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].