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 resurgence at the beginning of 2026, with a notable increase in fundraising activities and the emergence of "hot" products, indicating a positive shift in market sentiment [1][2]. Group 1: Fundraising Activities - In early 2026, private equity fundraising has accelerated, particularly for leading private equity products, with significant enthusiasm from distribution channels [3]. - The "Chengqi Xingtai Ruijin" series from Chengqi Asset raised a total of 1.647 billion yuan, with all six offerings sold out through Huatai Securities [3]. - Chengqi Asset's A500 index product also performed well, surpassing 600 million yuan in sales [4]. - Shanghai Fusheng Asset, a major subjective private equity firm, completed 1 billion yuan in fundraising in a single day, signaling a return of confidence in active equity strategies [5]. Group 2: Market Dynamics - The current fundraising boom is a reflection of a positive feedback loop characterized by market recovery, net value restoration, and rapid expansion of fundraising activities [7]. - The market environment is favorable due to indices operating at relatively high levels and the emergence of structural opportunities, which enhances the appeal of private equity products [7]. - The distribution channels, including securities firms and private banks, are actively promoting star private equity products, leading to quick sellouts [7]. Group 3: Industry Structure - The number of private equity firms managing over 10 billion yuan has reached 114, with a net increase of one firm since the end of 2025 [10]. - The industry is undergoing structural adjustments, with some firms exiting the 10 billion yuan club while others are entering or returning [10][11]. - Among the new entrants, two firms employ subjective strategies, while one has not disclosed its investment model [11]. Group 4: Strategy and Performance - Quantitative private equity remains the dominant force within the 10 billion yuan club, comprising 55 firms, which is 48.25% of the total [12]. - The overall strategy structure indicates a significant presence of subjective strategy private equity firms, which account for 40.35% of the total [12]. - The rapid expansion of fundraising poses challenges for private equity firms, particularly in managing asset allocation and maintaining performance amid market volatility [8].