Core Insights - The article discusses the emergence of "quasi-billion" private equity firms in China, defined as those managing between 5 billion to 10 billion yuan, highlighting their potential to transition into top-tier institutions in the future [3] Group 1: Overview of Quasi-Billion Private Equity Firms - As of December 2025, there are 122 quasi-billion private equity firms in China, up from 110 in Q3 2025 [3] - Among these firms, 66 are subjective, 35 are quantitative, and 18 employ a combination of both investment strategies [3] - The distribution of core strategies shows that 69 firms focus on stock strategies, 10 on bond strategies, 19 on multi-asset strategies, and 10 on futures and derivatives strategies [3] - The majority of these firms are located in Shanghai (54), followed by Beijing (29) and Shenzhen (16) [3] Group 2: Performance of Quasi-Billion Private Equity Firms - In 2025, the average return for 376 products under quasi-billion private equity firms was 29.44%, with 92.02% of products yielding positive returns [5] - The top ten performing quasi-billion private equity firms in 2025 include 盛麒资产, 云起量化, 喜世润投资, and others [5] Group 3: Top Performing Products - The average return for subjective long-only products was 36.28%, with 喜世润投资's product leading the performance [8] - For quantitative long-only products, the average return was 48.95%, significantly outperforming subjective strategies [11] - The top three products in the quantitative long-only category were from 量魁私募, 上海合骥私募, and 安子基金 [11] Group 4: CTA Strategies - The average return for CTA strategy products was 16.65%, with 会世私募, 宏锡基金, and 洛书投资 leading the performance [14] - The only subjective CTA product listed was 嘉鸿基金's product, which also performed well [16] Group 5: Market Neutral Strategies - The average return for market-neutral products was 8.23%, with 量魁私募 and 念空私募 among the top performers [17] Group 6: Multi-Asset Strategies - The average return for multi-asset strategy products was 17.58%, with 喜世润投资 and 洛书投资 leading the performance [21]

Core Insights - The private equity registration in China has shown a significant decline over the past two years, with a total of 116 new registrations in the first three quarters of 2024, compared to 381 in the same period of 2023 and 1020 in 2022, indicating a shift from rapid expansion to a phase of strict control and quality improvement in the industry [3][4] Group 1: Private Equity Registration Trends - In September 2024, 14 new private equity institutions were registered, with 10 being securities-related and 4 equity-related, marking a month where securities registrations exceeded equity [1] - The total number of new private equity registrations in the first three quarters of 2024 was 116, comprising 44 securities and 72 equity, reflecting a slight increase from 111 in the same period of 2023 but a significant drop from previous years [3] - The decline in private equity registrations is attributed to regulatory policies and market conditions, indicating that the industry has moved away from a high-growth phase to a more controlled and optimized environment [3] Group 2: Product Registration and Market Dynamics - In September, 652 private equity firms registered 1028 new products, with stock strategy products accounting for over 60% of the total, and quantitative products making up 35.41% of the new registrations [4] - The number of quantitative long products registered in September was the highest, with 166 products, while stock market neutral and quantitative CTA products had 69 and 45 registrations, respectively [4] - Despite an increase in quantitative product registrations earlier in the year, there was a decline in September, suggesting a temporary adjustment in market conditions and risk appetite, while the long-term outlook for excess returns in the A-share market remains positive [4]