreement"，Ctrip will achieve full control of Travel Know-how，Zuoyu Capital served as the exclusive financial advisor to Travel Know-How in this transaction。

actually，In addition to being deeply involved in the transaction between Travel Know-how and Ctrip，Zuoyu Capital has begun to be recognized by more and more industry companies，such as Qulv.com、Titan Cloud、Maitao、Meiya Group、Zuoyu Capital serves as the exclusive financial advisor for the financing of Klook and other companies。

Another major overseas car tour booking platform Huangbaoche，188bet Online Sports Betting and Casino Zuoyu Capital’s participation is deeper。Because Hu Weidong and his team discovered the value of overseas outsourcing very early，So we made angel investment in the initial stage of Huangbaoche。August this year，The royal chartered car has been completed again1.200 million yuan in Series B financing，Zuoyu Capital serves as the exclusive financial advisor。

As understood，With the completion of Huangbaoche’s Series B financing，Zuoyu Capital’s original investment achieved a book return of hundreds of times。However，In Hu Weidong’s view，The value of the imperial chartered car has not yet been fully realized，Just like Zuoyu Capital’s other projects，The real fruits are yet to come。

*This article is reproduced from Zuoyu Capital.

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