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China's Private Fund Scale Hits Record High for 11th Straight Month at 25.75 Trillion Yuan, Manager Count Continues to Shrink
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According to a September 23 disclosure by the Asset Management Association of China (AMAC), the scale of China's private funds under management reached 25.75 trillion yuan as of August 2026, up slightly from 25.73 trillion yuan in July and a 24.22% year-on-year increase from 20.73 trillion yuan in August 2025. This marks the 11th consecutive month of growth since October 2025. Concurrently, the number of fund managers continued to decline, with 18,452 managers registered as of August 2026, down 60 from July and 1,162 fewer than the 19,614 recorded in August 2025. The total number of funds stood at 145,219. By category, private securities investment funds held 9.08 trillion yuan across 84,130 funds; private equity investment funds held 11.93 trillion yuan across 29,608 funds; and venture capital funds held 4.47 trillion yuan across 30,840 funds. Geographically, managers remain concentrated in Shanghai, Beijing, Shenzhen, Zhejiang, Guangdong, and Jiangsu, which together account for 72.35% of all managers and 75.98% of total fund scale.
Source report
By Yu Yilang and Xia Xin, China Economic News
Beijing — As of the end of August 2026, the total scale of outstanding private fund management reached 25.75 trillion yuan, according to a disclosure on the evening of September 23 by the official WeChat public account of the Asset Management Association of China (AMAC).
This figure represents a slight increase from 25.73 trillion yuan recorded at the end of July 2026. Compared to 20.73 trillion yuan at the end of August 2025, the year-on-year growth rate stands at 24.22%. Since October 2025, the scale of private fund management has risen for 11 consecutive months.
Manager Numbers Shrink Amid Scale Growth
While the scale of private fund management has expanded, the number of fund managers has continued to decline.
Data shows that as of the end of August 2026, there were 18,452 outstanding private fund managers, a month-on-month decrease of 60 from 18,512 at the end of July. Compared to 19,614 at the end of August 2025, the number has dropped by 1,162 year-on-year.
(Source: WeChat public account of the Asset Management Association of China)
Breakdown by Fund Type
According to AMAC data, as of the end of August 2026, there were 145,219 outstanding private funds, with a total fund scale of 25.75 trillion yuan. The breakdown is as follows:
- 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 Province (excluding Ningbo), Guangdong Province (excluding Shenzhen), and Jiangsu Province. These six regions accounted for 72.35% of the total, unchanged from July.
The specific numbers and their respective shares are as follows:
- Shanghai: 3,512 managers (19.03%)
- Beijing: 3,068 managers (16.63%)
- Shenzhen: 2,684 managers (14.55%)
- Zhejiang (excl. Ningbo): 1,473 managers (7.98%)
- Guangdong (excl. Shenzhen): 1,469 managers (7.96%)
- Jiangsu: 1,144 managers (6.20%)
Regional Distribution by Fund Scale
In terms of fund management scale, the top six regions were Shanghai, Beijing, Shenzhen, Guangdong Province (excluding Shenzhen), Jiangsu Province, and Zhejiang Province (excluding Ningbo). Together, they accounted for 75.98% of the total scale, slightly up from 75.94% in July.
The scale and share for each region are as follows:
- Shanghai: 71,792.83 billion yuan (27.88%)
- Beijing: 59,878.96 billion yuan (23.26%)
- Shenzhen: 22,793.85 billion yuan (8.85%)
- Guangdong (excl. Shenzhen): 14,980.62 billion yuan (5.82%)
- Jiangsu: 14,413.98 billion yuan (5.60%)
- Zhejiang (excl. Ningbo): 11,759.08 billion yuan (4.57%)
Source
贝果财经Eastern
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China's private fund scale hits record 25.75 trillion yuan for 11th straight month