In the past two months, 200 private equity firms have achieved a significant increase in scale.

By Fang Lingchen, Staff Reporter

The private fund industry landscape continues to evolve. A number of institutions have increased their management scale by seizing market opportunities and applying strong investment management capabilities.

The latest data from Private Fund Ranker shows that as of the end of February 2026, 200 private fund institutions have achieved a leap in their management scale (compared with the end of 2025). Among them, 110 stock-strategy private funds account for 55%; 28 futures and derivatives strategy private funds and 27 multi-asset strategy private funds account for 14% and 13.5%, respectively; the remaining strategy private funds are fewer in number.

“An upward leap in private fund institution scale is the result driven jointly by both industry conditions and performance.” Li Chunyu, a FOF fund manager at Shenzhen Rongzhi Private Fund Securities Investment Fund Management Co., Ltd., told Securities Daily reporters that the private fund industry has entered a high-quality development stage characterized by “the superior driving out the inferior.” Market resources continue to concentrate on high-quality private fund institutions. At the same time, the A-share market remains characterized by structural trends, and products with related strategies such as stock strategies have performed well; some strategy products have even demonstrated a favorable risk-reward ratio. Strong performance and returns not only bring about endogenous growth in the scale of funds managed by private fund institutions, but also enhance the products’ attractiveness to incremental capital.

Shifts among large private fund institutions often draw more attention. In the first two months of 2026, there were 16 private fund institutions with management scale of more than RMB 10 billion. Among them, 11 newly joined the RMB 10-billion-plus club, and 5 returned to the RMB 10-billion-plus cohort. Judging by their core strategies, among the 16 private fund institutions, the stock-strategy private funds were the most numerous at 6 institutions. There were 18 private fund institutions with management scale in the RMB 5 billion to RMB 10 billion range, and again stock-strategy private funds were the most numerous at 8 institutions.

In addition, some private fund institutions have achieved rapid growth in their management scale, including multiple insurance-fund (insurer) backed private funds. For example, as of the end of 2025, insurer-backed private funds such as Hengyi Chiying (Shenzhen) private fund, Taiping (Shenzhen) private fund, PICC Enyuan Huizhong (Beijing) private fund, and Yangguang Hengyi (Qingdao) private fund all had management scale below RMB 500 million. However, as of the end of February 2026, the scale of those private fund institutions had grown to above RMB 10 billion, RMB 5 billion to RMB 10 billion, RMB 5 billion to RMB 10 billion, and RMB 2 billion to RMB 5 billion, respectively.

As an important participant in the equity market, different private fund institutions each have their own distinctive investment “playbooks,” actively seizing opportunities and digging up high-quality targets amid market fluctuations.

The latest monthly report from Panjing Investment reveals its view on the market: “In terms of style allocation, it still anchors the foundational investment framework for growth stocks, but it should also consider pairing with value assets to smooth out market volatility, so that growth and value can form complementary resonance. Meanwhile, by connecting with overseas markets, it can diversify risk across markets and capture diverse opportunities.”

“AI (artificial intelligence) is still the core focus of investment in 2026.” Cui Ying, a fund manager at Qincheng Asset Management, believes that AI affects many industries, and among them, optical communications and storage are the two key areas in AI industry development this year.

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