The Asset Management Association of China (AMAC) released the "Monthly Report on Registration and Filing of Private Fund Managers (January 2025)". As of the end of January 2025, there were 20,025 private fund managers, managing a total of 144,071 funds with a total asset under management of 19.92 trillion yuan. Among them, there were 7,904 private securities investment fund managers, 11,923 private equity and venture capital fund managers, 6 private asset allocation fund managers, and 192 other private investment fund managers. I. Overall Registration Situation of Private Fund Managers 1. Monthly Registration Situation of Private Fund Managers In January 2025, a total of 13 institutions were approved for registration through the Asset Management Business Comprehensive Reporting Platform (AMBERS system) of the AMAC, including 5 private securities investment fund managers and 8 private equity and venture capital fund managers. In January 2025, the AMAC suspended the registration application of 1 private fund manager and canceled the registration of 277 private fund managers. 2. Existing Private Fund Managers As of the end of January 2025, there were 20,025 existing private fund managers, managing a total of 144,071 funds with a total asset under management of 19.92 trillion yuan. Among them, there were 7,904 private securities investment fund managers, 11,923 private equity and venture capital fund managers, 6 private asset allocation fund managers, and 192 other private investment fund managers. 3. Regional Distribution of Private Fund Managers As of the end of January 2025, the registered private fund managers were mainly concentrated in Shanghai, Beijing, Shenzhen, Guangdong (excluding Shenzhen), Zhejiang (excluding Ningbo), and Jiangsu, accounting for a total of 72.14%, which was slightly lower than the 72.24% in December. Specifically, there were 3,731 in Shanghai, 3,247 in Beijing, 3,044 in Shenzhen, 1,607 in Guangdong (excluding Shenzhen), 1,599 in Zhejiang (excluding Ningbo), and 1,219 in Jiangsu. In terms of fund management scale, the top 6 regions were Shanghai, Beijing, Shenzhen, Guangdong (excluding Shenzhen), Jiangsu, and Zhejiang (excluding Ningbo), accounting for 74.97% in total, slightly lower than the 74.99% in December. Specifically, the fund management scale in Shanghai was 49,215.10 billion yuan, 46,588.45 billion yuan in Beijing, 19,450.40 billion yuan in Shenzhen, 12,912.75 billion yuan in Guangdong (excluding Shenzhen), 11,612.50 billion yuan in Jiangsu, and 9,527.62 billion yuan in Zhejiang (excluding Ningbo). II. Overall Filing Situation of Private Funds 1. Monthly Filing Situation of Private Funds In January 2025, there were 1,073 newly filed private funds with a total filing scale of 465.84 billion yuan. Among them, there were 743 private securities investment funds with a total filing scale of 253.72 billion yuan, 116 private equity investment funds with a total filing scale of 131.80 billion yuan, and 214 venture capital funds with a total filing scale of 80.31 billion yuan. 2. Existing Private Funds As of the end of January 2025, there were 144,071 existing private funds with a total filing scale of 19.92 trillion yuan. Among them, there were 87,764 existing private securities investment funds with a filing scale of 5.23 trillion yuan, 30,122 existing private equity investment funds with a filing scale of 10.96 trillion yuan, and 25,295 existing venture capital funds with a filing scale of 3.36 trillion yuan.