FINANCE

China’s Private Fund Assets Hit Record as Quant Managers Surge

Published: May. 27, 2026 11:36 p.m. GMT+8

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The Asset Management Association of China said Tuesday that 2,348 private funds were registered in April, with combined registered assets of 928.7 billion yuan. Photo: VCG

China’s private fund industry grew to a record 23.5 trillion yuan ($3.5 trillion) at the end of April, as quantitative managers gained market share and the ranks of large firms expanded rapidly, industry data showed.

The figures point to improving fundraising momentum in China’s private securities-investment fund market, the country’s closest equivalent to hedge funds. Investor interest in AI-linked strategies is accelerating a shift toward quantitative products, even as some discretionary equity managers continue to lose assets.

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China’s private fund industry hit a record 23.5 trillion yuan ($3.5 trillion) at end-April, with quant managers gaining market share.
By April, 71 quant managers had over 10 billion yuan; quant funds outnumbered non-quant for three straight months.
Crowding concerns arise as excess returns decline; discretionary manager Banxia fell below 5 billion yuan, with funds down 3%-7% this year.

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...: China's private fund industry reached a record 23.5 trillion yuan ($3.5 trillion) by April, driven by quantitative managers using AI. Large funds over 10 billion yuan hit 137, but concerns about crowding and declining returns persist, while discretionary managers like Banxia are losing assets.

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