The number of private equity firms with assets in the hundreds of billions has reached 136, setting a new record.

Since the beginning of this year, the “hundred-billion-level private equity camp” has continued to expand. According to the latest statistics from Private Equity Ranking Network, as of April 30, 2026, the total number of private equity securities investment fund managers with a management scale of over 10 billion yuan has risen to 136, setting a new record high. Compared to 132 at the end of March 2026, there was a net increase of 4 in a single month.

In response to the phenomenon of a new high in the number of hundred-billion-level private equity institutions, Li Chunyu, FOF fund manager at Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd., analyzed in an interview with Securities Daily that three main factors are driving this: First, top institutions have outstanding performance, and the significant profit-making effect attracts a large influx of funds, helping private equity scale to quickly break through the 10 billion yuan threshold; second, the industry Matthew effect is intensifying, with resources further tilting toward leading institutions with solid investment research capabilities and higher compliance levels; third, private equity strategies are becoming more diverse, capable of adapting to different market environments, covering various investor allocation needs, which accelerates the entry of long-term funds such as insurance funds, directly pushing some institutions’ management scale higher.

Specifically, although only 4 new private equity institutions joined the “hundred-billion-level private equity camp” in April, there was active internal movement. Data shows that in that month, 8 private equity institutions managed over 10 billion yuan, including Shenzhen Kaifeng Investment Management Co., Ltd., which re-entered the camp; Chengdu Pengjin Zhongyang Investment Management Center (Limited Partnership), Shanghai Liangkui Private Fund Management Co., Ltd., and five other institutions entered this category for the first time, many of which focus on quantitative investment. Meanwhile, 4 private equity institutions temporarily exited the “hundred-billion-level private equity camp,” with their management scales falling back to the 5 billion to 10 billion yuan range.

Based on overall observations of private fund managers on Snowball, Jiang Yuting, head of Snowball Financial Products and Research Department, told Securities Daily: “Private fund managers who have been tested through market cycles, possess mature strategy operation capabilities, and maintain good compliance levels are experiencing rapid scale growth. These managers continue to expand their investment research teams, increase investments in hardware and software to support strategy iteration and upgrades, especially leading quantitative private equity institutions, which invest heavily in systematic trading, computing power, and artificial intelligence, further consolidating their performance advantages and forming a positive cycle of scale, performance, and reputation.”

It is worth noting that new “insurance capital” members are accelerating their entry. With Sunshine Hengyi (Qingdao) Private Fund Management Co., Ltd. (hereinafter referred to as “Sunshine Hengyi”) surpassing 10 billion yuan in management scale in April, the number of “insurance capital” private equity institutions with a management scale of over 10 billion yuan has increased to 5. Sunshine Hengyi was established in September 2025, with the actual controller being Sunshine Asset Management Co., Ltd. In March this year, its management scale was still between 2 billion and 5 billion yuan, but within just one month, it broke through the 10 billion yuan mark. Additionally, the five “insurance capital” private equity institutions with a management scale of over 10 billion yuan, from establishment to surpassing 10 billion yuan, took less than a year.

In terms of performance, thanks to a significant rebound in the A-share market in April, the overall returns of hundred-billion-level private equity institutions performed excellently. Data from Private Equity Ranking Network shows that among 94 private equity institutions with performance data, the average return in April was 7.03%, with 96.81% of institutions achieving positive returns. Driven by the good performance in April, in the first four months of this year, the average return of products managed by this group of hundred-billion-level private equity institutions rose to 9.46%, with over 90% achieving positive returns, demonstrating outstanding overall performance.

(Edited by: Xu Nannan)

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