百亿私募数量增至108家，量化成为新晋主力

Core Insights - The number of billion-dollar private equity firms has increased to 108 as of October 28, 2025, up from 96 at the end of September 2025 and 91 at the end of 2024 [1][2] - Quantitative private equity firms have emerged as the main contributors, with 13 new firms entering the billion-dollar category, of which 8 are quantitative and 4 are subjective [1][2] - Overall performance of billion-dollar private equity firms has been strong, with an average return of 30.49% for 70 firms that reported performance, and 98.57% of these firms achieving positive returns [3][4] Summary by Category New Billion-Dollar Private Equity Firms - As of October 28, 2025, 13 new firms have entered the billion-dollar category, with 8 being quantitative and 4 subjective [1] - Notable new entrants include 喜岳投资, 平方和投资, 上海孝庸私募, 大道投资, 超量子基金, and 诚肠投资 [3] Performance Metrics - Among the 70 billion-dollar private equity firms with reported performance, 69 achieved positive returns, with 8 firms returning less than 10%, 22 firms between 10% and 29.99%, 35 firms between 30% and 49.99%, and 4 firms exceeding 60% [3][4] Factors Driving Growth in Quantitative Private Equity - Strong performance and risk-return characteristics of quantitative strategies are attracting investor interest, especially during market volatility [4] - Quantitative firms have a strong willingness to collaborate with brokers, enhancing liquidity and commission revenue, which supports their growth [4] - Increasing acceptance of index-enhanced products among investors aligns with the capabilities of quantitative private equity to generate excess returns [4]