第二家外资百亿私募“崛起”：从桥水独舞到双雄竞技

Core Viewpoint - The private equity market is entering a quieter phase at the end of the year, but an unexpected fundraising action from a top foreign private equity firm signals unusual activity in the market [1] Fundraising Activity - On December 15, foreign private equity firm Tengsheng Investment launched a new round of fundraising in the mainland market, with participation from leading brokerage channels such as CITIC Securities and CICC Wealth [1] - This fundraising effort follows Tengsheng's previous product issuance that began in early November, indicating a concentrated fundraising action [1] Product Strategy - The products being raised by Tengsheng Investment primarily focus on the CSI 500 Index enhancement strategy, with a small allocation to commodity futures CTA strategies [2] - This combination suggests a more conservative approach, where the index serves as the main driver of returns while the CTA strategy aims to smooth out profits [2] Company Background - Tengsheng Investment was established in November 2018 as a wholly foreign-owned private securities manager in mainland China, representing the onshore implementation of its parent company Two Sigma's quantitative strategies [4] - Two Sigma is recognized as a core player in the global quantitative hedge fund space, managing assets in the hundreds of billions of dollars [5] Management Changes - Two Sigma has faced internal governance issues in recent years, leading to regulatory scrutiny and management adjustments, particularly among its founding members [6] - Carissa L Xu, the legal representative and general manager of Tengsheng Investment, has a diverse background in both Chinese and international financial systems [6] Asset Management Scale - Tengsheng Investment's asset management scale is reported to be in the range of 50 to 100 billion RMB, but recent information suggests it has crossed the 100 billion RMB mark, making it the second-largest foreign private equity firm in mainland China, after Bridgewater [8][10] - The firm’s scale has increased significantly from a previous estimate of 10 to 20 billion RMB in June 2021, indicating a substantial growth trajectory [9][10] Market Adaptation - Tengsheng Investment has undergone a strategic adjustment in its product offerings, moving away from a singular focus to a more diversified approach that aligns with local market conditions [12][16] - The firm has previously launched three private securities investment funds, with its first product being a multi-asset strategy that was later liquidated, reflecting the challenges of competing in the local market [14][15] - The shift back to an index enhancement framework for new products indicates a strategic alignment with the competitive landscape of China's quantitative private equity sector [16]