China’s private fund industry assets under management reached 23.46 trillion yuan (US$3.46 trillion) at the end of April 2026, marking the highest level on record and up from 20.22 trillion yuan a year earlier [1, 2]. Total investment activity in private equity and venture capital rose 24.7% year-on-year to 234.4 billion yuan in the first quarter of 2026 [1].
April 2026 saw 2,348 private funds registered with combined registered assets of 928.7 billion yuan [2]. Among these, 1,683 were securities-focused funds holding 644.5 billion yuan, while 159 were private equity funds with 64.05 billion yuan in assets [2]. The number of private fund managers overseeing more than 10 billion yuan climbed to 137, also a record high for the sector [2].
Quantitative fund managers have significantly increased, with 71 securities-focused quant managers holding assets over 10 billion yuan by the end of April 2026, including 11 new entrants that month alone [2]. Since February 2026, quant funds have outnumbered non-quant funds among newly registered private funds for three consecutive months [2]. Investor interest in AI-linked quantitative strategies is boosting growth in these funds [2]. Meanwhile, some discretionary equity managers have lost assets as quant managers gain market share [2].
Zhao Xijun, co-dean of the China Capital Market Research Institute at Renmin University of China, said, “A new investment narrative is taking shape in China’s market. Investors are paying more attention to companies’ innovation capabilities and long-term growth potential, rather than focusing only on short-term profits.” This technology and innovation focus is restoring investor confidence in China’s private funds market [1].
The Asset Management Association of China confirmed the surge in private fund assets and registrations in data released on May 26, 2026 [2]. The increasing dominance of quantitative and tech-driven strategies marks a shift in China’s private fund landscape.
