2025An overview of the most comprehensive private equity industry analysis report of the year，A preview of trends in the second half of the year

2025An overview of the most comprehensive private equity industry analysis report of the year，Preview of trends in the second half of the year Summary: The private equity fund industry will flourish in 2025。at the same time，Affected by the IPO green channel policy，The scale of private equity will grow faster。At present, the entire industry is still in the process of standardization，Therefore, various stringent regulatory policies are continuously introduced。

Because some policies have no practical precedent，In the regulatory process, it is inevitable that a few restrictive policies will be detrimental to the development of the industry.，Investors should believe that regulators have the ability to make appropriate adjustments。 in fact，China’s financial industry has developed over the years，Management was relatively loose before，leading to chaos，Once the standardized management system at this stage is perfected,，The private equity fund industry will surely usher in a new golden development stage。

01 Overview of the private equity fund industry, according to data from the Asset Management Association of China，As of the end of June 2025，A total of 73,854 private equity funds have been registered，An increase of 7,436 in the first half of the year；There are 23,903 private equity managers in total，An increase of 1,457 in the first half of the year；The overall management scale (paid) will increase from 11,100.3 billion yuan at the end of 2025 to 12,602.2 billion yuan，增长率为

1. 53%。
2. 1 The proportion of securities private equity continues to decline，私募基金分化现象仍在继续 2025年上半年私募基金发展延续着分化现象，and private equity、The rapid development of venture capital funds is different from that of other funds，Private equity funds have basically stagnated，After experiencing a boom in January this year, the scale of securities private equity increased to 2.61 trillion yuan.，2From January to June, various internal and external stimulus factors, with the trade war provoked by the United States as the main line, caused low market sentiment.，The scale of securities private equity has experienced a rare five-month "negative decline"，It continues to shrink every month，A total decrease of 165.9 billion yuan。

As of this year, the actual paid-in scale of private securities funds is 2,436.2 billion yuan.，相比今年1月末26100亿元的规模缩小了

1. 65%，Private equity during the same period、创投基金实缴规模增长了
2. 08%，私募其他基金实缴规模增长了
3. 38%。

The reason for the shrinkage of private equity securities is that，On the one hand the market is down、In the context of financial deleveraging，Private equity fundraising is relatively difficult, and many funds have even voluntarily withdrawn from the securities private equity market.；on the other hand，The downturn in market conditions has also led to frequent fluctuations in the secondary market.，The retracement of many private equity funds triggers the liquidation line，In addition, private equity products established in 2015 to 2016 have gradually expired or been liquidated in advance this year.，Funds passively exit the securities private equity market。

1. 2 私募股权创业实缴规模持续增长 在规模方面，Private equity as of end-June、The actual paid-in scale of venture capital funds increased by 855.4 billion yuan compared with the end of 2025.，The actual payment scale of other funds increased by 396.1 billion yuan，Hit record highs one after another。

The rapid growth of private equity funds is mainly due to the normalization of IPOs.；Second, changes in the LP landscape，Listed companies become the main force of capital，Explosive growth in scale of fund of funds，Local institutions gradually dominate the market, making state-owned capital a major player in the LP market；Third, the new regulations on asset management have directed the supervisory authorities to encourage capital investment in line with the supply-side reform field.，It is obviously a long-term positive for high-tech industry funds.。

1. 3 私募管理人规模分布 截至2025年 6月底，There are a total of 23,703 registered private equity fund managers.，平均管理数量为
2. 11Only，平均管理规模为
3. 316billion。The implementation of new asset management regulations and the expiration or early liquidation of some private equity products，This has led to a significant decline in the average number and scale of products managed by private securities fund managers.。

Private equity and entrepreneurial fund managers performed better，平均管理产品数量为

1. 3只产品，平均管理规模为
2. 8billion，above average。 Review of tens of billions of private placements，As of the end of June，There are 224 registered private equity fund managers with a fund size of 10 billion yuan or more.，A total of 37 companies were added in the first half of the year。The private equity industry is affected by the head effect，Ten billion private equity is favored by funds。

in addition，269 ​​companies with managed funds ranging from RMB 5 billion to RMB 10 billion，20649 companies with 100 million to 5 billion yuan，10837 companies with 100 million to 2 billion yuan， 51081 companies with 1 billion to 1 billion yuan，14,236 companies with RMB 100 million to RMB 500 million，0.52,245 companies with RMB 100 million to RMB 100 million。

02 私募行业发展动向

1. 1资管新规落地加大了私募的融资难度 资管新规对公募和私募的影响，Compared with the two, private equity is more affected，The main impact comes from the elimination of multiple levels of nesting and the prohibition of fund pools，This makes many previous ways of operating private equity no longer feasible.，Increased difficulty in financing private equity。

First, regulators are fully aware of the sources of funds in the fund pool.、The problem of maturity mismatch and liquidity risk caused by the inability to use funds in a one-to-one manner。At the same time, since there cannot be a one-to-one correspondence between creditors and debtors,，Will result in risks not being accurately disclosed to investors，And it is not conducive to determining the fair value of the product.。

Therefore, the capital pool business is strictly prohibited in the new regulations.，

Require

Financial institutions shall not conduct or participate in rolling issuances、collective operation、Capital pool business with separated pricing characteristics，Emphasis on duration management of asset management products，And put forward a series of deadline management

Require

。 At present, the domestic capital pool business basically revolves around the bank financial management capital pool business.，Of course, this also includes private equity fund pool business.。

The main ways for private equity to participate in the capital pool business are as follows:： One is through FOF，For example, the investor’s intended investment period is shorter，The project cycle of the assets that the fund manager intends to invest in is relatively long.，That is, there is a period mismatch，At this time, a fund-of-funds fund matching the investor’s intended period is established on a rolling basis.，And settle the funds，Then make long-term investments in target assets or projects through sub-funds，to complete this business，There is clearly a maturity mismatch，Belongs to a type of capital pool business。

The second is to raise new funds and pay back the old ones.，For example, when the projects invested by the fund fail to earn returns as expected，When it is necessary to distribute income to investors in accordance with the contract or agreement，Fund managers obtain funds by raising funds from new investors.，Used to pay up-front investors，This results in a one-to-one correspondence between investors and asset gains and losses.，It is also not conducive to separate accounting。

Another way to operate is to separate pricing，That is, in funds investing in the same asset project，Classify investors according to the amount of investment or the length of investment period，and agreed with each of them on different benefits.，This raises the suspicion of separate pricing，According to the description of the capital pool business in the new asset management regulations，Also does not comply with regulatory requirements。

therefore，After the release of new asset management regulations，Capital pool business is expressly prohibited，At the same time, combined with penetrating management

Require

，Previously, banks and other funds used asset management plans to invest in private equity funds through rolling issuance.、maturity mismatch、Operations such as separate pricing are no longer feasible，Therefore, the impact of private equity funds cannot be underestimated。 On the other hand, the current nesting of asset management products mainly exists in the investment chain with banks as the final funders.。

Banks issue financial products，When targeting regulatory gray areas，Fund subsidiaries are one of the channels to realize this capital chain.。 obviously，Investments achieved in this way，Avoid investment scope constraints，Increased financing costs，Increased leverage，It is not conducive to direct one-to-one correspondence between investors and assets.，Expanded business risk，Not conducive to the health of the asset management business、Compliance development，Not in line with serving the real economy、To prevent and control financial risks

Require

。

Therefore, Article 22 of the new regulations clearly stipulates that multi-level nesting is not allowed，Asset management products can be invested in another layer of asset management products，However, the asset management products invested may not be reinvested in asset management products other than public securities investment funds.。meaning，“Asset management products + final assets” is obviously feasible，"Asset management products + asset management products + final assets" is feasible，"Asset management products + asset management products + public securities investment funds + final assets" is also feasible。

but，It should be noted that，During nesting，It is necessary to keep products consistent with investors’ risk identification capabilities and risk-taking capabilities.。Due to the strict limit on the number of nesting levels，Currently, many channel businesses involving private equity in the market will be restricted.，Therefore, it is foreseeable that this regulatory requirement will increase the difficulty of financing private equity funds.。

1. 2 A-share investment brings long-term benefits

Advantages

，Foreign-funded institutions accelerate their deployment in China，国内基金纷纷布局MSCI 6月1日，A-shares are officially included in the MSCI Emerging Markets Index，It marks that A-shares have officially become a member of the most mainstream international index family.，It is an important step in the internationalization of A-shares.，It is also a landmark event in the internationalization of the Chinese market.。

全球约有

1. 8万亿美元资金跟踪MSCI亚洲指数、MSCI Emerging Markets Index and MSCI World Index。Inclusion factor based on 5% of market capitalization，2025Annual passive incremental funds may reach about 100 billion，未来100%纳入将到
2. 8万亿元左右增量资金。 On the eve of "Entering Morocco"，Overseas funds rush to raise funds for MSCI constituent stocks in advance。

Data display，5The cumulative net inflow of funds going north in March reached 54.459 billion yuan，This is the highest record of net capital inflows in a single month since the opening of Shanghai-Hong Kong Stock Connect.。A-shares were included in the MSCI index for the first month，The capital market interconnection market saw active transactions。 The cumulative transaction volume of funds going north increased to 352.4 billion yuan。

Even though A-shares still fell sharply in the first month of investment,， However, as China’s capital market accelerates the pace of opening up,，and the continuous improvement of A-share market infrastructure.，Incremental funds brought by overseas investors are expected to continue to increase。

In this context，6end of month，Bridgewater Associates, the world’s largest hedge fund, completed its registration with the Asset Management Association of China，Officially became a domestic private equity manager，Be optimistic about the Chinese market with practical actions。There are currently 14 foreign managers that have obtained private equity licenses in the country.。

03 Development trends of the private equity industry in the second half of the year. The introduction of new rules and regulations on asset management has caused major changes in the private equity industry.，From several levels，For example, specific to the industry，For more active management、This is good for institutions with net worth management，The new regulations will squeeze out more funds from the fixed income side.，It turns out that it may be nested through various layers、All kinds of arbitrage，Increase the risk-free return，But many times，In fact, it is not enough to support such a high risk-free interest rate.，Therefore, the introduction of new asset management regulations，Take a long look，A return to interest rates is a good thing。

Changes will be reflected in two aspects：First，The asset management industry further returns to its roots，In the private equity industry，Professional private equity institutions will definitely benefit。

New asset management regulations are breaking rigid redemption、Eliminate multiple levels of nesting and channels、Strengthen capital and reserve provision

Require

、Effective measures such as net value management，It is urging the industry to return to its ‘investment roots’，It is also a continuation of the strict supervision idea.，In essence, it is equivalent to the supply-side clearing of the financial industry.：Remove off-balance sheet production capacity、Go to the channel bubble、Number of institutions to go to、Go to Arbitrage Dividend。

In the context of the obvious shift in the style of the secondary market to value，Private equity firms that follow value investing are expected to achieve long-term performance returns，And some simply rely on speculation concepts、Private equity firms that speculate on stories to gain short-term gains，may not be able to achieve long-term stable and sustainable performance.，These companies will gradually be eliminated by the market。 on the other hand，Foreign capital is also constantly entering the Chinese market。

The change in investment style and the entry of foreign private equity are equivalent to a supply-side impact on the private equity industry.，It is a process of market clearing and increasing industry concentration.，Ultimately it brings about the Matthew Effect where the strong are always strong.。therefore，The future private equity industry may look like this：Domestic and foreign capital coexist，Mainly domestic capital；Large-scale and small-scale coexistence，Mainly large-scale；Value concept and other concepts coexist，Value concept。

actually，This is exactly the industry structure of developed private equity markets represented by the United States.。 The private equity fund industry is extremely polarized，Market funds prefer established brands、Large private equity firm with solid performance，will continue to evolve。 2025The private equity fund industry will boom in 2020。at the same time，Affected by the IPO green channel policy，The scale of private equity will grow faster。

At present, the entire industry is still in the process of standardization，Therefore, various stringent regulatory policies are continuously introduced。Because some policies have no practical precedent，In the regulatory process, it is inevitable that a few restrictive policies will be detrimental to the development of the industry.，Investors should believe that regulators have the ability to make appropriate adjustments。

in fact，China’s financial industry has developed over the years，Management was relatively loose before，leading to chaos，Once the standardized management system at this stage is perfected,，The private equity fund industry will surely usher in a new golden development stage。 source：私募风云基金

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