2025年Q1新备案1023只私募股权类基金；86家上市公司LP参与出资新基金丨睿兽分析基金季报

Core Insights - The article discusses the trends and statistics of private equity fund managers and funds in China for Q1 2025, highlighting a decline in the number of new registrations and a significant increase in total subscribed capital due to a few large funds [3][4][9]. Group 1: Private Equity Fund Managers - In Q1 2025, 21 new private equity fund managers were registered, bringing the total to 12,229 [3][4]. - Among the registered managers, 1,894 are private equity and venture capital fund managers, while 191 are other private investment fund managers [4]. - The majority of new fund managers are located in Zhejiang, Beijing, and Shanghai, with Zhejiang leading in new registrations [7][13]. Group 2: Fund Registration Trends - A total of 1,023 new private equity funds were registered in Q1 2025, continuing a downward trend [9][10]. - The total subscribed capital for these funds reached 778.03 billion RMB, significantly boosted by a few large funds [9][13]. - Government-guided funds accounted for the largest subscribed capital, totaling 374.06 billion RMB [3]. Group 3: Geographic Distribution - Zhejiang, Jiangsu, and Guangdong each saw over 100 new fund registrations, with Zhejiang alone accounting for nearly 200 [13][15]. - Beijing dropped out of the top ten regions for new fund registrations, ranking 13th with only 21 new funds [13][15]. - The top three cities for capital attraction were Beijing, Shanghai, and Guangzhou, with Beijing leading in total subscribed capital due to several large funds [15][17]. Group 4: Institutional Participation - A total of 774 institutions registered new private equity funds, with a 12.5% increase in institutional participation compared to the previous quarter, but an 18.53% decrease year-on-year [19]. - State-owned enterprises (SOEs) dominated the limited partner (LP) landscape, with 902 SOEs participating and accounting for 90.57% of the total subscribed capital [3][19]. - The most active LPs included corporate investors, government funds, and venture capital/private equity firms, with corporate investors contributing 108.03 billion RMB [21][23].