Core Insights - The private equity fund management scale in China has reached a historical high of 22.05 trillion yuan by the end of October 2025, marking a significant increase from previous months and indicating a structural transformation within the industry [1][2]. Fund Management Scale - As of October 2025, the number of newly registered private funds was 1,389, with a new registration scale of 670.10 billion yuan. The total number of existing private funds reached 137,905, with a total scale of 22.05 trillion yuan, surpassing the previous high of 20.82 trillion yuan in July 2023 [2][1]. Structural Changes in the Industry - The number of private fund managers has decreased from 21,996 in July 2023 to 19,367 by October 2025, indicating a trend of consolidation and increased concentration in the industry. This is attributed to heightened regulatory compliance costs and the exit of smaller firms lacking competitive advantages [3][4]. Growth of Securities Private Funds - The scale of securities private funds has seen significant growth, with an increase of 1.13 trillion yuan since July 2023, while private equity funds saw a slight decrease. By October 2025, the scale of securities private funds reached 7.01 trillion yuan, marking a notable milestone [4][5]. Competitive Landscape - The industry is shifting from a focus on scale to a focus on capability, with an emphasis on investment research, risk management, and differentiated services. The competition is expected to intensify as firms strive to enhance their comprehensive service capabilities [6][7]. Future Outlook - The private equity industry is anticipated to benefit from increased allocation of risk assets by domestic residents, driven by declining deposit yields. Regulatory measures are expected to enhance investor trust and support the long-term growth of the private equity sector [6][7].