市场回稳向好，2025年H1新增备案私募股权类基金2,237只，同比增加4.92%丨睿兽分析基金半年报

Core Insights - The private equity fund management industry in China is showing signs of recovery, with a total of 12,132 registered managers as of June 2025, despite a decrease in the number of active managers compared to previous years [4][18]. - A total of 2,237 new private equity funds were registered in the first half of 2025, with a disclosed subscription scale of 13,532.61 billion RMB, indicating a positive market trend [9][10]. - Institutional Limited Partners (LPs) dominate the funding landscape, contributing 97.9% of the total capital, with state-owned LPs accounting for over 80% of the funding [20][21]. Fund Management Insights - In the first half of 2025, 47 new private equity fund managers were registered, while the total number of existing managers decreased to 12,132 [4][18]. - The majority of new fund managers are concentrated in regions such as Shanghai, Jiangsu, and Beijing, with Zhejiang leading in the number of new registrations [7][13]. - The number of institutions participating in new fund registrations decreased by 2.7% year-on-year, with 1,404 institutions registering new funds [18]. Fund Registration Insights - The new private equity funds registered in the first half of 2025 are primarily led by entrepreneurial and equity investment funds, with small-scale funds making up nearly half of the total [9][10]. - The top three cities for new fund registrations by quantity are Jiaxing, Qingdao, and Suzhou, while Beijing, Shanghai, and Wuhan lead in terms of total capital raised [15][16]. - The total subscription scale of new funds in Beijing exceeded 3,263.51 billion RMB, making it the top city by fund size [14][15]. LP Participation Insights - Institutional LPs are the primary contributors to new fund registrations, with a significant portion of the funding coming from state-owned entities [20][21]. - In terms of participation, 12.54% of institutions registered three or more funds, while 70.01% registered only one fund [18][22]. - The most active LPs include various government and strategic investment funds, indicating a strong presence of public sector investment in the private equity landscape [23][25].