Core Viewpoint - The article discusses the recent rumors regarding "closure" and product dividends from the quantitative private equity firm Kuande Investment, clarifying that there is no unified "closure" plan at the company level, but rather adjustments in fundraising pace to better match strategy capacity and enhance investor experience [1][3]. Group 1: Kuande Investment's Response - Kuande Investment addressed media reports about a potential "closure" on June 30, stating that the adjustments in fundraising are aimed at improving strategy capacity and ensuring a good experience for investors [3]. - The company emphasized that it will cautiously advance the subsequent opening of products while controlling the scale of similar strategies [3]. Group 2: Industry Trends - Several private equity firms have announced partial product "closures," indicating a trend in the industry [6]. - For instance, Yanfeng Investment plans to close new customer subscriptions for certain products starting July 1, while existing investors can still add funds [7]. - The trend of "closure" among top private equity firms is driven by the need to prioritize investor interests and manage product performance effectively [9]. Group 3: Driving Forces Behind the Closure Trend - The article identifies three main driving forces behind the trend of closures among top private equity firms: 1. Strategy capacity and diminishing returns issues, where the "scale curse" becomes evident post-regulation changes, particularly in quantitative strategies [11]. 2. A shift from "scale worship" to "performance supremacy," where firms prioritize maintaining performance over merely increasing scale [12]. 3. Structural market conditions that create pressure on strategy adaptation, particularly in sectors like technology, where high trading activity contrasts with limited liquidity in quality stocks [12].

【导读】量化巨头宽德投资发文说明：目前并无统一"封盘"计划，分红系常规操作 中国基金报记者 吴君 就市场传出"封盘"和产品分红的消息，6月22日沪上量化私募龙头宽德投资发布了相关说明。 校对：乔伊 此前，有媒体报道称，据渠道人士透露，宽德投资将在6月30日全渠道进行"封盘"；近期宽德 投资对旗下部分产品进行分红，单位净值归"1"。 宽德投资还透露，未来公司将持续推出契合不同投资者需求的新型策略产品，更好地服务自 然人与机构客户在多样化资产配置中的长期目标。 资料显示，宽德投资旗下有两个私募证券投资基金管理人主体，分别是珠海宽德私募基金管 理有限公司、上海宽德私募基金管理中心（有限合伙），均成立于2014年下半年，目前规模 都超过了100亿元。目前，上海宽德旗下备案私募产品有494只，其中今年以来备案的有79 只；珠海宽德旗下备案的私募产品有122只，其中今年以来备案的有5只。 值得注意的是，近期多家知名私募宣布"封盘"旗下部分产品。 5月30日，百亿元级主观私募睿郡资产发布公告称，本着业绩优先、适度控制规模的原则，公 司董承非管理的产品自2025年6月8日起暂停接受新客户申购申请，恢复申购的时间将另行通 知。 ...

Group 1 - Several leading private equity firms have voluntarily suspended new client subscriptions, indicating a significant market trend [1][3] - On June 16, a quantitative private equity firm announced the closure of new client subscriptions for specific index-enhanced products starting July 1, while existing investors can still add funds [1] - Another firm announced on May 30 that it would pause new client subscriptions for a specific product, with the resumption date to be announced later, while existing clients remain unaffected [3] Group 2 - The private equity market has shown signs of recovery, as many firms are proactively closing subscriptions during a hot issuance phase to protect investor interests and manage strategy capacity [3] - As of the end of May, there were 12,843 private equity securities investment funds with an average return of 4.34% this year, with stock strategy products leading at an average return of 4.81% [3] - Quantitative long strategy products have performed exceptionally well, with an average return of 8.46% and 86.62% of products achieving positive returns [3]