Core Viewpoint - The trend of fund managers transitioning from public to private sectors continues, with varying degrees of success and challenges faced by these managers in the private equity landscape [1][12]. Group 1: Notable Fund Managers and Their Transitions - Wang Yawei, a former leading public fund manager, founded Qianhe Capital in 2012, achieving a peak management scale of 30 billion yuan, but has since faced significant challenges, with current management scale dropping to 2-5 billion yuan [2][3]. - Ren Zesong, another prominent figure, transitioned to private equity with Jiyuan Asset, but has seen his management scale fall below 500 million yuan due to poor performance [6]. - Lin Peng, who founded Heshihuiyi Asset, initially achieved a management scale exceeding 10 billion yuan, but has described the period from 2021 to 2023 as particularly difficult, with current management scale above 10 billion yuan [7][8]. Group 2: Performance and Challenges in Private Equity - Many former public fund managers have struggled to replicate their previous successes in the private sector, with some experiencing significant losses in their funds [6][11]. - The private equity industry is highly competitive, with a large number of managers facing challenges similar to those of Shenzhen Yinuo Private Equity, which has a management scale of only 0-500 million yuan [12][11]. - As of February 2023, there were 863 fund managers who had transitioned to private equity, with a significant portion of private equity firms managing less than 500 million yuan [13].