绩优产品相继封盘私募发行市场冷热不均

Core Viewpoint - The private equity market in China is experiencing a mixed trend, with some firms closing new subscriptions while others continue to face fundraising challenges. Notably, quantitative private equity firms are performing better than subjective ones in terms of fundraising and product sales [1][4][5]. Group 1: Fundraising Trends - Quantitative private equity firm Yuanfu Investment announced plans to close new subscriptions for certain index-enhanced products starting July 1, citing strategic business development and investor interest considerations [1]. - Another quantitative firm, Kuande Investment, is set to close all channels for new subscriptions on June 30, reflecting a broader trend of fundraising challenges faced by many private equity firms [2]. - Subjective private equity firm Ruijun Asset also announced a suspension of new client subscriptions for products managed by its star fund manager, effective June 8, while existing investors can still add funds [3]. Group 2: Performance Metrics - Yuanfu Investment, founded in July 2019, has seen rapid growth, surpassing 700 billion in assets under management, with an average return of over 27% in the past year [2]. - Kuande Investment has gained significant market attention due to its strong performance in recent years, contributing to its decision to close new subscriptions [2]. - Public quantitative products are also facing subscription limits, with Guojin Fund implementing a cap on large inflows to protect investor interests, reflecting a similar trend in the public fund space [3]. Group 3: Market Dynamics - The private equity market is characterized by a disparity in fundraising success, with only a few top-performing firms experiencing significant inflows, while many others struggle to attract capital [5]. - Despite a favorable macroeconomic environment, subjective private equity firms are not able to replicate the fundraising successes seen in previous years, indicating a shift in investor preferences towards quantitative strategies [4][5]. - Some subjective private equity firms have reported net redemption pressures due to previous underperformance, further complicating their fundraising efforts [5].