Core Viewpoint - The private equity industry is at a significant turning point in 2025, with a shift from subjective strategies to quantitative strategies becoming the dominant force, alongside a notable increase in the number of firms managing over 500 billion yuan [1][2]. Group 1: Structural Changes - In 2025, the number of quantitative private equity firms surpassed subjective firms for the first time, marking a historic shift in the industry [2]. - By the end of 2025, the number of billion-yuan private equity managers rebounded to 112, close to the historical high of 117 in early 2022, with a total of nearly 19,000 products under management [2]. - As of January 23, 2026, the number of billion-yuan private equity firms reached 118, with 55 being quantitative, 48 subjective, and 12 mixed strategies [5]. Group 2: Performance and Trends - The average returns of billion-yuan quantitative private equity products showed positive growth in 2025, significantly outperforming subjective strategies [6]. - The rise of quantitative strategies is supported by improved market conditions, investor demand for stable returns, and advancements in technology [7]. Group 3: Head of the Pyramid - The first tier of private equity firms has expanded, with over 15 firms managing more than 500 billion yuan, including both quantitative and subjective strategies [8][11]. - The "billion" threshold remains, but its significance has changed, with top firms now requiring management capacities of 700 to 800 billion yuan to be considered competitive [11][12]. Group 4: Influx of Foreign and Insurance Capital - By early 2026, the number of billion-yuan foreign private equity firms increased to 2, and insurance capital firms to 3, indicating a shift in the competitive landscape [13][14]. - The entry of foreign and insurance capital is transforming the private equity ecosystem, moving from high volatility to a focus on long-term, stable returns [14]. Group 5: Future Outlook - The competition in the private equity industry is expected to evolve beyond mere scale, emphasizing the need for robust investment capabilities and diverse strategy systems [14]. - The transition to a quantitative-led era does not signify the end of subjective strategies but indicates a more rational and efficient market is forming [14].

值得关注的是，随着外资私募腾胜投资一举突破百亿大关，目前百亿外资私募数量增至2家，另一家百 亿外资私募则是桥水(中国)投资。 公开资料显示，腾胜投资成立于2018年11月11日，并于2019年09月11日完成备案登记，是一家以量化多 头和宏观策略为核心策略的主观+量化混合私募。 从策略类型来看，量化策略在百亿私募中占据主流。私募排排网数据显示，当前118家百亿私募中，量 化私募数量最多，达到55家，占比46.61%；主观策略私募有48家，占比40.68%；主观与量化混合策略 私募有12家，占比10.17%；另有3家险资私募尚未披露投资模式。 在此期间，百亿私募阵营内部出现明显调整。其中4家退出百亿行列，另有9家新晋或重返百亿阵营。值 得注意的是，百亿外资私募数量增至2家，百亿险资私募数量增至3家。 排排网旗下融智投资FOF基金经理李春瑜分析，此次扩容有四重驱动力，包括A股回暖带动行业吸引力 提升、AI技术赋能优化投资与风控、资金向头部私募集中的集聚效应，以及资金面与政策面双重支持 下头部私募新产品频现"秒罄"。 1月新增的9家百亿私募中，汐泰投资、洛书投资、展弘投资和遂玖私募4家此次属于重新回归，国源信 达、 ...

Core Insights - The number of billion-yuan private equity firms has increased to 96 by the end of September 2025, up from 91 at the end of August, with three new entrants [1] - The majority of these firms are adopting quantitative investment strategies, with 45 out of 96 firms (46.88%) classified as quantitative [1] - A significant trend among these firms is the globalization of their operations, with 65 firms (67.71%) holding a Hong Kong license [1] Investment Strategies - Among the billion-yuan private equity firms, 74 firms (77.08%) primarily employ stock strategies, while 12 firms (12.50%) use multi-asset strategies [2] - The remaining firms utilize bond strategies (6.25%) and futures/derivatives strategies (2.08%) [2] Performance Metrics - In the first three quarters of 2025, the average return for 62 billion-yuan private equity firms was 28.80%, with 61 firms achieving positive returns, resulting in a positive return rate of 98.39% [3] - The performance breakdown shows that 7 firms had returns within 10%, 9 firms between 10%-20%, 13 firms between 20%-30%, 18 firms between 30%-40%, and 14 firms exceeding 40% [4] Quantitative vs. Subjective Strategies - Quantitative private equity firms demonstrated superior performance, with an average return of 31.90% compared to 24.56% for subjective firms, marking a difference of 7.34% [5] - Among the top-performing firms, 24 out of 32 firms with returns over 30% were quantitative, highlighting their dominance in the high-return segment [5] Market Conditions - The A-share market has shown a "wide fluctuation and style rotation" pattern, with small-cap indices performing notably well, creating structural opportunities [4] - The liquidity in the market remains robust, with daily trading volumes consistently exceeding 1 trillion yuan, facilitating various investment strategies [4]