China’s private fund AUM hits record 25.75 trillion yuan as manager count falls
China’s private fund industry reached a record 25.75 trillion yuan in total assets under management at the end of August 2026, marking the 11th consecutive monthly high, according to the Asset Management Association of China. The number of registered fund managers fell to 18,452, a decline of 60 from July and 779 from the start of the year. While scale grew, 889 managers were deregistered in 2026, surpassing the 855 in the same period last year, and only 68 new managers were registered. New regulations on information disclosure and fundraising took effect or were proposed in September.
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Cross-source coverage
Common ground
- China's private fund industry has grown significantly, reaching 25.75 trillion yuan with 11 consecutive months of new highs.
- The deregistration of 889 fund managers is part of a necessary cleanup to remove non-compliant players and improve industry standards.
- Veteran investors like Bao Wuke and Cao Mingchang entering the market signals confidence in the long-term direction.
- Regulatory tightening on disclosure and fundraising is building a foundation for long-term credibility.
Points of contention
- Eastern agent sees the consolidation as a pure success story, while regional agent argues it harms small investors who lose money when managers disappear.
- Eastern agent believes private funds are properly exclusive for qualified investors, but regional agent calls this a two-tier system that leaves ordinary people behind.
- Eastern agent claims private fund capital trickles down to create jobs and growth for everyone, while regional agent says it mostly goes to speculation and benefits the wealthy.
- Eastern agent frames China's model as an improvement over the West, but regional agent argues it's just copying Western inequalities with Chinese characteristics.
Blind spots
- Both agents focus heavily on comparing China to the West, but neither deeply examines how the industry serves investors in other Global South countries.
- The debate lacks concrete data on how much private fund capital actually flows into productive sectors like tech or green energy versus speculation.
- Neither side addresses the enforcement gaps in investor protection when fund managers are deregistered, especially for informal investors outside the qualified framework.
WorldAttention’s read
The roundtable shows strong agreement that China's private fund industry is growing and consolidating under tighter regulation, which boosts long-term credibility. However, there's a sharp divide on whether this benefits everyone or just the wealthy. The eastern agent sees it as a mature, segmented system that protects ordinary people while fueling innovation, but the regional agent warns it's becoming an exclusive playground for elites that leaves small investors behind. Both sides miss a deeper look at how this model actually works for developing nations and whether the promised benefits reach everyday workers. Ultimately, the 25.75 trillion yuan milestone is real, but whether it's a model to celebrate or a warning to question depends on who you ask.
Reporting timeline
China's private fund industry hits record scale as veteran managers launch new firms
According to a September 23 report by Wall Street CN (via Tencent Stock), China's private fund industry reached a record scale of 25.75 trillion yuan as of August 2025, marking 11 consecutive months of record highs since October 2024. The number of private fund managers, however, continued to decline, falling to 18,452 by August end, a decrease of 779 from the start of the year. Industry views attribute the divergence to accelerated market consolidation and improved industry ecology. Securities-focused private funds remain the main growth driver, with 84,130 funds totaling 9.08 trillion yuan. New registrations of fund managers hit a multi-year low, while veteran investment managers such as Bao Wuke (at Hillhouse's Liren Investment), Cao Mingchang (founding Puqiao Asset), and Ye Zhishen (founding Fengye Private Fund) have recently launched or joined private fund platforms. Analysts suggest that a maturing regulatory environment and improved industry conditions are attracting experienced professionals to the sector.
China's Private Fund Industry Hits Record 25.75 Trillion Yuan Amid Regulatory Tightening and Manager Consolidation
China's private fund industry reached a new milestone in August 2025, with total assets under management hitting 25.75 trillion yuan, marking the 11th consecutive month of record highs, according to the Asset Management Association of China (AMAC). The number of registered fund managers, however, continued to decline, falling to 18,452 by end-August, a net decrease of 779 from the start of the year. Industry analysts attribute the divergence to accelerated market consolidation and improved industry ecology under stricter regulation. New fund registrations also slowed, with only about 65 new managers expected for the year, a multi-year low. Meanwhile, several veteran investment managers, including value investors Bao Wuke and Cao Mingchang, have recently launched or joined private fund platforms, signaling a shift toward higher-quality talent entering the sector. The report notes that declining deposit and fixed-income yields are driving capital toward equity and hedge funds, while AI-related venture capital demand supports private equity growth.
Read sourceChina's Private Fund Industry Scale Hits Record High for 11th Consecutive Month
According to the Asset Management Association of China (AMAC), the total scale of China's private funds reached 25.75 trillion yuan by the end of August, marking an 11th consecutive monthly record high. This growth is attributed to a long-term trend of household asset reallocation amid falling risk-free yields and the rapid development of the tech sector, which drives equity financing needs. Notably, while the industry's scale expanded, the number of fund managers continued to decline, dropping by 60 from July and over 700 from the start of the year. Industry insiders, including a researcher from a Shanghai-based private fund and representatives from Star Rock Investment, view this divergence as a sign of accelerated market competition and improved industry ecology. They note that stricter regulations and voluntary compliance are weeding out weaker players, while experienced professionals continue to enter the field, such as Ye Zhishen, a former 19-year veteran at淡水泉 (Springs Capital), who recently registered a new private fund. The report concludes that the industry is expected to grow steadily under regulatory guidance, becoming a key force supporting the real economy and capital markets.
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China's Private Fund Industry Scale Hits Record High for 11th Consecutive Month
According to data from the Asset Management Association of China (AMAC), the total scale of China's private funds reached 25.75 trillion yuan by the end of August, setting a new record for the 11th consecutive month. This represents a slight increase from July. Meanwhile, the number of registered fund managers continued to decline, dropping by 60 from July to 18,452, and by over 700 since the start of the year. The article notes that new registrations were dominated by securities-focused private funds, with 1,205 new securities funds in August. Industry insiders, including a researcher from a Shanghai-based firm and representatives from Star Rock Investment, attribute the scale growth to a long-term trend of household asset reallocation amid falling risk-free rates and the rapid development of the tech sector, which drives equity financing needs. They view the simultaneous increase in scale and decrease in manager count as a sign of healthy industry consolidation and improved regulatory compliance. The report also highlights that several veteran asset managers have recently founded new private funds, attracted by the improving competitive ecosystem.
Read sourceChina's Private Fund Industry Hits Record 25.75 Trillion Yuan Amid Accelerated Cleanup
According to a September 23 report from East Money citing the Asset Management Association of China (AMAC), the total scale of China's private fund industry reached a record 25.75 trillion yuan at the end of August 2026, marking the 11th consecutive month of new highs. The number of registered fund managers fell to 18,452, a decrease of 60 from July. While the industry grows in scale, a rapid cleanup is underway: 889 fund managers have been deregistered so far in 2026, compared to 855 in the same period last year, while only 68 new managers were registered. The AMAC also reported 21 'missing' fund managers deregistered this year. New regulations, including the 'Private Investment Fund Information Disclosure Supervision and Management Measures' effective September 1 and a draft 'Private Investment Fund Raising Supervision and Management Measures' released for public comment on September 4, are tightening oversight on investor suitability, look-through checks, and fund sources. The report notes the industry is shifting from scale expansion to stock competition and survival of the fittest.
Read sourceChina's Private Fund Industry Hits Record 25.75 Trillion Yuan Amid Accelerated Shakeout
According to a report from the Asset Management Association of China (AMAC), the total scale of China's private fund industry reached a record 25.75 trillion yuan at the end of August 2026, marking the 11th consecutive month of growth since October 2025. However, the industry is undergoing a rapid consolidation, with 889 fund managers deregistered so far in 2026, surpassing the 855 figure from the same period last year. In contrast, only 68 new fund managers have been registered this year. The deregistrations include voluntary closures, cancellations due to non-compliance or loss of contact, and cancellations for having no funds under management for 12 months. The regulatory environment is also tightening, with new rules on information disclosure and fundraising supervision taking effect or being proposed. The AMAC also reported that it has been unable to contact nine fund managers, including firms linked to notable investor Yang Tiannan, highlighting ongoing compliance challenges.