On one side, the hard tech track is booming with surging financing demand; on the other, fierce competition among institutions, regulatory changes, and rising uncertainties around exits and returns are prompting many investors to start re-selecting their 'tables'.
If you can't secure the BP of a 'star project', submit your Resume instead.
In the second half of 2026, the consensus track in the primary market has become increasingly crowded. Meanwhile, a group of investors unwilling to be trapped in the intense competition of hot sectors have changed their approach, directly sending their resumes to startup companies.
A Group of Investors is Exiting in Concentration
As the 'fever' in the primary market intensifies, corporations are becoming a tacitly understood direction for investors.
Not long ago, a friend from an institution revealed to me that she had just left her job and joined a domestic hard tech company, receiving a good salary and title, with promising growth prospects. She stated frankly: "This was an active choice after careful consideration."
Following this lead, I asked a few headhunters. Indeed, similar inquiries are increasing: many investors are actively seeking opportunities at companies. Some are very straightforward: "Corporate leadership positions can be discussed, funds are directly not considered."
A group of investors is quietly leaving.
Investors moving to companies is not new in the venture capital circle. Looking back two years ago, institutional downsizing, sector cooling, project scarcity... During the industry downturn, GP survival pressure surged, investors initiated self-rescue, pivoting to become self-media, FAs, or some found their own way out, joining portfolio companies. Back then, moving to a company was more of a reluctant compromise.
But this time, the narrative has completely changed.
This year, the primary market has been exceptionally lively, with active capital inflows and non-stop financing. Grabbing projects and competing for allocations have become the norm, with FOMO sentiment playing out again. In this round of talent movement, investors are acting much more comfortably. Many of those leaving are core personnel and sector veterans within institutions, making their career choices more actively. The salaries, incentives, and ranks offered by the corporate side also hold sufficient appeal.
Many cases have already emerged in the market: A former head of a city-state-owned fund platform, after leaving, entered the aerospace sector, becoming VP at a leading commercial aerospace company, setting a typical example of a state-owned capital professional moving to a corporation. According to our observation, this group moving to companies is not limited to fundraising positions; some secure more core roles—VP, GM, even Co-Founder.
"It used to be 'going to a company,' now we talk about 'going ashore'." A fund investor confided to us.
Among market-oriented institutions, investors leaving are also not uncommon. A Beijing-based market-oriented fund of funds manager we are familiar with was laid off at the end of last year, rested, then joined a physical tech company, completing the switch from capital backstage to industry frontstage.
Similar personnel movements are happening across different sectors: Former GSR Ventures Partner Zhang Yutong joined the large model startup Moonshot AI; Former Matrix Partners China Partner Xiong Fei joined Lark; In consumer investing, Tiantu Capital Managing Partner Pan Pan became the Head of Strategy for Heytea; And an investor moved from Genesis, Jingya Capital to join the previously invested enterprise service company Yuanquan Technology, becoming Chief Strategy Officer.
More and more investors with years of project resources and fundraising experience are setting their sights on the industrial end, following a clear path. According to our observation, partners and MD-level individuals moving to companies often become GMs or even Co-Founders; those who previously did investing or fundraising at institutions mostly become heads of corporate financing at companies; some investors join companies to directly participate in projects. Looking at destinations, these investors are precisely positioning themselves in hot sectors like AI, Embodied AI, Aerospace, etc.
From founding to investing, to investing to creating. Joining a company is no longer a last resort, but an active choice after careful deliberation.
A Two-Way Street for Investors and Companies
The warming and boiling of the primary market provides a more comfortable space for investors to make career pivots.
On one hand, LP capital commitment is steadily recovering. According to FOFWEEKLY statistics, in June, institutional LP investment activity rebounded 22.1% month-on-month and increased 64.2% year-on-year, one of the high points for single-month activity in the first half of 2026.
On the other hand, the investment side is equally hot. Quality projects are never short of money, with financing moving rapidly. Recently, an embodied AI company registered less than 90 days ago completed 3 rounds of financing in succession, raising tens of billions cumulatively. The first round was quickly snatched up by top-tier capital within 3 days of announcement.
A 1 billion valuation hasn't closed yet, a 2 billion one is already launching, a 3 billion one is in line... Financing progress is measured in months. The previous round's industrial and commercial registration changes aren't finished, and the next round is already on the agenda. An investor admitted: "I haven't felt this kind of fervor in many years."
And such a fast pace is basically concentrated in the same direction—primarily leading companies in AI, robotics, etc. According to IT Juzi statistics, in the first half of 2026, total financing for Chinese AI startups exceeded 300 billion RMB, with the volume in just 6 months surpassing that of the entire year 2025. AI financing accounted for about 48.6% of the primary market—for every 2 dollars raised in the market, nearly 1 dollar flows to AI.
The sector is hot, money is coming in, capitalization timelines for leading hard tech companies are being accelerated, and corporate demand for capital talent is being unleashed accordingly.
Amid the high-frequency, large-volume, multi-round financing pace, companies urgently need talent familiar with the primary market and capable of connecting with top institutions. A group of tech innovation companies are actively extending olive branches to the primary market. "Now almost all leading hard tech companies are filling capital positions. The financing pace is too fast; internal native teams can't keep up with the ways of the primary market," a company founder told us.
Many star companies are reinforcing their capital teams: Zhiyuan Robotics, Galaxy Universal, Xinghai Graph, Songyan Dynamics, Moonshot AI, minimax and other hot AI companies have absorbed a number of talents from investment institutions. To compete for scarce talent, the conditions offered by companies are also highly attractive.
For some investors, moving to a company is also a good option. In their view, the herd mentality of collective investment in high valuations is amplifying market fragility.
As we see, valuation inversion risks between primary and secondary markets are emerging. In the first half of 2026, 154 Chinese companies listed domestically and overseas, a 41.3% year-on-year increase. However, by the end of Q1, 24 out of 40 new stocks had broken their IPO price, a break rate of about 60%. Uncertainties around project exits and return realization are rising, coupled with the implementation of new industry regulations. A new round of standardized consolidation has tightened the thresholds for establishing new funds, officially ending the phase of rough industry expansion.
On one side, hard tech sector prosperity is at its peak, with surging corporate financing demand; on the other, intense internal competition among institutions and long-term pressure from exit realization and regulatory changes. Many investors are beginning to re-select their 'tables'.
Conclusion
However, moving to a company is not a shortcut paved only with benefits.
A change in identity means investors need to adapt to a new value model. Compared to seeing clearly and speaking clearly, companies need more of rolling up sleeves, practicing, and executing well. Concurrently with the concentrated exodus of investors, there are also cases of individuals parachuting into companies and later leaving due to disagreements during team integration.
But regardless, one thing is undeniable: the professional boundaries for investors are continuously expanding.
This article is from the WeChat public account "FOFWEEKLY", author: Huang Rong
