一场私募业的“供给侧改革”

Core Viewpoint - The private equity industry in China is undergoing a significant transformation characterized by a "supply-side reform," leading to the exit of non-compliant firms and the emergence of high-quality private equity managers [1][5]. Group 1: Industry Changes - Over 1,000 private equity fund managers have been deregistered as of October 23 this year, with 493 opting for voluntary deregistration [2][3]. - The number of newly registered private equity fund managers reached a record high in September, with over 100 firms now managing assets exceeding 10 billion yuan [1][9]. - The industry is witnessing a positive cycle of survival of the fittest, allowing compliant and professional firms to thrive [1][5]. Group 2: Regulatory Actions - Regulatory bodies have intensified scrutiny, with nearly 300 disciplinary actions taken against non-compliant private equity firms this year [4][6]. - Specific cases of regulatory actions include the suspension of product registration for firms like Lupu Wealth due to significant compliance failures [4]. - The introduction of new regulations has raised compliance costs, prompting some firms to exit the market [3][7]. Group 3: Professionalization and Growth - The professional qualifications of new private equity managers have significantly improved compared to previous years, indicating a trend towards higher industry standards [8][10]. - The total number of private equity fund managers has decreased from 20,289 at the beginning of the year to 19,614, while the total assets under management have increased from 19.91 trillion yuan to 20.73 trillion yuan [9][10]. - The number of private equity firms managing over 10 billion yuan has surpassed 100, reflecting a growing trend towards consolidation and specialization within the industry [10].