百亿私募大洗牌：近两成换了“新面孔”，量化占比反超主观

Group 1 - The core viewpoint of the article highlights a significant reshuffling within the billion-yuan private equity sector, with a notable increase in quantitative private equity firms and a decline in subjective ones [1][6][11] - As of July 23, the number of billion-yuan private equity firms stands at 91, with 16 firms dropping out and 19 new entrants, indicating that nearly 20% of the members are new faces compared to the beginning of the year [1][4] - Among the 91 billion-yuan private equity firms, 42 are quantitative, 40 are subjective, and 8 are a combination of both, reflecting a trend of "quantitative explosion and subjective decline" [1][4] Group 2 - Notable firms that have dropped below the billion-yuan threshold include He Yuan Private Equity and Yi Cun Investment, with the latter recently rebranded as "Shanghai Chengyi Private Equity" [4][5] - The article lists several firms that have successfully crossed the billion-yuan mark this year, including Shanghai Dapu Investment and Rido Investment, among others [4][8] - The performance of some firms, such as He Yuan Private Equity, has been underwhelming, with certain products experiencing cumulative losses exceeding 22% [5][6] Group 3 - The article notes that 12 subjective private equity firms have fallen below the billion-yuan scale this year, while 7 have successfully entered the billion-yuan club, resulting in a net decrease of 5 firms in this category [7][11] - In contrast, the quantitative private equity sector has seen a net increase of 10 firms reaching the billion-yuan scale, with 11 firms raising their management scale to over 100 billion yuan [6][10] - The average return for subjective long-only products in the first half of the year was 11.57%, while quantitative long-only products achieved an average return of 17.54% [11]