State-owned GP accounts for 35% of the market and manages 65% of the capital.

At the 25th China Private Equity Annual Forum, statistics released by the Zero2IPO Group chairman Ni Zhengdong showed that as of the third quarter of 2025, a total of 16,000 private equity fund managers were registered with the Asset Management Association of China, with a total fund size of 27 trillion yuan. Among them, 4,099 managers had state-owned backgrounds, accounting for 35.3% of the total, managing funds worth 17.42 trillion yuan, representing 64.5% of the total fund size. In other words, 35.3% of state-owned institutions managed over 60% of the industry's funds.