Hopu Investment Management, a prominent Chinese private equity firm, is reportedly facing challenges with mediocre returns and subdued dealmaking. Longtime investors like Temasek and GIC are reconsidering their commitments as the firm prepares to raise a new fund under the leadership of the founder's son-in-law. This situation highlights broader difficulties for founder-led private equity firms in Asia, particularly in China, where abundant capital and high profits are no longer guaranteed.