90%百亿量化私募年内收益率超20%，而垫底的4家百亿主观私募年内收益率不足6%，包括投资大佬但 斌的东方港湾和林园的林园投资。 百亿私募阵营含"量"量持续提升，今年新增12家百亿量化私募。当前94家百亿私募中，投资模式为量化 的私募有45家，几乎占据半壁江山。 量化私募的快速崛起离不开量化策略今年以来的超额收益，根据私募排排网数据，今年1至8月，量化百 亿私募平均收益为29.45%，主观百亿私募平均收益为20.73%，量化私募整体收益率要比主观私募高近9 个点。 具体看，超90%百亿量化私募年内收益率超20%，最差收益也超10%。而百亿主观私募收益分化严重， 头部私募收益高达56.86%，而垫底的4家百亿主观私募年内收益率不足6%，包括投资大佬但斌的东方港 湾和林园的林园投资。 今年新增12家百亿量化私募 根据私募排排网数据，截至2025年9月19日，国内百亿私募数量已增至94家，较2024年底的87家实现显 著扩容。这一增长态势背后，量化私募的强势崛起成为最突出的行业特征。当前94家百亿私募中，投资 模式为量化的私募有45家，几乎占据半壁江山。 与2024年底的格局相比，量化、主观、混合型（"主观+量化" ...

Core Insights - The number of private equity firms in China with assets exceeding 10 billion yuan has reached 91 as of August 31, 2025, indicating a continuous expansion in the industry [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45% of the total, while 39 are subjective firms, making up 42.86% [1] - The average return of products from 57 billion-yuan private equity firms in the first eight months of this year was 24.99%, with all achieving positive returns [1][2] Group 1: Quantitative Private Equity Performance - The average return of products from 37 billion-yuan quantitative private equity firms was 28.07%, with all firms achieving positive returns [2] - 31 out of 40 firms with average returns exceeding 20% were quantitative firms, highlighting their superior performance [2] - Factors contributing to the strong performance of quantitative firms include market volatility, accelerated sector rotation, and a favorable small-cap style [2] Group 2: Subjective Private Equity Performance - The average return of products from 16 billion-yuan subjective private equity firms was 19.59%, with all firms achieving positive returns as of the end of August [2] - Four subjective firms reported average returns exceeding 30%, indicating a recovery in performance following a market rebound [2]