9月新增5家百亿私募，前三季度百亿私募整体收益近30%

Core Insights - The number of billion-yuan private equity firms has increased to 96 as of September 30, 2025, up from 91 in August, with three new entrants and two returning firms [1][2] - Quantitative private equity firms have shown strong performance, benefiting from market conditions that favor their strategies, with an average return of 31.90% for 38 firms compared to 24.56% for subjective firms [3][4] Private Equity Firm Composition - Among the 96 billion-yuan private equity firms, 45 are quantitative (46.88%), 42 are subjective (43.75%), 7 are mixed (7.29%), and 2 have undisclosed investment models [2] - A significant trend is the global expansion of these firms, with 65 holding a Hong Kong license, representing 67.71% of the total [2] Performance Metrics - The average return for 62 billion-yuan private equity firms in the first three quarters of 2025 was 28.80%, with 98.39% achieving positive returns [3] - Among the firms with positive returns, 14 exceeded 40%, with notable performers including Reswin Asset, Lingjun Investment, and others [3][4] Strategy Analysis - The core strategy for 74 of the billion-yuan private equity firms is stock strategy (77.08%), followed by multi-asset strategy (12.50%) and bond strategy (6.25%) [2] - Quantitative firms dominate high-return categories, with 24 out of 32 firms achieving returns over 30% [4]