113家！百亿私募阵营破百 量化私募首超主观

Core Insights - The number of domestic private equity firms with assets exceeding 10 billion yuan has reached a historic high of 113, marking an increase of 17 firms in October alone, with quantitative private equity leading the expansion [1][2] - The internal structure of the 10 billion private equity sector is changing, with quantitative firms now numbering 55, surpassing the 47 subjective firms, indicating a shift in market dynamics [2][3] Growth Factors - The concentration of industry resources towards leading firms is a consensus, with large private equity firms attracting more capital due to their comprehensive advantages in research and risk control [2][3] - The overall strong performance of the stock market, with major indices surpassing 4000 points, has led to increased capital inflow into the private equity sector, particularly favoring high-performing quantitative firms [3][4] - The private equity industry has shown impressive overall performance, with most firms achieving positive returns, further boosting investor confidence in allocating assets to private equity [3][4] - Enhanced regulatory environments have improved operational transparency for private equity firms, increasing investor trust and facilitating rapid expansion for leading firms [3][8] Performance Analysis - As of October 31, 2025, the average return for 74 billion private equity firms with performance records has reached 29.57%, with 97.30% of these firms reporting positive returns [4][5] - Among the 45 billion quantitative private equity firms, the average return is 32.88%, significantly outperforming the 25.12% average return of 23 subjective firms [5][6] Market Dynamics - The rise of quantitative private equity raises questions about the future of traditional subjective investing, with concerns about strategy capacity and market style shifts becoming prominent [7][9] - Despite the current dominance of quantitative strategies, subjective investing retains its core competitive advantages in understanding macro trends and long-term value extraction [7][9] - The future of the private equity industry is expected to be characterized by diversification, with different investment models coexisting and complementing each other [7][9]