In the first half of the year, registered private equity products surged nearly 50% year-on-year! Large private equity firms became the main force of filings, with index-enhanced products favored.

In the first half of 2026, private placement enthusiasm continued to heat up. According to data from Simu Pai Pai Wang, as of June 30, 2026, a total of 7,995 private equity securities products were registered in the first half of the year (including self-issued and advisory products); compared to 5,482 in the same period last year, a year-on-year increase of 45.84%, showing significant growth momentum.

Li Chunyu, FOF fund manager of Rongzhi Investment under the Paipai Network Group, said that the core driving force for the increase in private equity product registrations in the first half of the year was the release of residents' asset reallocation demand + A-share structural market activation + the exhaustion of old product quotas requiring new issuance to absorb demand, representing a resonance between the capital side and the supply side: On one hand, on the capital demand side, risk-free interest rates continued to decline, and the yields on bank wealth management and deposits decreased, pushing residents to shift from 'saving' to 'allocating to equity/multi-asset'; A-shares saw structural themes such as AI technology, activating profit effects and allocation willingness, with capital preference shifting from single rigid payment to 'absolute return with equity/diversified allocation' products. On the other hand, on the supply side, after old product quotas were exhausted, channels needed to issue new products to take on new clients; after the market profit effect recovered, channels actively promoted new issuance, pushing up the market-wide registration volume.

Multi-asset strategy leads growth, bond strategy is the only shrinking type

A-share structural market (AI, hard tech, etc.) stimulated demand, and the performance certainty of high-quality equity assets attracted allocation funds; quantitative and index enhancement strategies have controllable drawdowns and transparent returns in volatile markets, meeting investors' desire for steady returns. This made equity strategies the core bearer of this round of registration growth. Simu Pai Pai Wang data shows that in the first half of the year, 5,164 equity strategy products were registered, accounting for 64.59% of the total, meaning that for every 2 new private equity securities products issued in the market, 1 is an equity strategy, indicating a strong willingness of private equity institutions to issue equity strategy products. At the same time, compared with the same period in 2025, the registration volume of equity strategy products in the first half of 2026 increased by 47.88%, a growth rate higher than the industry average.

Increased market volatility has made traditional stock-bond portfolios less effective, and investors are more concerned about "how much is lost when falling" rather than just focusing on gains. Multi-asset strategies diversify risk, control maximum drawdown, and smooth return curves through cross-asset, low-correlation allocation, highlighting hedging and smoothing advantages in volatile markets. This aligns with the new demand of capital to "first avoid losses, then seek profits," leading to its rapid rise and significantly increased popularity, with the growth rate leading among the five major strategies. In the first half of the year, 1,276 multi-asset strategy products were registered, second only to equity strategies in number, accounting for 15.96% of the total. Compared with the same period in 2025, the number of multi-asset strategy products registered in the first half of the year increased by 52.3% year-on-year, the highest growth rate among the five mainstream strategies, indicating a significant rise in market popularity for this strategy.

Futures derivatives strategies expanded steadily. With two-way trading, flexible leverage, and hedging attributes, they were favored in an environment of increased volatility and rapid style rotation. They are used for portfolio volatility management or as a supplement for absolute returns. The demand for smoothing portfolio fluctuations through cross-category allocation increased, leading to steady expansion. In the first half of the year, 847 futures and derivatives strategy products were registered, accounting for 10.59% of the total, up 29.12% year-on-year. This indicates that such strategy products have long been favored by capital, with issuance maintaining stable upward momentum and allocation value consistently highlighted.

A-share earnings recovery drove an upward shift in market risk appetite, weakening capital willingness to allocate to pure bond private equity, and bond strategy issuance fell year-on-year. In the first half of the year, only 188 bond strategy products were registered, accounting for 2.35% of the total, ranking last among the five major strategies. At the same time, the number of registered products decreased by 8.29% compared with the same period in 2025, making it the only type among the five major strategies with a year-on-year contraction in registration volume.

| H1 Five Major Strategy Private Equity Securities Product Registration Statistics | | | | --- | --- | --- | | Strategy | Registered Products | Share | | Equity Strategy | 5164 | 64.59% | | Multi-Asset Strategy | 1276 | 15.96% | | Futures and Derivatives Strategy | 847 | 10.59% | | Fund of Funds | 315 | 3.94% | | Bond Strategy | 188 | 2.35% | | Other Strategies | 205 | 2.56% | | Total | 7995 | 100.00% | | Data source: Private fund managers, compiled by Simu Pai Pai Wang, statistical period January 1 - June 30, 2026. | | |

Index enhancement registration volume increased nearly 70% year-on-year, dividend index enhancement surged tenfold

Based on passive tracking of index beta, the index enhancement strategy stably obtains excess alpha through quantitative stock selection or fundamental enhancement. With the characteristic of "bottom position not missing the rally + excess can be accumulated," it becomes an equity allocation tool that balances efficiency and certainty in volatile markets. Simu Pai Pai Wang data shows that among the equity strategy products registered in the first half of the year, index enhancement products reached 1,947, accounting for 37.70% of equity strategy product registrations. At the same time, compared with the same period in 2025, the increase was 67.70%, far exceeding the 47.88% increase of equity strategies.

Air index enhancement, not constrained by traditional index rules, can maximize the alpha capability of the strategy, thus becoming the mainstream strategy among index enhancement products, maintaining a steady growth momentum. In the first half of the year, 758 air index enhancement products were registered, accounting for 38.93% of total index enhancement product registrations. Compared with the same period last year, the registration volume of air index enhancement products in the first half of this year increased by 71.11% year-on-year, a growth rate higher than that of the index enhancement strategy.

Among broad-based index enhancement products, CSI 1000 index enhancement and CSI 500 index enhancement became the main registration force. Due to their high growth elasticity and relatively loose pricing environment, quantitative models can more easily discover potential stocks mispriced by the market, thereby obtaining significant excess returns far exceeding the broader market index. In the first half of the year, 418 CSI 1000 index enhancement products were registered, accounting for 21.47% of total index enhancement product registrations, with a year-on-year increase of 205.11%, maintaining strong growth momentum. In the first half of the year, 263 CSI 500 index enhancement products were registered, accounting for 13.51% of total index enhancement product registrations, with a year-on-year increase of 94.81%.

In addition, although the current registration volume of dividend index enhancement is still small, the track expansion speed is outstanding. In the first half of the year, 66 dividend index enhancement products were registered, accounting for only 3.39% of total index enhancement registrations, with a year-on-year increase of 10 times, indicating sufficient track expansion momentum. As market volatility increases investor attention to strategies with risk hedging and diversification functions, dividend index enhancement combines the defensive attributes of high dividends with quantitative enhancement returns, fitting the current "stability-seeking" allocation demand of capital.

| H1 Index Enhancement Private Equity Securities Product Registration Statistics | | | | --- | --- | --- | | Strategy | Registered Products | Share | | Air Index Enhancement | 758 | 38.93% | | CSI 1000 Index Enhancement | 418 | 21.47% | | CSI 500 Index Enhancement | 263 | 13.51% | | Other Index Enhancement | 260 | 13.35% | | CSI A500 Index Enhancement | 115 | 5.91% | | Dividend Index Enhancement | 66 | 3.39% | | CSI 2000 Index Enhancement | 41 | 2.11% | | CSI 300 Index Enhancement | 26 | 1.34% | | Total | 1947 | 100.00% | | Data source: Private fund managers, compiled by Simu Pai Pai Wang, statistical period January 1 - June 30, 2026. | | |

Industry head effect prominent, large-scale private equity becomes the main registration force

Large-scale private equity firms showed high enthusiasm for product registration. Simu Pai Pai Wang data shows that in the first half of the year, 199 large-scale (above 5 billion) private equity firms had registered products, accounting for 77.73% of all large-scale private equity firms, a proportion far higher than other scale groups. At the same time, the 199 large-scale private equity firms registered 3,371 products in the first half of the year, accounting for 42.16% of the total, also higher than other scale groups. In addition, the top registrants in the first half of the year were mostly large-scale private equity firms. Among the 64 private equity managers with at least 20 registered products in the first half of the year, 58 were large-scale, and the top 35 in terms of registered product count were all large-scale, further highlighting the head effect in the private equity industry.

| H1 Top 10 Private Equity Firms with Scale Above 5 Billion by Registered Product Count | | | | --- | --- | --- | | Manager Abbreviation | Management Scale | Registered Products | | Minghong Investment | Above 10 billion | 162 | | Pingfanghe Investment | Above 10 billion | 131 | | Mingshi Fund | Above 10 billion | 104 | | Heiyi Asset | Above 10 billion | 91 | | Wanyan Asset | Above 10 billion | 91 | | Chengqi Private Equity | Above 10 billion | 88 | | Hainan Evolution | Above 10 billion | 78 | | Longqi Technology | Above 10 billion | 75 | | Shiji Qianyan | Above 10 billion | 70 | | Yanfu Investment | Above 10 billion | 70 | | Data source: Private fund managers, compiled by Simu Pai Pai Wang, statistical period January 1 - June 30, 2026. | | |

Several medium-scale private equity firms showed significant development potential. In the first half of the year, 383 medium-scale (1-5 billion) private equity firms had registered products, with a total of 1,604 registered products. Among them, 36 firms registered at least 10 products, and the highest registered 30 products.

| H1 Top 10 Private Equity Firms with Scale 1-5 Billion by Registered Product Count | | | | --- | --- | --- | | Manager Abbreviation | Management Scale | Registered Products | | Qianhai Jiuying | 2-5 billion | 30 | | Hangzhou Boyan Private Equity | 2-5 billion | 24 | | Rongshuhai Private Equity | 2-5 billion | 23 | | Tianlu Investment | 2-5 billion | 23 | | Guangzhou Zhiyuan Investment | 2-5 billion | 20 | | Shen Du Asset | 1-2 billion | 19 | | Yibei Investment | 2-5 billion | 19 | | Jintong Investment | 1-2 billion | 18 | | Jinfuyuan (Hainan) Private Equity | 1-2 billion | 17 | | Shanghai Duxi Bintai Private Equity | 1-2 billion | 16 | | Data source: Private fund managers, compiled by Simu Pai Pai Wang, statistical period January 1 - June 30, 2026. | | |

Competition in the private equity industry is increasingly intensifying, making development more difficult for small-scale firms. In the first half of the year, although 1,584 small-scale (below 1 billion) private equity firms had registered products, the total number of registered products was only 3,020, averaging less than 2 products per firm. The vast majority of small-scale firms registered only 1 product, with 936 firms registering only 1 product, 581 firms registering 2-5 products, 51 firms registering 6-9 products, and only 16 small-scale firms registered at least 10 products, with the highest registering 27 products.

(Data source: Simu Pai Pai Wang)

(Editor: Xu Nannan)