本报记者 昌校宇 方凌晨 投中研究院研究团队对《证券日报》记者表示："整体来看，VC/PE投资市场呈现'波动中上升'的温和复苏态势，年内投资 规模与案例数量均高于2024年同期水平。" 从披露金额的案例规模量级来看，千万元级别交易占据市场大多份额，小额交易及5亿元以上大额交易数量同比显著提 升。 11月27日晚间，中国证券投资基金业协会发布2025年10月份《私募基金管理人登记及产品备案月报》显示，截至10月末， 存续私募基金规模达22.05万亿元，较9月末增加1.31万亿元，创下历史新高。 在规模持续增长的同时，私募基金行业生态和竞争格局也在悄然生变。李春瑜认为，行业正从"量增"向"质升"转变，头部 化趋势加速。以私募证券基金为例，百亿元级私募机构数量大幅提升，量化私募成为头部阵营的重要力量，资源持续向优质机 构集中。中小机构面临更大竞争压力，未来需依靠差异化策略寻求突破。 10月份，私募证券投资基金和私募股权投资基金、创业投资基金（以下简称"私募股权、创投基金"，亦称"VC/PE"）在产 品数量和规模上均实现增长。 李春瑜分析称："近期市场行情向好，带动私募证券基金业绩整体回升，百亿元级私募机构旗下产品收 ...

Group 1 - The total scale of private equity funds in China reached 20.27 trillion yuan by the end of May 2025, marking a month-on-month increase of 0.25% and achieving positive growth for six consecutive months [1] - Private equity investment funds accounted for 54.2% of the total scale, with a size of 10.98 trillion yuan, while private securities investment funds and venture capital funds represented 27.3% and 16.8%, with sizes of 5.54 trillion yuan and 3.41 trillion yuan respectively [1] Group 2 - In May, the number of newly registered private fund managers decreased significantly, with only 4 new registrations compared to 16 in April, while 63 managers were deregistered, resulting in a net decrease of 59 managers [3] - As of the end of May, there were 19,832 active private fund managers managing a total of 140,870 funds, with private securities investment fund managers numbering 7,802 and private equity and venture capital fund managers totaling 11,835 [3] Group 3 - The number of newly registered private funds in May was 1,219, with a new registration scale of 607.26 billion yuan, indicating stable growth [4] - Among the new registrations, private securities investment funds accounted for 880 funds with a scale of 438.91 billion yuan, while private equity investment funds and venture capital funds had 125 and 214 new registrations, with scales of 67.07 billion yuan and 101.28 billion yuan respectively [4] Group 4 - The distribution of registered private fund managers is concentrated in major regions, with Shanghai, Beijing, and Shenzhen being the top three, accounting for 72.20% of the total [4] - The total scale of funds managed by the top six regions reached 75.06%, an increase from 75.02% in April, with Shanghai leading at 50,892.65 billion yuan, followed by Beijing at 47,034.42 billion yuan and Shenzhen at 19,704.47 billion yuan [4]

Core Insights - As of the end of May 2025, the total scale of private equity funds in China reached 20.27 trillion yuan, marking a month-on-month increase of 0.25% and achieving positive growth for six consecutive months [2][3] Group 1: Fund Management Overview - The private equity investment funds account for 10.98 trillion yuan, representing 54.2% of the total fund size [2] - Private securities investment funds have a scale of 5.54 trillion yuan, making up 27.3% [2] - Venture capital funds total 3.41 trillion yuan, which is 16.8% of the total [2] Group 2: Registration and Deregistration Trends - In May, there was a significant decrease in new registrations of private fund managers, with only 4 new registrations compared to 16 in April, indicating a "less increase, more decrease" trend [3] - A total of 63 private fund managers were deregistered, resulting in a net decrease of 59 managers, reflecting ongoing regulatory optimization in the industry [3] Group 3: Fund Manager Statistics - As of the end of May, there are 19,832 registered private fund managers managing a total of 140,870 funds [3] - The distribution of private fund managers is concentrated in major cities such as Shanghai, Beijing, and Shenzhen, which together account for 72.20% of the total [5] Group 4: Fund Registration Data - In May, 1,219 new private funds were registered, with a total new registration scale of 607.26 billion yuan [5] - The breakdown of new registrations includes 880 private securities investment funds (438.91 billion yuan), 125 private equity investment funds (67.07 billion yuan), and 214 venture capital funds (101.28 billion yuan) [5] Group 5: Regional Fund Management Scale - The top six regions for private fund management account for 75.06% of the total fund scale, showing an increase from 75.02% in April [5] - Shanghai leads with a fund scale of 50,892.65 billion yuan (25.11%), followed by Beijing with 47,034.42 billion yuan (23.21%), and Shenzhen with 19,704.47 billion yuan (9.72%) [5]