Cao Mingchang's move to leave the public sector and go private has been finalized. Looking back at those prominent public fund managers who made the move earlier, how are they doing now?

Recently, Shanghai Pujiao Private Fund Management Co., Ltd., founded by Cao Mingchang, a renowned value investor from China-Europe Fund, officially completed registration with the Asset Management Association of China.

Cao Mingchang left public funds in January 2025. After a year of preparation, his private fund venture finally came to fruition. This news has once again brought the industry phenomenon of “public to private” into market focus.

Behind this veteran, many fund managers have chosen to “go private” in recent years. What kind of performance results have they delivered? This article uses publicly available data from several representative individuals to observe the real performance of this group around 2025.

Annualized returns ranging from 10.54% to 56.62%

According to data from Private Equity Data, Caowen selected three fund managers with public fund backgrounds who transitioned to private funds at different times.

Among them, Wang Penghui, former Deputy General Manager of Jingdong Changcheng Fund, founded Shenzhen Wangzheng Asset Management in August 2014. Data from Private Equity Data shows that as of March 13, 2026, the cumulative return of Wangzheng Cornerstone Investment No. 1, established on April 27, 2015, was 367.90%, with an annualized return of 15.24%; Wangzheng Win-Win No. 1, established on June 26, 2015, had a cumulative return of 1051.88%, with an annualized return of 25.62%.

Luhang, former fund manager at HFT Fund, founded Shanghai Fusheng Asset Management in December 2015. According to data, as of March 13, 2026, its longest-managed product, Fusheng Zhengnengliang Phase I, established on May 26, 2016, had a cumulative return of 1286.89%, with an annualized return of 30.79%.

Another later-established product, Fusheng Zhengnengliang No. 8 (established March 20, 2020), had a cumulative return of 540.18% as of the same period, with an annualized return of 36.41%; however, its Fusheng Zhengnengliang No. 3 E-phase, launched in September 2021, had a total return of only 57.39% since inception, with an annualized return of 10.54%.

Zhou Yingbo, former Investment Director at China-Europe Fund, founded Shanghai Yunzhou Private Fund in 2022. Zhou began operating Yunzhou Zhiyuan Phase 1 at the end of 2023. As of March 13, 2026, Yunzhou Zhiyuan’s return during Zhou’s management was 56.62%.

Different risk-return characteristics

A detailed analysis shows that due to differences in investment philosophy and strategies, these products exhibit varying risk-return profiles.

Wang Penghui once stated in an interview that investment should adapt to market changes, maintain respect for uncertainty, and not be bound by fixed rules. This philosophy is reflected in his product data. For example, Wangzheng Win-Win No. 1 experienced a maximum drawdown of about 30% over the past five years, and its 161-day recovery period ranks among the best in its peer group, indicating strong net value resilience.

In contrast, Luhang’s Fusheng Zhengnengliang Phase I, while having the highest gains, experienced a recovery period of 882 days over the past five years. This means that after a high point in early 2022, the product’s net value only recovered by 2024. However, as a representative of performance-driven investing, Luhang’s products have the advantage of lower drawdown frequency. From Q2 2016 to early 2022, the product’s net value generally steadily increased, and after the market warmed in Q3 2024, it quickly followed up and continued to reach new highs.

Although the maximum drawdown recovery cycle is long, as a performance-driven investment, Luhang’s products do not experience frequent drawdowns. Fusheng Zhengnengliang Phase I maintained a steady upward trend before reaching a peak in early 2022, and after the market turned in Q3 2024, its net value also remained stable and hit new highs.

Both Wang Penghui and Luhang’s representative products were established between 2015 and 2016, experiencing full market cycles of bull and bear markets, with their cumulative returns reflecting long-term compounding. Zhou Yingbo’s product, established at the end of 2023, coincided with a market style shift. Although Zhou achieved nearly 60% returns during his management period, as a fund only over two years old, its performance still requires a longer period to be fully evaluated.

“Going private” has become a normalized industry phenomenon

Cao Mingchang’s case is not an isolated example. In fact, in recent years, with increasing competition in the public fund industry and the diversification of fund managers’ career plans, well-known public fund managers choosing to “go private” has become a normalized industry trend.

In August 2024, Wu Chuanyan, former Deputy General Manager of Hongde Fund with nearly 50 billion yuan in assets under management, completed registration of Shenzhen Yinuo Private Fund; around the same time, Lan Qiao, former manager of the BoShi Fund’s military industry thematic fund, registered Shenzhen Mingcheng Private Fund; Lin Sheng, former Deputy General Manager of Zhongtai Asset Management’s fixed income division, registered Shenzhen Ruyuan Private Fund. Wang Yajun, a veteran at Caitong Asset Management specializing in fixed income, completed registration of Beijing Junjian Private Fund in December 2024.

The trend continued into 2025. Well-known fund managers Bao Wuke and Zhou Haidong left public funds successively, and fixed income star Zhang Yifei also left Anxin Fund. Market sources suggest that these individuals are likely to transition into private funds. Former E Fund manager Song Kun also chose to start a private fund in 2025. In September 2025, Song Kun’s Youan Private Fund completed registration with the China Securities Investment Fund Association. Notably, Song Kun’s representative investment case was leading E Fund’s Emerging Growth in 2015, which achieved a 171.78% return for the year, becoming the top-performing public fund that year.

Overall, “public to private” talent flow has become a normal phenomenon in the asset management industry, reflecting both fund managers’ diverse career pursuits and the market’s resource optimization. From the long-term data of Luhang and Wang Penghui to the new beginnings of Song Kun and Cao Mingchang, this group is writing new chapters in their careers in their own ways.

A staff member from a Shanghai public fund company told Caixin that during their time managing public funds, these star fund managers often managed hundreds of billions of yuan, with investment decisions constrained by factors like relative rankings and position limits. After transitioning to private funds, they gain more flexibility in position control and investment philosophy. Whether they can successfully establish new research platforms is one of the key factors determining their ability to stand firm after “going private.”