内地私募出海加速！持香港9号牌数突破百家，头部私募成布局主力

Core Insights - The private equity industry in China is undergoing a significant transformation, with leading firms accelerating their international expansion efforts, as evidenced by the approval of 10 new firms for Hong Kong's 9 license, bringing the total to 107 licensed firms [1][2]. Group 1: Industry Overview - As of November 26, 2023, the number of licensed private equity firms in China has surpassed 100 for the first time, indicating a shift from a trial phase to a new cycle of global competition [1]. - Among the licensed firms, subjective private equity firms dominate with 69 firms, followed by quantitative firms with 28, and mixed strategy firms with 10 [5]. Group 2: New Entrants and Market Structure - The newly approved firms include an equal number of subjective and quantitative private equity firms, with a clear tiered structure in terms of management scale [3]. - In the existing 107 licensed firms, large-scale private equity firms (over 10 billion) hold a significant market share, with 35 firms managing over 100 billion, accounting for nearly 50% of the total [3][4]. Group 3: Drivers of International Expansion - Key factors driving the internationalization of leading private equity firms include the high initial costs of compliance and market entry, a strong client base with global asset allocation needs, and accumulated compliance advantages [4]. - The global market offers diverse asset classes and financial instruments, which support private equity firms in expanding their investment strategies and identifying differentiated return opportunities [8]. Group 4: Future Outlook - The trend of private equity firms seeking global expansion is expected to continue, with industry experts predicting a new wave of growth in cross-border business over the next 3 to 5 years [8].