“每新增1家，就注销10家”！私募告别野蛮生长

Core Viewpoint - The private equity fund industry in China is undergoing a significant consolidation, with a total of 483 private fund managers being deregistered as of May 22, 2023, primarily due to stricter regulatory measures and the elimination of non-compliant institutions [1][2][4]. Group 1: Deregistration Statistics - As of May 22, 2023, 483 private fund managers have been deregistered this year, with the main reasons being "association deregistration" and "voluntary deregistration" [1][2]. - Among the deregistered, 255 were due to "association deregistration," 199 due to "voluntary deregistration," and 28 due to "12 months without management" [2][4]. - January 2023 saw the highest number of deregistrations, with 277 private fund managers exiting the market, followed by 24 in February, 75 in March, and 76 in April [4][5]. Group 2: Regulatory Environment - The China Securities Investment Fund Industry Association (CSRC) has intensified its regulatory oversight since 2023, leading to the removal of many non-compliant private fund managers [2][5]. - The current approval process for private fund managers is characterized by a "strict entry and lenient exit" approach, aimed at protecting investors by ensuring only qualified institutions remain in the market [6][8]. - The recent "Guiding Opinions" issued by the Supreme People's Court and the China Securities Regulatory Commission emphasize the need for stricter legal frameworks and penalties for misconduct within the private fund sector [7][8]. Group 3: Future Outlook - The private fund industry is transitioning from a phase of "wild growth" to one focused on high-quality development, with ongoing efforts to eliminate underperforming and non-compliant fund managers [8]. - The regulatory framework aims to ensure that only responsible fund managers who prioritize risk control and value creation for investors remain operational [8].