百亿私募，突破100家！

Core Insights - The number of private equity firms with over 10 billion yuan in assets has surpassed 100, marking a significant milestone in the industry, with a total of 100 firms as of October 22, 2025, an increase of 4 from the end of September [4][5] - Quantitative and subjective private equity firms dominate the market, collectively accounting for 90% of the total, indicating a solidified "dual giant" structure in the industry [5][6] Private Equity Growth - The increase in the number of billion-yuan private equity firms is attributed to the stabilization of the A-share market, which has led to improved performance and scale of private equity products [6] - Investors are increasingly recognizing leading private equity firms, resulting in a concentration of funds towards those with stable performance and mature strategies [6] Investment Strategy Distribution - Among the 100 billion-yuan private equity firms, 46 are quantitative, 44 are subjective, 8 employ mixed strategies, and 2 have undisclosed investment models [5] - Stock strategies remain the dominant core strategy, with 76 firms (76%) focusing on this approach, while multi-asset strategies account for 13 firms and bond strategies for 6 [8][9] Market Dynamics - The current market environment favors subjective strategies due to their flexibility in adjusting positions based on macroeconomic conditions and policy changes, which is crucial for navigating market volatility [6] - The rise in multi-asset strategies reflects an increasing demand for risk diversification, as institutions seek balanced returns amid rapid market style rotations [9]