After experiencing some excitement, the mainland Chinese equity market has been fluctuating repeatedly around 3300 points, as if entering a "half-time break". At this time, what are the top investment gurus in the private equity circle thinking? Sometimes asking is futile, it is more meaningful to observe their actions. So, what are they doing at this moment? Many of them are raising funds. According to information from the private equity market, many top investors have launched their first fundraising in the past two years after the A-share market rested at 3300 points. What does this arrangement indicate? Yang Dong's private equity "opening" In terms of fundraising, Yang Dong has always been cautious. Even in the public offering era, he clearly preferred to raise funds at low levels and when there were "opportunities". In recent years, under his leadership, Ningquan Asset Management has conducted several fundraisings in the midst of major market declines. The latest information from sources indicates that Yang Dong has once again opened a fundraising window. Market information suggests that some distribution institutions may be raising funds for equity products of Ningquan Asset Management, with fundraising concentrated in the middle and late October. The products being subscribed in this round mainly have a three-year lock-up period, meaning that investors cannot redeem their principal within the next three years after subscribing successfully. This to some extent reflects Yang Dong's view on future investments. To make money in the long run, invest for the long term. Dong Chengfei is also "raising money" Another name that has not been seen on the shelves of private equity products for a long time - Dong Chengfei, has also appeared on the recent channel's "product shelves". Dong Chengfei and Yang Dong are fund managers who have had the smallest retreat in the private equity sector during this bear market. They have also been old colleagues at Xingye Global Fund and fought side by side for a long time. However, there are some differences in the investment styles of Dong Chengfei and Yang Dong. Dong Chengfei's stock selection criteria are broader, and his contrarian style is more prominent. Information from distribution channels indicates that Dong Chengfei's private equity products (with a three-year lock-up period) are also being continuously sold through some distribution channels. This may indicate that Dong Chengfei still has expectations for the current market timing. Since officially operating his first private equity product in May 2022, Dong Chengfei has provided a vivid "teaching case" of capital preservation for industry peers, and his timely gains in the third quarter of this year also seem fitting. Therefore, his fundraising pace in this round is quite noteworthy. More seasoned veterans are "coming out" In fact, many investment veterans who have been rolling in the market for more than 20 years, like Yang Dong and Dong Chengfei, are also raising funds, such as Wu Weizhi of China-Europe Robeco Fund. A private banking channel source revealed that the bank has recently added several subjective long positions private equity funds to its list of recommended names, including Wu Weizhi's team. Wu Weizhi has a very long career, comparable to Yang Dong in a sense, but his development path is completely different. He founded a private equity platform in 2007 and currently manages assets exceeding hundreds of billions. However, Wu Weizhi's exposure has not been high for quite some time. This highlights the fact that his proactive fundraising at the current point is high-profile. Close to Wu Weizhi in terms of tenure, Jiang Hui, through his management of Xing Shi Investment, is reportedly communicating with major channels to raise funds. The products currently brought out are expected to have lock-up periods of one or three years, and there may also be policies to offer fee concessions. Another fund manager looking for capital is Lin Sen of Qincheng Asset Management, who is a new generation of investment guru and entered the private sector in 2022. His performance curve has been quite attractive in the same period. Why the focus on "three-year term"? Currently, it appears that private equity funds may be entering a window of fundraising that has not been seen for over two years. Moreover, this year the index performance has been steadily advancing, seemingly leaving a lot of room for investment gurus who are good at timing and selecting individual stocks. As shown by the previous examples, many of the recent "fundraising" activities are for three-year term products. What could be the reason for this? The answer may be related to the following factors: First, although the entire market has adjusted for three years, the length of the stock market cycle in recent years has clearly extended, and the volatility has also narrowed. The stars of private equity are recommending three-year term products to leave enough room for their strategies to perform. Second, the current market sentiment is not "hot", but on the basis of a market rebound, top-performing fund managers are raising funds, attracting relatively rational capital. Third, there have been many disagreements between investors and managers in recent years. Through fundraising this time, managers can select their client base through the three-year term products. What are they preparing to invest in? If the investment gurus can complete their fundraising by the end of this month or early next month, where will they focus their investments? The answer to this question is definitely not directly obtainable. However, exploring the latest investment strategies of these institutions may provide some insights. For example, Yang Dong's past actions, as shown by publicly available information, have involved making purchases during market adjustments or when investor sentiment is extremely low, showing a strong awareness of "low-level layout". In terms of asset allocation, apart from investing in brokerage stocks (H shares), Ningquan has historically had relatively clear allocations in the LED lighting industry. There is also information that Yang Dong's products bought a large amount of convertible bond assets before the start of this round of market, with the inventory of convertible bonds at an all-time high for this private equity firm, and also increased positions in real estate, property management, and photovoltaic stocks. This investment approach is consistent with its net asset value performance. This article is from "Wall Street Seen", written by Sun Jiannan, GMTEight editor: Chen Xiaoyi.