Private Fund Assets Hit Record 23.66 Trillion RMB for Ninth Month; Securities Funds Exceed 8 Trillion

As of end-June, the market had 143,200 private funds in operation, with total assets of 23.66 trillion RMB, up 0.13 trillion from end-May, setting a record for the ninth consecutive month. Since the start of 2026, the outstanding scale of private funds has grown by 1.51 trillion RMB cumulatively. Among them, the outstanding scale of private securities investment funds exceeded 8 trillion RMB for the first time, accounting for more than one-third of the total private fund scale.

The continued expansion of private fund scale stems from two forces: incremental capital inflows and appreciation of existing assets. In June, 2,219 private funds were newly filed, with a new filing scale of 109.167 billion RMB, marking the third time this year that the monthly filing scale exceeded 100 billion RMB. By strategy preference, incremental capital is clearly concentrating on equity and hedge strategies. As of end-May, 1,031 multi-strategy private funds were newly filed, up 54.8% year on year; 732 futures and derivatives strategy funds were newly filed, up more than 40% year on year.

The appreciation of existing assets is the main driver of scale growth. In the first half of 2026, the equity market recovered overall. Over the past year, the newly filed scale of private securities investment funds was approximately 649.8 billion RMB, while the net increase in scale during the same period was 2.15 trillion RMB. Newly filed capital accounted for about 30% of the net increase, while net value appreciation contributed about 70%.

Over the past year, the scale of private securities investment funds increased from 5.56 trillion RMB to 8.03 trillion RMB, a rise of 2.47 trillion RMB, representing a year-on-year increase of 44%. In June, 1,466 products were newly filed, with a new filing scale of 71.935 billion RMB. In the first half of the year, the number of private securities product filings reached 7,995, up 45.85% year on year. Equity strategy products remained the mainstay of filings, accounting for 64.59%; multi-asset strategy products rose 52.3% year on year; index enhancement products saw 1,947 filings, up 67.7% year on year.

As of end-June, the number of private fund managers with assets of 10 billion RMB or more reached 142, an increase of 29 from the end of 2025.