Core Viewpoint - The performance of private equity funds has been significantly impacted by tariff shocks, leading to a general decline in returns for April, although recent market recovery has shown signs of stabilization in net asset values and management scales, particularly among large private equity firms [1][2][7]. Group 1: Performance Overview - In April, only 20 out of 100 leading long-only private equity products achieved positive returns, indicating that over 80% of products experienced losses [2][3]. - Among large private equity firms, the average return for 49 firms with performance data was -0.46%, with only 34.69% achieving positive returns [5]. - The top-performing large private equity firms included Honghu Private Equity, Evolution Asset, and Lery Asset, while some firms faced losses exceeding 10% [3][5]. Group 2: Strategy Performance - Quantitative strategies among leading private equity firms performed poorly, with only 10% of products yielding positive returns, while market-neutral and quantitative CTA strategies showed better performance [4]. - Mixed strategy large private equity firms outperformed others, with an average return of 0.04%, while subjective long-only strategies suffered the most with an average return of -1.24% [5]. Group 3: Market Dynamics - The number of large private equity managers has increased to 87, up from 84 in March, indicating a slight expansion in the sector [2][8]. - The competitive landscape is intensifying, with a notable increase in the proportion of quantitative large private equity firms, which now account for 43.68% of the total, reflecting a shift in market dynamics [12]. Group 4: New Entrants and Exits - Four large private equity firms exited the billion-dollar club, while seven new or returning firms joined, including Shanghai RuiLiang and Zhuhai Kuande, with a focus on quantitative strategies [9][10]. - The majority of new entrants are quantitative firms, while subjective firms still dominate the large private equity landscape [11].