Over 70% of Billion-Dollar Private Funds are Fully Invested, Grasping Both Technology and Cyclical Sectors

◎ Reporter Ma Jiayue

Recently, market volatility has intensified, but private equity funds are increasingly active in their holdings. According to the latest data from Private Equity Ranking Network, as of March 6, the stock private equity position index rose to 82.64%, hitting a new high in nearly 10 weeks. In terms of scale, large private equity funds with over 10 billion yuan are showing a clear offensive. As of March 6, over 70% of large private equity funds (with positions above 80%) were fully invested, an increase of more than 15 percentage points compared to the previous week (February 27).

Data shows that as of March 6, the stock private equity position index rose to 82.64%, up 4.02 percentage points from the previous week. The index has returned above 80% after three weeks and reached a new high in nearly 10 weeks, indicating a recent positive change in institutional expectations for the market.

From a scale perspective, leading private equity funds are showing a significant push. As of March 6, the large private equity stock position index was 87.01%. Among them, over 70.71% of large private equity stock funds were fully invested (positions over 80%), a substantial increase of more than 15 percentage points from the previous week; medium positions (50% to 80%) accounted for 24.01%. In other words, among large private equity stock funds, managers with over 50% positions account for nearly 95%.

Starstone Investment, in an interview with reporters, analyzed that although overseas geopolitical conflicts have temporarily affected domestic market sentiment, historical experience since 2000 shows that after risk appetite adjusts downward due to geopolitical risks, market performance will differentiate across sectors, potentially creating oversold opportunities. Moreover, in the longer term, as incremental funds continue to enter, domestic policies are steadily implemented, and policy effects gradually manifest, the probability of price recovery and corporate earnings realization this year will increase, and a profit-driven market trend is expected to further develop.

With high-position operations, private equity funds’ profitability effects are further highlighted, which in turn constitutes an important driving force for incremental capital entering the market.

Data shows that by the end of February 2026, the average return of 12,270 private equity securities investment funds with performance records across the market was 6.89%, with the top 5% percentile achieving 23.16%.

According to statistics, by the end of February, the number of stock strategy funds with performance records reached 7,881, of which 6,657 funds achieved positive returns this year, accounting for 84.47%. The average return for the year was 7.78%, with the 5% percentile return at 24.33%, both significantly higher than the market average.

Additionally, in February this year, a total of 193 private fund managers with products (at least three products) reported performance, with net values reaching historic highs. Among them, 118 fund managers manage at least three products and have nearly one year of performance data on Private Equity Ranking Network. Of these, 26 are from billion-level private equity funds. From a strategy perspective, there are 21 private equity stock fund managers managing billion-level strategies.

Sources indicate that, with continued inflow of incremental funds, private equity is targeting cyclical and technology sectors for deployment.

Panjing Investment Fund Manager Zhan Hongfeng told reporters that the rapid development of AI industry will remain a key focus this year, especially in upstream core links such as computing power and semiconductors, as well as the implementation of various AI application scenarios. Meanwhile, although precious metals require attention to valuation and performance matching in the short term, under the resonance of macro logic, industrial logic, and monetary logic, precious metals have long-term allocation value and can be strategically deployed when opportunities arise.

Massive information, precise analysis, all on Sina Finance APP

Editor: Yang Cì