China's Private Fund Scale Hits Record High for 11th Straight Month at 25.75 Trillion Yuan, Manager Count Shrinks

Beijing – According to a disclosure published on the evening of September 23 via the official WeChat public account of the Asset Management Association of China (AMAC), the total scale of outstanding private fund management reached 25.75 trillion yuan as of the end of August 2026.

This figure represents a slight increase from 25.73 trillion yuan recorded at the end of July 2026. On a year-over-year basis, it marks a 24.22% increase compared to 20.73 trillion yuan at the end of August 2025. Since October 2025, the scale of private fund management has risen for 11 consecutive months.

Number of Managers Continues to Decline

While the scale of private fund management has grown, the number of fund managers has continued to shrink.

As of the end of August 2026, there were 18,452 outstanding private fund managers, a decrease of 60 from 18,512 at the end of July 2026. Compared to 19,614 at the end of August 2025, the number has dropped by 1,162 year-over-year.

Fund Breakdown by Type

AMAC data also shows that as of the end of August 2026:

• Total outstanding private funds: 145,219
• Total fund scale: 25.75 trillion yuan

Of this total:

• Private securities investment funds: 84,130 funds, with a scale of 9.08 trillion yuan
• Private equity investment funds: 29,608 funds, with a scale of 11.93 trillion yuan
• Venture capital funds: 30,840 funds, with a scale of 4.47 trillion yuan

Regional Distribution of Fund Managers

As of the end of August 2026, the registered locations of private fund managers (across 36 administrative regions) were concentrated in six major areas: Shanghai, Beijing, Shenzhen, Zhejiang (excluding Ningbo), Guangdong (excluding Shenzhen), and Jiangsu. These six regions accounted for 72.35% of all managers, unchanged from July.

The breakdown is as follows:

| Region | Number of Managers | Percentage | |--------|-------------------|------------| | Shanghai | 3,512 | 19.03% | | Beijing | 3,068 | 16.63% | | Shenzhen | 2,684 | 14.55% | | Zhejiang (excl. Ningbo) | 1,473 | 7.98% | | Guangdong (excl. Shenzhen) | 1,469 | 7.96% | | Jiangsu | 1,144 | 6.20% |

Regional Distribution by Fund Scale

In terms of fund management scale, the top six regions were Shanghai, Beijing, Shenzhen, Guangdong (excluding Shenzhen), Jiangsu, and Zhejiang (excluding Ningbo). These regions together accounted for 75.98% of the total scale, slightly up from 75.94% in July.

The breakdown is as follows:

| Region | Fund Scale (100 million yuan) | Percentage | |--------|------------------------------|------------| | Shanghai | 71,792.83 | 27.88% | | Beijing | 59,878.96 | 23.26% | | Shenzhen | 22,793.85 | 8.85% | | Guangdong (excl. Shenzhen) | 14,980.62 | 5.82% | | Jiangsu | 14,413.98 | 5.60% | | Zhejiang (excl. Ningbo) | 11,759.08 | 4.57% |

(Source: WeChat public account of the Asset Management Association of China)