私募迎分红潮：年内分红逾140亿元，八九月集中释放

Core Insights - The private equity sector has seen significant dividend distributions in 2023, with a total of 1,291 distributions amounting to 14.085 billion yuan in the first three quarters, indicating a marked increase in activity compared to the first half of the year [1][2] Group 1: Dividend Distribution Overview - A total of 1,038 private equity products distributed dividends, with the majority occurring in August and September, contrasting with just over 5.655 billion yuan in the first half of the year [1][2] - The average dividend payout ratio across all products was 27.59%, with stock strategy products leading with an average payout ratio of 31.80% and total dividends of 10.735 billion yuan, accounting for 76.22% of the total [2] Group 2: Performance by Strategy - Stock strategy products were the primary contributors to dividends, followed by multi-asset strategies with 190 distributions and 1.267 billion yuan in total dividends, representing 9% of the total [2] - Futures and derivatives strategies and bond strategies had similar total dividend amounts, with 933 million yuan and 880 million yuan respectively, but futures strategies had a higher average payout ratio of 23.18% compared to bonds at 13.45% [2] Group 3: Key Players in Dividend Distribution - Among the 22 private equity managers that distributed over 1 billion yuan, eight were from the 100 billion yuan scale category, with the leading firm, Dayou Investment, distributing 2.812 billion yuan [4] - Smaller private equity firms also participated, with notable distributions from firms managing less than 10 billion yuan, such as Yijiu (Hainan) Private Fund, which distributed 292 million yuan despite its smaller scale [4] Group 4: Factors Influencing Dividend Activity - The increase in dividend distributions is attributed to strong performance, management's intent to control product scale, and enhancing investor experience [3][5] - Dividends help mitigate the dilution of existing holders' returns due to rapid scale expansion and provide investors with a sense of security and trust [5]