22.15万亿元，再创新高！

Core Insights - The private equity fund management scale has reached a historical high of 22.15 trillion yuan, marking a growth of 60 billion yuan compared to the end of November 2025 [2][4]. Group 1: Fund Management Scale and Growth - As of the end of December 2025, the number of active private fund managers is 19,231, managing a total of 138,315 funds [2][4]. - The private securities investment funds account for 80,390 funds with a total scale of 7.08 trillion yuan, while private equity and venture capital funds consist of 29,820 and 27,342 funds, with scales of 11.19 trillion yuan and 3.58 trillion yuan respectively [4]. - The overall private fund industry has maintained stable growth throughout the year, with a significant monthly increase of 1.31 trillion yuan in October 2025 [4]. Group 2: Regulatory Environment and Industry Dynamics - The number of private fund managers has decreased by 1,058 compared to the beginning of the year, indicating an accelerated industry consolidation and a focus on "supporting the strong and eliminating the weak" in regulatory practices [4][7]. - In December 2025, 2,087 new private funds were registered, with a total new registration scale of 989 billion yuan [5][6]. - The association continues to enhance the integrity information recording mechanism for the private fund industry to promote compliance and healthy development [7]. Group 3: Regional Distribution of Fund Management - Shanghai leads the nation in both the number of registered private fund managers and the scale of managed funds, with 3,629 managers and a total scale of 59.63 trillion yuan [9][10]. - The top six regions in terms of fund management scale account for 75.76% of the total, with Beijing and Shenzhen following Shanghai [9][11]. - The distribution of registered private fund managers is concentrated in major cities such as Beijing, Shenzhen, and Zhejiang, which collectively account for 72.39% of the total [9].