The number of private equity funds with assets totaling hundreds of billions of yuan has reached 126.

Our reporter Fang Lingchen

Private equity funds exceeding 10 billion yuan are an important part of the institutional investor community. They have large capital sizes, relatively mature research and risk control systems, and exert significant influence on market pricing and asset allocation. They also serve as a benchmark for the standardized development of the private fund industry. According to the latest data from Private Equity Ranking Network, as of the end of February this year, the number of private equity funds exceeding 10 billion yuan reached 126, a new record high.

In addition to the continuous expansion of the 10-billion-yuan private equity camp, the overall industry scale is steadily growing. Signals such as active self-investment by institutions are constantly being released, reflecting that China’s private fund industry is accelerating toward high-quality development.

Since the beginning of the year, within just two months, 11 new players have entered the 10-billion-yuan private equity camp. Specifically, in February, four new private equity funds exceeded 10 billion yuan, including Mingxi Capital, Shanghai Heji Private Equity, and Totte (Sanya), which entered the 10-billion-yuan tier for the first time. Jing’an Investment re-entered the 10-billion-yuan tier.

Xu Peng, General Manager of Beijing WoHu Private Fund Management Co., Ltd., told Securities Daily: “The rapid expansion of the 10-billion-yuan private equity camp is mainly driven by the enhanced profitability of the stock market this year, increased investment returns, and the influx of new subscription funds, which have promoted the rapid growth of private fund management scale.”

Li Chunyu, FOF fund manager at Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd., believes that the liquidity in the capital market remains ample, coupled with the transfer of household wealth into equity assets, bringing incremental funds for private fund development. Meanwhile, technologies such as AI have significantly improved the capacity and efficiency of quantitative strategies. Additionally, industrial upgrades have created market structural opportunities, helping private funds improve performance and expand management scale.

“As the Matthew effect in the private fund industry intensifies, capital is further concentrating into leading private institutions. The core of industry competition is shifting from scale expansion to quality and professional capability enhancement,” Li Chunyu said.

Among the 126 private equity funds exceeding 10 billion yuan, most focus on stock strategies, with 89 firms, accounting for 70.63%. Geographically, these funds are mainly concentrated in Shanghai, Beijing, and Shenzhen, with 59, 30, and 10 funds respectively, representing 46.83%, 23.81%, and 7.94%. In terms of performance, data from Private Equity Ranking Network shows that among 82 funds with performance data, the average return this year is 8.89%.

According to the China Securities Investment Fund Industry Association, as of the end of January 2026, there were 19,100 private fund managers in China, managing 139,200 funds with a total scale of 22.44 trillion yuan. This marks the fourth consecutive month of record-breaking total private fund scale: from 22.05 trillion yuan at the end of October 2025, to 22.09 trillion yuan at the end of November, 22.15 trillion yuan at the end of December, and 22.44 trillion yuan at the end of January 2026.

Private fund institutions are also actively engaging in self-investment. For example, on March 9, Shanghai Heyuan Fund announced that, based on positive long-term prospects for China’s capital market and confidence in its own investment management capabilities, the firm plans to invest 20 million yuan of its own funds to subscribe to its managed fund products, sharing risks and benefits with investors. Data from Private Equity Ranking Network shows that as of March 11, four private equity firms have announced self-investment this year, with a total amount of 44 million yuan.

Xu Peng stated, “These positive signals indicate that professional investment institutions remain optimistic about the future market. Although the market has experienced a year and a half of growth, we believe there are still many structural opportunities.”

Li Chunyu believes that, on one hand, this reflects private institutions’ recognition of the long-term value of the capital market and confidence in their own research and investment capabilities; on the other hand, the growth in private fund scale is directly driven by capital inflows resulting from market profitability, indicating that market logic is shifting from valuation repair to profit-driven growth validated by funds.

“In future development, private institutions need to adhere to compliance, operate规范, and continuously improve their professional and research capabilities to enhance their ability to generate excess returns,” Xu Peng concluded.

(Edited by Wen Jing)

Keywords: Private Equity Funds