China's Private Fund Management Scale Hits Record 25.75 Trillion Yuan; Nearly 900 Firms Deregistered This Year

On September 23, the Asset Management Association of China (AMAC) released its monthly report on private fund manager registrations and product filings for August 2026.

Record-Breaking Scale

As of the end of August, the total assets under management (AUM) of private funds reached 25.75 trillion yuan, setting a new historical record. This marks the 11th consecutive month of growth since October 2025.

Accelerated Market Cleanup

While the scale continues to climb, the pace of industry consolidation has also accelerated. According to AMAC data:

• 889 private fund managers have been deregistered so far this year
• Only 68 new managers have been registered in the same period
• On September 7, AMAC announced it could not establish effective contact with 9 private fund managers
• A total of 21 "missing" private funds have been deregistered this year

This dynamic of "entry and exit" signals a shift from scale expansion to stock competition and survival of the fittest.

Key Data at a Glance

As of August 2026:

| Metric | Value | Change from July | |--------|-------|------------------| | Active private fund managers | 18,452 | -60 | | Total fund products | 145,200 | — | | Total AUM | 25.75 trillion yuan | +0.02 trillion yuan |

Breakdown by Manager Type

• Private securities investment fund managers: 7,203
• Private equity and venture capital fund managers: 11,087
• Private asset allocation fund managers: 3
• Other private fund managers: 159

Regional Concentration

Managers are heavily concentrated in six major regions:

• Shanghai, Beijing, Shenzhen, Zhejiang (excluding Ningbo), Guangdong (excluding Shenzhen), and Jiangsu
• These regions account for 72.35% of all managers (unchanged from July)
• Their combined AUM accounts for 75.98% of the total

Product Filings Remain Active

In August, 1,890 new private funds were filed, with a total filing size of 72.402 billion yuan:

• Private securities investment funds: 1,205 funds, 35.061 billion yuan
• Private equity investment funds: 126 funds, 10.116 billion yuan
• Venture capital funds: 559 funds, 27.225 billion yuan

Additionally, 12 institutions completed registration through the AMBERS system in August, including:

• 2 private securities investment fund managers
• 10 private equity and venture capital fund managers

Deregistration Trends

The number of deregistered managers this year (889) has already surpassed the same period last year (855). Deregistration methods include:

• Voluntary deregistration: 405 managers
• AMAC-mandated deregistration: 391 managers (due to loss of contact or abnormal operations)
• Deregistration due to no funds under management for 12 months

Tightening Regulatory Framework

The "entry" side is also tightening. As of September 23, only 68 new private fund managers have been registered this year, including 31 securities-type managers.

Regulatory measures have been intensifying:

• September 1: The Supervision and Administration Measures for Information Disclosure of Private Investment Funds took effect, reinforcing responsibilities of managers and custodians
• September 4: The China Securities Regulatory Commission (CSRC) released draft Supervision and Administration Measures for Private Investment Fund Raising for public comment, with stricter requirements on qualified investor identification, look-through checks, and fund sources

Industry insiders expect more detailed rules to follow under the "1+N+X" framework for private funds.

Notable Case: Missing Fund Managers

On September 7, AMAC announced it could not establish effective contact with 9 private fund managers, including:

• Jiangxi Fule Investment Management Co., Ltd.
• Beijing Jinshi Zhiyuan Investment and Beijing Jinshi Zhiyuan Asset — both with legal representative Yang Tiannan, a well-known figure in the private fund industry

This case has drawn significant market attention.