5QDLP completed registration, taking stock of the amazing backgrounds of 14 foreign private equity firms entering China

5QDLP completed registration, taking stock of the amazing backgrounds of 14 foreign private equity firms entering China since July，The Association once again approved the application for other types of private equity fund manager qualifications from 5 QDLPs，This is the latest development following the successful registration of Neuberger Berman Overseas Investment Fund Management (Shanghai) Co., Ltd. in June and the uproar caused by Bridgewater’s entry into China.，The large number is a bit surprising，It can be seen that the private equity industry is also constantly opening up to the outside world.，The “catfish effect” produced by introducing high-quality foreign resources，Promote the development of domestic private equity industry。

in this case，Domestic and domestic private equity managers compete on the same stage，Who can win? Welcome to leave a message at the end of the article for discussion! This article will take stock of the basic situation of these 5 new QDLPs and the amazing backgrounds of the 14 foreign private equity firms that have previously entered China.。

Source：Securities Investment Fund Association of China、Edited by Qihe.com (Weng Jianping)：accumulation

1. 5Several QDLPs have completed the registration of other types of private equity managers. The five QDLPs approved by the Association this time are Aberdeen Standard Overseas Investment Fund Management (Shanghai) Co., Ltd.、AllianceBernstein (Shanghai) Overseas Investment Fund Management Co., Ltd.、Mirae Yicai Overseas Investment Fund Management (Shanghai) Co., Ltd.、Allianz Global Overseas Investment Fund Management (Shanghai) Co., Ltd.、Manulife Overseas Investment Fund Management (Shanghai) Co., Ltd.。

QDLP registration status is displayed based on the information registered with the China Foundation Association，Four of these five managers have registered/paid-in capital of RMB 2 million.，In fact, it is far lower than the capital required by domestic private equity managers when they register.

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of。Look at the registration deadline，From company establishment to completion of registration，Ranging from 3-7 months，All have been prepared and registered since 2025.。

According to accumulated fundraising statistics，These five QDLPs all adopt the same shareholder structure，That is, first of all, enterprises from foreign regions or Hong Kong, Macao and Taiwan regions，Establish a sole proprietorship investment management company in mainland China，Then fully establish the QDLP company，and register with the China Foundation Association。 Shareholder situation since October last year，China Asset Management Association has suspended the registration of other types of private equity managers，then，Various information about other types of managers has become the focus of the industry。

June 19 this year，Neuberger Berman Overseas Investment Fund Management (Shanghai) Co., Ltd. is registered with the Asset Management Association as other types of managers，It is the first company since the suspension of registration of other types of private equity fund managers last year.。The news caused an uproar in the industry，Misunderstood by many people as "China Asset Management Association restarts registration of other types of private equity fund managers"。

subsequently，China Foundation Association released "Special Instructions for Qualified Domestic Limited Partners (QDLP) to register as managers with the association" through the WeChat public account.，point out，According to the Securities Investment Fund Law、"Interim Measures for the Supervision and Administration of Private Equity Investment Funds" and the Qualified Domestic Limited Partner (QDLP) Pilot Implementation Measures issued by relevant local governments，The management agency of QDLP conducts private equity investment fund business in China，Must register as a private equity fund manager with the Asset Management Association of China。

In view of the fact that the investment scope of this type of cross-border private equity fund investment business pilot involves overseas securities、Equity and alternative investments and many other areas，In accordance with the professional operating principles stipulated in the "Answers to Questions Related to Registration and Filing of Private Equity Funds (13)"，at present，QDLP management institutions can register as managers of other private investment funds。

On the public announcement page of 5 other private equity fund managers newly added this time，we can see，The China Foundation Association has made special reminders：This institution is a qualified domestic limited partner (QDLP) management institution。 So what is QDLP?

即Qualified Domestic Limited Partner，Qualified domestic limited partners，Funds registered overseas and investing in overseas markets are allowed to raise RMB funds from domestic investors，and exchange the raised RMB funds out of the country for investment in overseas markets.。

2012April，Shanghai launches QDLP pilot project，The "Implementation Measures for the Pilot Program of Qualified Domestic Limited Partners in this Municipality" was released (Shanghai Financial Office[2012]101Number)，Allow foreign companies or individuals to establish foreign-invested overseas investment fund management enterprises in Shanghai，and initiated the establishment of overseas investment fund enterprises，The Shanghai Municipal Finance Office will review the pilot qualifications and approve the foreign exchange purchase quota.，After becoming a pilot enterprise, raise RMB funds from domestic qualified investors，Exchange foreign currency and invest overseas in secondary markets。

2013In June 2019, the first batch of six large overseas hedge fund companies to obtain pilot qualifications received a total quota of US$300 million.；2025In March, 5 overseas asset management companies obtained the second batch of pilot qualifications，The quota is US$100 million for each company, totaling US$500 million.，October of the same year，4Fund companies obtained the third batch of pilot qualifications，Including Shanghai Investment Morgan and GF Junce, etc.，Same as the second batch，The quota is US$100 million.。

2025Since the end of the year，Due to the "outflow control" control，QDLP once stalled，It will not restart until February 2025。

1. 10Number of foreign-funded private equity products issued, statistics show，From January 2025 to the end of July 2025，Already have Fidelity、UBS、Fullerton、Yingshiman、Value Partners、Invesco vertical and horizontal、Neuberger Berman、Yasumoto、Schroeder、BlackRock、Annaka、Bridgewater、Yuan Sheng、Bisheng and other 14 foreign-funded institutions have successively obtained the qualifications of private securities investment fund managers.，And 10 companies have released products，The number of registered foreign private equity fund products has reached 16，Covers active stock picking、Quantitative stock selection、absolute return、Fixed income and other strategies，Among them, most of the products invest in the A-share market.。

Fidelity、UBS has registered 3 products separately，Yingshiman、Value Partners has registered 2 products each.。After these foreign private equity funds enter China,，Most of the products have no performance yet.。However, according to data from the Private Equity PaiPai Network,，Fidelity China Equity No. 1 Private Equity Fund, the first foreign private equity product to deploy A-shares, lost nearly 10%，The loss even reached 14.29% at one time。

these years，From the background of these foreign private placements entering China,，They are all world-renowned heavyweight asset management institutions.，Areas of expertise or hedging、or ETF，Each has its own emphasis。The editor below will introduce to you the background of these 14 foreign private equity companies.。

1. Fidelity Litai (USA) Fidelity International’s wholly foreign-owned enterprise - Fidelity Litai Investment Management (Shanghai) Co., Ltd.，Established in Shanghai in September 2025，And obtained the private securities investment fund manager qualification awarded by the Asset Management Association of China on January 3, 2025，Became the first foreign-funded asset management company in China to obtain this qualification。

The parent company behind Fidelity is Fidelity, a world-renowned asset management institution.。Fidelity International was founded in 1969，Established Hong Kong office in 1981，Focus on investment and research on China and Southeast Asia markets，The company was established in Shanghai around 2005、Beijing office。The company became famous for having produced investment gurus such as Peter Lynch.。

1. UBS Asset Management (Switzerland) UBS Asset Management is one of the first foreign investors to enter China，20 years of history in China。2025August，UBS establishes UBS Asset Management (Shanghai) Co., Ltd.。UBS Asset Management Shanghai is a domestic sales and customer service platform for overseas investment products，The first international asset management company with Qualified Domestic Limited Partner (QDLP) and Private Securities Investment Fund Manager (PFM) licenses。

UBS Group is Europe's largest financial holding group，Headquartered in Zurich, Switzerland，Currently located in all major financial centers around the world。It has offices in 52 countries，About 34% of its employees work in the Americas，34%people in switzerland，18%People in other countries in Europe，Middle East and Africa，14%in Asia Pacific。UBS(UBS)Employs approximately 60,000 people worldwide。

1. Man (UK) September 2025，Following Fidelity and UBS Asset Management (Shanghai) Co., Ltd.，Man Group becomes the third foreign-funded institution to enter China’s securities private equity field。Yingshiman Investment Management (Shanghai) Co., Ltd.，Located in Huangpu District, Shanghai，It is the second wholly foreign-owned enterprise established by Man Group in China.。

Man Group, the world's largest listed alternative asset management company, is a British alternative investment management business group.，Founded in 1783，It has a history of 234 years。This company has a long standby time，Listed on the London Stock Exchange in 1994。

so-called alternative investments，It’s not that the investment style is very “alternative”，It means that the investment target is different from the traditional target，such as stocks、Bonds and cash etc.，Specifically includes real estate investment、asset securitization、hedge fund、Art investment, etc.。

1. Fullerton Investments (Singapore) September 2025，Fullerton Investment Management(Shanghai)Co., Ltd. has been registered as a private equity fund manager with the Asset Management Association of China，Became the first Asian fund management company to obtain this qualification。Fullerton Shanghai’s parent company, Fullerton Capital Management, is a wholly-owned subsidiary of Singapore’s sovereign wealth fund Temasek Holdings.。

From 1989 to 2003 before the establishment of the company，Fullerton's investment team is Temasek's internal treasury management arm，Specializing in managing Temasek’s secondary market investments。at present，Fullerton’s clients include government departments、pension、Insurance、University Endowment Fund、Sovereign funds, etc.。

1. Value Partners Investment (Hong Kong) Value Partners Investment Management (Shanghai) Co., Ltd. completed registration on November 9, 2025，Become a wholly foreign-owned private securities investment fund manager。

Value Partners Investment Management (Shanghai) Co., Ltd. was established on March 23 this year.，Legal representative Guan Wei，Registered capital 50 million yuan。 Its parent company Value Partners Group，It is the only listed fund company in Hong Kong，The group was established in 1993，One of the few who experienced the financial crisis of 1997、The dot-com bubble bursts、A fund management company that is still developing well after multiple stock market earthquakes including the SARS attack。

1. Invesco Zongheng (USA) Invesco Zongheng Investment Management (Shanghai) Co., Ltd. was established on April 13, 2025，The legal representative is Rao Chengfang，Registered capital 2 million US dollars，Invesco Investment Management Co., Ltd. is the shareholder。The main members are Jeremy charles simpson、Sun Haifeng、Li Xiaomi、Rao Chengfang、Guo Huina。

Invesco Investment Management was established in the United States in 1978，Is a leading global independent investment management company，Dedicated to helping investors around the world achieve their financial goals。The company combines the unique investment management capabilities of each investment team，for global retail、Provide a full range of investment strategies and communication media to institutions and high-net-worth clients。

Invesco entered the Asian market as early as 1962，Become one of the most experienced investment companies in the region，Traveling around Hong Kong、China、Japan、Australia、Taiwan、South Korea、Singapore and India，Its Asia-Pacific client management has exceeded US$92 billion in assets。

1. Neuberger Berman (USA) November 9, 2025，Neuberger Berman Investment Management Consulting (Shanghai) Co., Ltd. serves as the private equity fund manager，Officially registered with the Asset Management Association of China。After the filing is completed，Neuberger Berman China can directly issue and manage private equity funds in China。

The founder of Neuberger Berman is the famous Roy R. Neuberger，The father of American mutual funds，Pioneer of joint stock funds，His book "Advice" from his 1994 investment career is one of the must-reads for fund practitioners.。 Neuberger Berman was founded in 1939，Neuberger Berman is an independent、Employee-controlled global asset management company。

Company to global institutional investors，Intermediaries and high net worth individuals offer services including traditional stocks、Various strategies including fixed income and alternative investments，It also provides services such as portfolio consulting and financial planning.，Neuberger Berman's expertise is based on the customer's

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Customized various innovative investment solutions。

As of December 31, 2025，Assets under management reached US$302.9 billion，Among which, fixed income scale reached US$130.1 billion，Equity assets $103.8 billion，Alternative assets $69 billion。

1. Aberdeen Investments (UK) December 2025，Europe's largest independent asset manager、Aberdeen Investment Management (Shanghai) Co., Ltd., the UK's No. 1 public fund, wholly-owned by Aberdeen Asset Management Group, obtained the qualification as a private securities investment fund manager。

Aberdeen Asset Management was founded in 1983，Headquartered in Aberdeen, Scotland,Currently, there are 36 branches in 26 countries and regions around the world.，Core business involves stocks、bond、Investment Management in Alternative Investments and Real Estate，Clients include government and corporate pension funds、central bank、financial institution、charity、Foundations and private investors, etc.。

1. Schroders (UK) Schroders has been rooted in Asia for more than 40 years，1994Established representative office in Shanghai，2005Established Bank of Communications Schroders Fund Management Co., Ltd. jointly with Bank of Communications。2007Year，Schroder Investments becomes an overseas asset management company approved for Qualified Domestic Institutional Investor (QDII) quota。

2025Officially entered the Shanghai Free Trade Zone in 2016，Establish a wholly-owned subsidiary，It will be upgraded to a wholly foreign-owned investment management company (IM WFOE) in 2025 - Schroders Investment Management (Shanghai) Co., Ltd.。 Schroders is a British multinational asset management company，The company was founded in 1804。

The company is in Europe，America，34 offices and 3,000 employees in 27 countries across Asia and the Middle East。Globally managed assets of US$259.5 billion，One of the world's largest listed asset management companies。

1. BlackRock (USA) December 28, 2025，BlackRock Investment Management (Shanghai) Co., Ltd. registered as a private equity fund manager with the Asset Management Association of China。

BlackRock(BlackRock, Inc.)Also known as Black Rock Group，Different from Blackstone Group, one of the world's largest private equity funds(The Blackstone Group)。 BlackRock (NYSE：BLK) is the largest listed investment management group in the United States.。The group is headquartered in New York, USA，Across the United States through its、Customers are served from offices in Europe and Asia。

Until June 30, 2025，BlackRock has total assets under management of

1. 3trillion dollars，Covers stocks、fixed income investments、cash management、alternative investments、Real Estate and Consulting Strategies。
2. Anzhong Investment (Italy) Anzhong Investment Management (Shanghai) Co., Ltd. was established on July 14, 2011，Obtained PFM license on February 28 this year，The registered capital is 43 million yuan，The actual payment ratio is 100%，A wholly foreign-owned private securities manager。 Anzhong Investment Management (Shanghai) Co., Ltd. is a wholly-owned subsidiary of Azimut Holding, Italy's largest independent asset management company, in mainland China.。

Azimut Holding has been operating asset management business since 1989，The company has over €40 billion in AUM under management。Azimut Holding has 80 managers and analysts and more than 2,000 financial advisors worldwide。Azimut Holding was listed on the Milan Stock Exchange in 2004 (AZM.IM)，Is a constituent stock of FTSE MIB。

The company's business spans the world，involving Italy、Luxembourg、Ireland、Türkiye、Switzerland、Monaco、Brazil、Mexico、Hong Kong and Shanghai、Taipei、Singapore and Australia。at the same time，It is also the first Italian independent asset management company to obtain QFII qualifications。

1. Bridgewater Associates (USA) June 29, 2025，Bridgewater Associates has completed registration as a private equity fund manager with the Asset Management Association of China，Officially became a domestic private equity manager。 at present，Bridgewater manages more than $160 billion in assets for approximately 350 institutions，Its clients include central banks、sovereign funds、pension、University endowment funds, etc.。

During the 2008 financial tsunami，Average U.S. hedge fund losses hit 19%，And Bridgewater Fund can achieve positive returns，Get market attention。According to previous statistics from Bloomberg，By the end of 2025，Bridgewater Associates earns cumulative profit of US$45 billion，Quantum Fund surpasses Soros in one fell swoop，Become the most profitable fund in the world。

Founder of Bridgewater Associates，A legend on Wall Street，Ray Dalio, the godfather of hedge funds。

1. Yuansheng Capital (UK) Yuansheng Investment Management (Shanghai) Co., Ltd. was established on March 26, 2012，The registration time of the foreign private placement with the association is June 29, 2025.，Currently employs 11 people；Company legal person Ke Yingming，Served as an analyst at UBS Group’s Hong Kong branch from March 2007 to August 2008，2011From February 2020 to June 2025, he served as China Operations Manager of Yuansheng Asset Management Co., Ltd.，2025From July 2025 to September 2025, he served as China Operations Manager of Yuansheng Investment Management (Shanghai) Co., Ltd.。

Yuansheng Capital was established in Kensington, London, UK in October 1997，Currently the largest CTA company in the world。The company had only three employees when it was founded，Less than $2 million in assets under management，400 employees worldwide by the end of 2025，Among them, more than 130 researchers，AUM of US$32.6 billion。

The CTA flagship strategy used by Yuansheng globally is called "global diversification strategy"，Since its establishment 20 years ago, the cumulative net return has reached 932%。

1. Bisheng Investment (Singapore) July 17, 2025，Bi Sheng(Shanghai)Investment Management Co., Ltd. registered with China Asset Management Association as a private securities investment fund manager，Registered capital is US$10 million，The actual payment ratio is 25%，It is a wholly foreign-owned private equity，The parent company is Bisheng Asset Management Co., Ltd. headquartered in Singapore.。

Bisheng Asset was established in 1995，is a fund management company headquartered in Singapore，The company's assets under management have gradually grown from the initial US$10 million to US$3.1 billion.。Bisheng Assets in 2012、2014Obtained QFII successively in 2016、RQFII qualification，QFII business currently has a quota of US$230 million，RQFII business has a quota of RMB 1.5 billion。(Reprinted from NetEase Finance Comprehensive)

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