百亿证券类私募再扩容：5家首次进入榜单，外资系增至2家

Core Insights - The number of billion-yuan private equity firms in China has reached 118 as of January 26, 2026, marking a net increase of 5 firms since the end of 2025, indicating industry expansion [2] - Notably, 4 firms exited the billion-yuan category while 9 firms either returned or newly entered, with the number of foreign billion-yuan private equity firms increasing to 2 and insurance capital private equity firms to 3 [2] - The expansion is driven by several factors, including the recovery of the A-share market, AI technology enhancing investment and risk control, a concentration of funds towards leading private equity firms, and dual support from funding and policy [2] Industry Composition - Among the 118 billion-yuan private equity firms, quantitative strategies dominate with 55 firms, accounting for 46.61%, while subjective strategy firms number 48, making up 40.68%, and mixed strategy firms total 12, representing 10.17% [3] - In January, the 9 newly added billion-yuan private equity firms included 4 subjective firms, 2 quantitative firms, and 2 mixed strategy firms, with one firm yet to disclose its investment model [3]