10年来2.4万家私募注销

Core Viewpoint - The private equity industry in China is undergoing a significant cleansing process, transitioning from a phase of rapid growth to a more regulated and mature stage, with a focus on compliance and operational efficiency [1][6][10]. Group 1: Industry Overview - Over 24,171 private fund managers have been deregistered in the past decade, with more than 1,000 deregistrations occurring in 2023 alone, indicating a trend of industry consolidation [3][4][6]. - As of October 2025, there are 19,614 active private fund managers, with a notable decline in numbers since 2015, when the industry saw only 51 deregistrations [3][4][6]. Group 2: Deregistration Waves - The first wave of deregistration began in 2016, driven by the "empty shell" private equity cleanup, which resulted in a dramatic increase in deregistrations from 51 in 2015 to 11,249 in 2016 [6][7]. - The second wave started in 2022, with 2,210 deregistrations, and peaked in 2023 with 2,537, reflecting ongoing pressures from market conditions and regulatory scrutiny [7][10]. Group 3: Regulatory Changes - New regulations implemented on May 1, 2023, have significantly raised the entry barriers for private equity firms, requiring a minimum initial fundraising of 10 million yuan (approximately 1.4 million USD) and maintaining an average asset level of 10 million yuan throughout the year [8][10]. - The regulatory environment has shifted from a one-time cleanup to a continuous process of monitoring and deregistration, targeting non-compliant and inactive firms [11]. Group 4: Survival Strategies - Private equity firms are focusing on three main areas for survival: achieving sustainable performance, securing funding, and maintaining compliance with regulatory standards [12][14]. - The industry is expected to see a continued trend of consolidation, with larger firms gaining market share while smaller firms struggle to survive [13][14].