Port communicationThe spring of private equity funds is here. New types of private equity asset allocation fund managers are added.，Helps form a multi-level architecture system for the asset management industry，Promote more professional management of the industry。
at the same time，It can also meet the actual needs of professional private equity fund investors for the allocation of large categories of assets in their invested private equity funds.，Enrich product selection for the market，Support and promote private equity FOF and other highly professional institutions to achieve survival of the fittest. The Asset Management Association of China recently issued the "Answers to Questions and Answers Related to the Registration and Filing of Private Equity Funds".(fifteen)》，Officially clarified the roles of private asset allocation fund managers and private asset allocation funds
Application conditions
and related
Require
。
This means that after the previous three types of registered private equity funds,，The fourth category of new private asset allocation fund managers is about to start filing，The private equity industry will officially enter a new stage of asset allocation。 According to the private equity professional business classification completed in the first half of 2025，Previous private placement registrations were mainly divided into three categories:，First, private securities investment fund managers，Second, private equity、Venture Capital Fund Manager，Third, other private equity investment fund managers。
The threshold for new private equity types is high. According to the "Answers to Questions and Answers Related to Registration and Filing of Private Equity Funds"(fifteen)》，There are several aspects of new private asset allocation fund managers
Require
：One is
Require
At least one institution under the actual controller is an ordinary member of the Asset Management Association of China，or
Require
Registered for more than 3 years、Observer members with an average annual scale of not less than 500 million yuan。
Second, in terms of product registration，
Require
The initial scale of a single product is no less than 50 million yuan，The duration is no less than two years and the operation is closed，The main investment method is FOF，80%The above funds are invested in private placement、Public offerings and other products，
Require
Investment in a single product shall not exceed 20%, etc.。Third, the actual controller adheres to the long-term investment philosophy，Continue to hold shares for no less than 3 years after completion of registration，Preventing the buying and selling of private equity “shells”。
Fourth, senior executives
Require
No less than two persons with more than 3 years of experience in asset allocation，Or more than 5 years of domestic and overseas asset management experience，and
Require
is full time。also，and control levers，Strict custody、Information disclosure, etc.
Require
，Involves preventing conflicts of interest、Protect the interests of holders，single investor fund
Require
etc.。
Chen Huozhu, director of the research department of Private Equity Pai Pai Network, said，The threshold for managers of private equity asset allocation funds is higher than that for fund managers such as private securities and private equity funds.
Require
higher，The main consideration is to improve the professionalism of managers，To prevent the current mixed market situation，Forming a good multi-level private equity market often simultaneously，Conducive to truly doing a good job in asset allocation，Let professionals do professional things，More conducive to the healthy and rapid development of the industry，Become a truly high-quality choice for investors，Improve the competitiveness of my country's financial enterprises。
Yang Xiaoqing, a researcher at the Geshang Research Center, believes that，After years of development, my country’s private equity FOF，It has become a new force in the market。From international experience，Most of the investment funds in mature overseas countries are allocated through professional institutions such as FOF.，FOF is one of the mainstream products in mature markets。my country's private equity FOF has huge room for development in the future，However, currently most of the participating funds are institutional funds and corporate funds.，Personal funds are relatively small。
With the accumulation of national wealth，The development of diversified financial management needs of high net worth individuals in my country，Private equity FOF will become an important choice，This is the right time to standardize the registration and filing of relevant types of products.。 Form a multi-level asset management structure by the end of July 2025，The Asset Management Association has registered 24,093 private equity fund managers.，There are 74,777 registered private equity funds，The scale of funds under management reaches 12.79 trillion yuan。
in，There are 8,865 registered private securities investment fund managers.，There are 36,280 registered products，private equity、There are 14,461 venture capital fund managers in total，The total number of registered products exceeds 30,000；767 other private equity investment fund managers，There are approximately 6,000 registered products。In terms of scale，Other private equity investment funds account for about one-sixth，The difference from private securities funds is about 300 billion yuan。
Judging from the scale of managers，As of the end of July，There are 233 companies with fund management scale of 10 billion yuan and above.，There are 264 companies with funds under management ranging from 5 billion yuan to 10 billion yuan.，The number of large-scale private equity managers in the entire industry accounts for only about 2%，The vast majority are small and medium-sized private equity managers with a scale of less than 5 billion yuan。 Why did the regulatory authorities add a new type of private equity asset allocation fund manager to the original three types of private equity?
According to Chen Huozhu，Mainly to form a multi-level architecture system for the asset management industry，Promote more professional management of the industry。at the same time，In order to meet the practical needs of professional private equity fund investors for the allocation of large categories of assets in their invested private equity funds，Enrich product selection for the market，Support and promote the survival of the fittest for highly professional institutions such as private equity FOF。
Yang Jianbo, deputy director of the research department and leader of the quantitative research group of Private Equity Investment Network, said，Registration of new types of private placements is beneficial to bank asset management companies、Insurance asset management companies and other large institutions conduct cross-asset class allocations，It is not friendly to small private equity。 The private equity allocation fund license is expected to break the previous restriction that primary and secondary market capital cannot invest in each other.，However, regulatory issues also deserve attention。
For example，Compared with ordinary private equity funds，Private asset allocation funds can allocate different asset classes across markets，The primary market tastes the primary and semi-market tastes the secondary market，Even non-standard products。 Private equity FOF faces reshuffle, industry insiders generally believe，The emergence of the fourth type of private equity managers，It marks that the private equity industry will officially enter a new stage of asset allocation.。
Yang Xiaoqing thinks，Private equity FOF will usher in healthier development，But it is also facing a reshuffle situation，There will be strong players in the industry that are always strong、polarized pattern，Some outstanding private equity institutions will gain favor from the market，Industry concentration will increase。
Chen Huozhu said，Clarify private equity asset allocation managers as a type from the perspective of regulatory classification，Conducive to enriching private equity types，Standardize and promote FOF business；Rich product selection for investment，Achieve true asset allocation，through true diversification，Not only does it provide investors with products with a better risk-return ratio，It can also help the channel transform into a manager，Improve management capabilities，Promote industry development。
After the launch of asset allocation private equity fund managers，The types of private equity fund managers and product types will become more diversified，Such institutions can invest across multiple underlying asset classes，In fact, there are no restrictions on professional management。It is different from the public fundraising competition that follows the rules in the "swimming pool"，After filing for new type of private placement，The private equity industry has almost complete freedom to compete in the "sea"，This poses new challenges for regulators and asset managers
Require
。
Liu Youhua, a quantitative researcher at Private Equity Ranking Network, said，In the long run，The addition of the fourth category of private equity funds will have a greater impact on the private equity industry。
The biggest change is that the investment scope of asset allocation fund managers has been greatly broadened，except shares、bond、futures、Options and other common asset classes，Also includes fund shares、derivatives、Unlisted company equity、Buyout Fund、real estate funds、Convertible bonds、Various types of physical assets and more than 10 types，More flexible and broader than the current private equity FOF，Diversification of investment avenues，Will definitely attract more funds and excellent management team。
For industry and partner organizations，Standardizing new private equity types will help private equity institutions cover all market varieties，Guide channel institutions to become trustees，Strengthen the fiduciary responsibility of sales organizations。
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