We believe that venture capital is a highly localized business. Each region has its own flavor in technologies. As a result, we only invest in sectors that our team and advisory board have solid associations. Other than routine investment activities, Darwin's team lays emphasis on building our own ecosystem, so our investors and portfolio companies can be benefited from such network.

We also enforce strong discipline in our investment strategy. We add various limits in Darwin's mandate to lower the risks due to human errors. Darwin's first late stage fund is a fine example in terms of discipline. Our first late stage fund was founded in early 2007, yet we are able to maintain decent return during the financial crisis in 2008.