The cohort of hedge funds managing over 10 billion yuan in assets has continued to expand this year. According to the latest statistics from a private fund research firm, as of February 10, the total number of private securities investment fund managers with assets under management exceeding 10 billion yuan has risen to 122, setting a new historical record. This figure represents a net increase of 10 firms compared to the 112 recorded at the end of 2025 and also surpasses the previous peak of 116 seen in March 2022.
An industry expert highlighted that the record number of 10-billion-yuan hedge funds is primarily driven by four factors. First, the market environment has gradually improved, with private fund products delivering sustained positive returns since the beginning of the year, attracting more investor subscriptions and driving asset growth. Second, there has been a noticeable return of capital through channels such as banks and securities firms early in the year, with institutional investors and high-net-worth individuals accelerating their asset allocation pace, thereby enhancing fundraising efficiency for leading private fund institutions. Third, continuous evolution in investment strategies, along with increased strategy capacity and stability, has enabled more private fund firms to join the "10-billion-yuan club." Fourth, industry concentration is increasing, with the Matthew effect becoming more pronounced, as capital further flows toward top-tier private fund institutions that demonstrate stable performance, strong branding, and robust compliance.
Among the 10 newly added 10-billion-yuan hedge funds this year, several firms, including Shanghai Luoshu Investment Management Co., Ltd., Hangzhou Suijiu Private Fund Management Co., Ltd., Shanghai Zhanhong Investment Management Co., Ltd., Shanghai Xitai Investment Management Co., Ltd., and Shanghai Shenyi Investment Co., Ltd., have re-entered the "10-billion-yuan club." Meanwhile, firms such as Shenzhen Guoyuan Xinda Capital Management Co., Ltd., Hengyi Chiying (Shenzhen) Private Fund Management Co., Ltd., Nanjing Beiyang Private Fund Management Co., Ltd., Pulsar Investment Management (Shanghai) Co., Ltd. (referred to as "Pulsar Investment"), Shanghai Yao Jinghe Private Fund Management Co., Ltd., Taikang Wenxing (Wuhan) Private Fund Management Co., Ltd., Sichuan Development Securities Investment Fund Management Co., Ltd., and Guangdong Hongxi Fund Management Co., Ltd., have joined this group for the first time. Additionally, three private fund institutions have temporarily exited the "10-billion-yuan club."
Notably, Pulsar Investment, one of the newly added members, is a wholly foreign-owned enterprise. Since completing its registration in September 2019, the firm has seen continuous growth in assets under management, surpassing 2 billion yuan in 2021, 5 billion yuan in 2022, and exceeding 10 billion yuan by the end of January 2026. With this addition, the number of foreign-backed 10-billion-yuan private fund managers has increased to two, the other being Bridgewater (China) Investment Management Co., Ltd.
In terms of investment strategies, among the 122 10-billion-yuan private fund institutions, equity strategies are the most common, with 86 firms specializing in this area. Multi-asset strategy, fixed-income strategy, and futures and derivatives strategy firms number 16, 8, and 4, respectively. Some private fund institutions have not publicly disclosed their specific investment models.
It is worth noting that, as of February 10, 40 of these 10-billion-yuan private fund institutions have obtained the Type 9 (asset management) license from the Hong Kong Securities and Futures Commission. These firms are authorized to directly invest in overseas equity assets and derivatives, facilitating the construction of more diversified investment portfolios.