爆款频现，私募发行迎“开门红”！百亿阵营加速洗牌

Core Viewpoint - The private equity market is experiencing a significant resurgence at the beginning of 2026, with a notable increase in fundraising activities and the emergence of "explosive" products [1][3]. Fundraising Activities - A series of products from Chengqi Asset raised a total of 1.647 billion yuan, with all channels fully subscribed [2][3]. - Shanghai Fusheng Asset completed a 1 billion yuan fundraising in a single day, indicating a strong return of confidence in active equity strategies [4][5]. Market Dynamics - The number of billion-yuan private equity firms has reached 114, reflecting a slight increase from the end of 2025, with ongoing structural changes within the industry [2][9]. - The fundraising surge is attributed to a positive feedback loop of market recovery, net value restoration, and increased issuance activity [7]. Investor Behavior - The shift in investor structure, with a higher proportion of funds from private banks and institutions, indicates a longer investment duration and lower tolerance for drawdowns [8]. - The ability of private equity managers to deliver excess returns amid rapid scale expansion will be crucial for assessing their long-term investment capabilities [8]. Industry Structure - The quantitative private equity sector remains dominant, with 55 out of 114 billion-yuan firms classified as quantitative, accounting for 48.25% of the total [10]. - The entry of insurance capital into the private equity sector is driven by the search for low-volatility, long-duration investment tools in a low-interest-rate environment [10].