韦伯咨询：2025年中国私募股权行业专题调研与深度分析报告（摘要）

Core Insights - The fundraising ability of China's private equity industry is significantly influenced by policy direction and market conditions, with varying capabilities at different stages [1] Fund Size and Growth - From 2014 to 2018, the scale of private equity and venture capital funds in China experienced rapid growth, increasing from 909.83 billion yuan in 2014 to 6,898.77 billion yuan in 2018, a 7.5-fold increase with a compound annual growth rate of 75.90% [2] - Since the implementation of policies like the "Asset Management New Regulations," fundraising has faced challenges, with growth rates declining from 26.27% in 2018 to 2.12% in 2023, and entering negative territory in 2024 [2] - As of December 2024, the total scale of private equity and venture capital funds under management in China was 14,301.86 billion yuan, showing a slight decrease of 0.07% compared to the same period in 2023 [2] Fund Liquidation - In 2024, a total of 2,391 private equity and venture capital funds were liquidated, including 705 venture capital funds and 1,686 private equity funds [4] - From 2018 to the end of 2024, a total of 16,666 funds were liquidated, still below the total number of funds in existence in 2015, indicating a significant exit demand in the market [4] Fund Quantity Trends - The number of private equity funds has shown a declining growth trend, dropping from 142.52% in 2014 to 7.41% in 2023, with a total of 55,415 funds existing in 2024, reflecting insufficient fundraising momentum [6] New Fundraising Trends - The new fundraising scale has also seen a significant decline since 2018, with the total fundraising amount in 2024 being 269.01 billion yuan, a year-on-year decrease of 30.34% [8] - The average size of newly established funds has been decreasing, with 2024 seeing an average size of 0.62 billion yuan, influenced by the establishment of large government-guided funds [12] Fund Size Distribution - In 2024, over half of the newly established funds had a subscribed scale of less than 100 million yuan, with 54.21% of funds falling below this threshold [15] - Large-scale funds, although few in number, accounted for a significant portion of the total new fundraising scale, with funds over 10 billion yuan making up 17.08% of the total new fundraising amount [18]