私募业重回“双百”时代！百亿阵营格局大变，行业头部化加速

Core Insights - The private equity fund industry is experiencing a resurgence, with the number of private equity funds exceeding 100 for the first time in over a year, reaching 101 as of October 22, 2025, driven by a strong A-share market and rising investor confidence in top-performing funds [1][5][4] Group 1: Market Dynamics - The number of private equity funds with over 10 billion yuan in assets has increased from 91 in late August to 101 by October, indicating a significant recovery in the market [1][5] - The rise of quantitative private equity funds is notable, with their numbers increasing to 47, making up 46.53% of the "billion club," surpassing subjective funds [6][8] - The private equity industry is witnessing a trend of consolidation, with resources increasingly flowing towards high-performing funds, leading to accelerated competition and a "survival of the fittest" scenario [11][8] Group 2: Historical Context - The private equity sector entered a "double hundred" era in late 2021 when the number of funds exceeding 10 billion yuan first surpassed 100, but faced a decline in 2024 due to a prolonged market downturn [3][2] - The number of billion-yuan private equity funds dropped to 80 in August 2024, highlighting the industry's volatility and the challenges faced by many funds [3] Group 3: Performance and Strategy - The recent market rally has allowed subjective strategy funds to regain traction, with 6 out of the 10 newly added funds in October being subjective strategy funds, indicating a shift in investor preferences [6][5] - The total assets under management for quantitative private equity funds have seen a significant increase, with the total estimated at 1.3 trillion yuan, reflecting a growth of over 200 billion yuan from the previous quarter [10][9]