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Karen Tian

China’s private fund industry has seen its assets under management climb to a record high, buoyed by rebounding market confidence and a surge in technology-related investments.
The nation’s private investment funds had assets totalling 23.46 trillion yuan (US$3.46 trillion) as of the end of April, up from 20.22 trillion yuan a year earlier, according to data released by the Asset Management Association of China on Wednesday.
The industry – which spans private equity, venture capital and private securities investment funds – is a vital part of China’s capital market, which propels the growth of a large number of tech start-ups.
Its resurgence has followed Beijing’s introduction of a slew of policies to overhaul the stock market and revive investor confidence since 2024, with China’s leaders repeatedly calling for a “deep transformation” of the capital market to attract long-term investment in promising tech companies.
“A new investment narrative is taking shape in China’s market,” said Zhao Xijun, co-dean of the China Capital Market Research Institute at Renmin University of China. “Investors are paying more attention to companies’ innovation capabilities and long-term growth potential, rather than focusing only on short-term profits.”
China’s private equity and venture capital market has shown signs of recovery this year. Total investment activity reached 234.4 billion yuan in the first quarter, up 24.7 per cent compared with the same period last year, according to data from Zero2IPO Research.
AI-related start-ups were a major driver of the rebound, raising more than 110 billion yuan in the first three months of the year – up 185 per cent year on year.


Private securities investment funds have experienced an even greater resurgence, according to Chinese private fund manager Springs Capital – a spike in activity that has coincided with a broader upsurge in China’s stock markets.
More than 1,600 private securities funds were registered in April alone, while total new filings in the first four months of the year reached about 254.1 billion yuan – more than double the level a year earlier – according to a report by Springs Capital published last week.
Several venture capital and private equity executives said at a recent industry conference organised by China-focused research and data provider CVInfo that sentiment across the sector had turned more positive this year, with some describing 2026 as a potential “harvest year” after a prolonged downturn.
Hong Kong’s initial public offering market has recovered strongly since 2024, helping reopen exit channels for some investors after a prolonged slowdown in fundraising and deal activity.
Hong Kong’s IPO market raised HK$272.1 billion (US$34.7 billion) across 100 listings in 2025, up 210 per cent year on year, according to KPMG, helped by a revival in technology listings and a growing number of mainland Chinese companies pursuing secondary listings in Hong Kong.
Of China’s total private funds market, private equity funds account for 11.38 trillion yuan of assets, venture capital funds 3.96 trillion yuan, and private securities investment funds 7.85 trillion yuan.


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Chinese investors are putting more money into private equity, venture capital and other private funds amid a surge in tech investment


Chinese investors are putting more money into private equity, venture capital and other private funds amid a surge in tech investment.


China’s private funds see assets soar by over US$400 billion amid tech boom

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Chinese investors are putting more money into private equity, venture capital and other private funds amid a surge in tech investment

Chinese investors are putting more money into private equity, venture capital and other private funds amid a surge in tech investment