以下文章来源于资事堂 ，作者资事堂 资事堂 . 华尔街见闻出品 作者崔峻阳 编辑袁畅 在私募行业，一家私募机构的创始人（或创始人团队）往往是整个组织的核心，支撑公司的发展和存续。 也因此，如果长期默契合作的核心团队突然"分家"，往往很突然，很剧烈，引发强烈不确定性和外界关注。 在一年多前的私募行业里，S私募（化名，后同）的"拆伙"是最让人牵动心思的。 当时，这家百亿级的机构以一则人事变动公告，一段"和平分手"的解释，配合相对克制的语言叙事，迅速安抚了此次事件的冲击力，相关主体在公司的强力宣 慰下，也迅速回归平静。 但随着时间的推移，新的说法开始沉渣泛起，悄然流传…… 不可忽视的"提前清盘" S私募作为业内的一线私募机构，在许多场合都享有他们的名气和声誉。 但恰如所有上了规模的量化机构一样，这些机构从组织架构到内部分工，从策略到投资体系都处于"黑匣子"，并没有太多讯息传来。 但它的核心"三人组"在2024年突然拆伙令人诧异，学历背景出众的创始人W悄然退出，但核心的Y和S仍然团队内继续管理，整个过程极为迅速，了无痕迹。 那么，该私募机构同时保留了很多产品又是什么意思？这期间还出现了创始人离场，又有什么关联么？ 但 ...

PE recruiting restarted after a months-long pause sparked by pressure from Wall Street banks. The pause meant candidates were sharper and more experienced, insiders said. The process's familiar chaos was back, with interviews starting at 7 a.m. stretching into the night. After a roughly six-month pause, private equity's on-cycle recruiting machine roared back to life last week. The process was just as frenzied, but recruiters said the extra time produced an unexpected upside: sharper, better-prepar ...

FOSTER CITY, Calif., Jan. 13, 2026 /PRNewswire/ -- Bertram Capital ("Bertram"), a middle market private equity firm, today announced the promotion of Chris Brown to Partner. Mr. Brown has been a member of Bertram's investment team since rejoining the firm in 2019, having previously served at Bertram from 2010 through 2015. He focuses on executing and managing investments within the firm's Industrials vertical. Continue Reading Bertram Capital Promotes Chris Brown to Partner Over the cours ...

近九成产品实现正收益 2025年私募证券产品业绩表现抢眼，有近九成的产品实现了正收益。私募排排网统计数据显示，全 市场有业绩记录的9934只私募证券产品中，8915只产品实现正收益，正收益占比达89.74%，平均收益 率为25.68%。 2025年私募证券行业增长迅速，不仅产品规模突破7万亿元，市场也迎来了备案热潮，全年备案产 品总量较2024年实现近一倍的增长，成为私募行业增长的核心引擎。与此同时，私募证券产品盈利能力 凸显，有近九成的产品取得了正收益。随着市场认可度的不断提升，行业将展现出更为稳健与可持续的 增长态势。 量化产品成为增长核心 私募排排网数据显示，截至2025年12月31日，全年共备案私募证券产品12645只，较2024年的6337 只环比增长99.54%。整体来看，股票策略依然是私募机构的首选方向。2025年备案股票策略私募产品 8328只，占全部备案产品的65.86%；多资产策略、期货及衍生品策略分别位列第二位和第三位，备案 数量为1806只和1274只，占比分别为14.28%和10.08%；债券策略和组合基金的备案数量分别为492只和 512只，占比分别为3.89%和4.05%。 值得 ...

Core Viewpoint - The private equity market in China is experiencing a strong start in 2026, highlighted by the rapid fundraising success of Shanghai Fusheng Asset, which raised 1 billion yuan in a single day for its actively managed stock private equity product, indicating a renewed interest in high-quality subjective private equity products among high-net-worth individuals [1][3]. Group 1: Market Performance and Trends - In 2025, the private equity sector saw significant performance improvements, with an average return of 32.66% across 5022 private equity securities investment funds, and a 95.02% positive return rate, marking the best annual performance in nearly five years [6]. - The average return for 71 billion-yuan private equity firms was 33.59%, with 98.59% achieving positive returns, showcasing the strong performance of leading firms in the market [6]. - The stock quantitative long strategy led the performance with an average return of 45.02%, significantly outperforming the subjective long strategy, which had an average return of 29.51% [7]. Group 2: Fundraising and Product Performance - Fusheng Asset's product, which achieved a return of 80.19% in 2025, reflects the strong demand for high-performing private equity products, with its other product, Fusheng Positive Energy No. 3, achieving a remarkable return of 668.7% since its inception in 2018 [2][3]. - The rapid fundraising success of Fusheng Asset is indicative of a broader trend where subjective private equity is regaining market favor after a period dominated by quantitative strategies [5]. Group 3: Market Environment and Capital Flow - The A-share market has shown strong performance at the beginning of 2026, with the Shanghai Composite Index reaching a ten-year high of 4121.7 points, reflecting a 7.7% increase since January 5 [4]. - The total margin financing balance exceeded 2.62 trillion yuan, marking a historical high, and the trading volume in the Shanghai and Shenzhen markets has consistently surpassed 1 trillion yuan [4]. - The private equity fundraising event is seen as a manifestation of the trend of household savings shifting towards capital markets, with an expectation of over 2 trillion yuan in new capital entering the A-share market in 2026 [4]. Group 4: Industry Growth and Strategy Diversification - The private equity industry in China has reached a record management scale of over 22 trillion yuan, with private equity securities investment funds growing to 7.01 trillion yuan, a significant increase of 34% from the previous year [8]. - The number of newly registered private equity securities investment funds exceeded 12,000 in 2025, with stock strategy funds making up 65.8% of the total, indicating a strong focus on this investment strategy [7].

Core Insights - The private equity market in China has started 2026 with a strong performance, highlighted by the rapid fundraising success of Shanghai Fusheng Asset, which raised 1 billion yuan in a single day for its actively managed stock private equity product, marking it as the first "daylight" private equity product of the year [1][3] - The overall performance of private equity funds in 2025 was exceptional, with an average return of 32.66% across 5022 funds, and a staggering 95.02% of these funds reported positive returns [6][8] - The trend indicates a shift in investor preference back towards subjective private equity strategies, as evidenced by the strong performance of Fusheng Asset and other leading firms, which have regained market favor after a period dominated by quantitative strategies [5][6] Fundraising and Market Dynamics - Fusheng Asset's product was sold out within seconds, reflecting a renewed interest from high-net-worth individuals in quality subjective private equity products amid a recovering equity market [1][3] - The Shanghai Composite Index has shown strong performance, reaching a ten-year high of 4121.7 points, contributing to increased market activity and investor confidence [4] - The total margin financing balance exceeded 2.62 trillion yuan, indicating heightened market liquidity and investor engagement [4] Performance Metrics - Fusheng Asset's flagship products have demonstrated remarkable returns, with the "Fusheng Positive Energy No. 2" achieving an 80.19% return in 2025, and the "Fusheng Positive Energy No. 3" yielding a cumulative return of 668.7% since its inception in 2018 [2][3] - The average return for large private equity firms (over 10 billion yuan) was 33.59%, with 98.59% of these firms reporting positive returns, showcasing their robust performance in the market [6][8] Strategy Trends - The private equity landscape is witnessing a strategic shift, with quantitative strategies previously dominating now facing competition from subjective strategies, which are regaining traction due to their strong performance [5][7] - The average return for quantitative long strategies was 45.02%, significantly outperforming subjective long strategies, which averaged 29.51% [7] - The number of large private equity firms has increased, with 113 firms now managing over 10 billion yuan, indicating a growing trend towards larger, more established players in the market [7][8]

Core Insights - Hopu Investment Management Co. is facing challenges with leadership changes and fundraising, leading to concerns among investors like Temasek Holdings and GIC Pte [1][2][5] - The firm is preparing to raise a new fund of $1.5 billion to $2 billion in 2026 under the leadership of Gunther Hamm, the son-in-law of founder Fang Fenglei [2][29] - The private equity landscape in Asia is becoming increasingly difficult, with many investors hesitant to commit new capital due to past losses and geopolitical risks [5][29] Leadership and Management - Fang Fenglei, the founder, is known for his relationship-based approach and has been a significant figure in China's investment landscape for decades [6] - Gunther Hamm, who has a more Western-style management approach, has faced internal tensions as he takes over leadership responsibilities [7][9] - The firm has experienced significant turnover in its senior leadership, with original managers of its flagship funds departing [18][25] Fund Performance - Hopu's last flagship fund, Fund III, raised $2.63 billion in 2018 but has delivered mediocre returns, generating about 1.25 times its capital as of March 2025 [4][14] - Fund II, which closed in 2014, has returned over 60% of investors' cash but has underperformed, largely due to a $310 million investment in New Age African Global Energy Ltd. that has been mostly written off [20][21] - The firm has not made significant new investments since mid-2022, which Fang argues was a prudent decision given market volatility [4][12] Investment Strategy and Future Plans - Hopu is focusing on returning capital to investors from existing funds, with a goal of distributing 66% of Fund III's investments by the end of 2025 [15][13] - The firm is shifting its strategy to position Fund IV as an Asia fund that includes China, rather than being solely China-focused [29] - Hopu plans to establish its headquarters in Singapore and is awaiting regulatory approval for a license [29] Market Context - Global asset allocators are reducing their exposure to China due to concerns over economic growth and geopolitical risks, impacting fundraising efforts for private equity firms [5] - The competitive landscape for private equity in Asia is challenging, with many firms facing similar issues of investor hesitance and performance concerns [2][5]

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 12月 新登记基金管理人 202 5 年 12月 ，基金业协会审核通过了 8 家私募股权、 创业投资 基金管理人的登记申请。这些通 过登记的机构 中，包括 6家国资机构和2家市场化机构 。 | 序号 | 基金管理人名称 | 登记编号 | 所属机构 | | 是否为国资机构 | | --- | --- | --- | --- | --- | --- | | | 北京海若私募基金管理有限公 | P1075078 | 海若星金 | 私募股权、创业投资 | 合 | | | ם | | | 基金管理人 | | | 2 | 国新产投私募基金管理（北京市p1075080） 京）有限公司 | | 国新产投 | 私募股权、创业投资 | 是 | | | | | | 基金管理人 | | | 3 | 扬州产投私募基金管理有限公 | P1075076 | 扬州产投 | 私募股权、创业投资 | 是 | | | 司 | | | 基金管理人 | | | | 宁波市角元私募基 ...

Josh Harris’ 26North and TJC, a private equity firm, have provided a $1 billion investment to back a new platform in Bruin Capital, the sports-focused investment firm from George Pyne. 26North and TJC led the capital raise for Bruin, which does not have a dedicated fund. Instead, Bruin operates as a holding company that raises capital for each of its platforms. The firm has collected over $2 billion, a spokesperson said. In 2019, Bruin raised $600 million from PE firms CVC Capital Partners and TJC, previo ...

This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. Dive Brief: The energy transition arm of private equity firm Blackstone has acquired environmental testing and compliance services provider Alliance Technical Group from Morgan Stanley, Blackstone announced Tuesday. The sale was made through Morgan Stanley Capital Partners, the bank’s North America-focused middle-market private equity group operating under its alternative ...