A leading quant hedge fund boss's "second venture"
```
A person’s career is often unpredictable, even if they once held status in the industry and were highly regarded.
Two years ago, Wu Jiaqi was still the founder of the well-known quantitative private fund Sixie Investment, serving as one of the company’s “tridents”.
But from July 2024, he quickly withdrew from the private fund industry. After a series of major changes including a graceful “exit”, an “amicable split” with his original team, and announcing via social media his return to family life and the field of education, Wu Jiaqi completely disappeared from the industry with no further news.
One year and nine months later, Wu Jiaqi made a comeback, this time running a private fund institution on his own and reappearing before investors.
What happened two years ago? What has happened over the past two years? And what opportunity, two years later, led to this “entrepreneurial comeback”? All of this has piqued external curiosity.
Wu Jiaqi’s “Second Foray into Private Funds”
According to the latest disclosure by the Asset Management Association of China: Shanghai Tengchuang Private Fund Management Co., Ltd. (“Tengchuang Fund” for short) completed its manager registration on April 13, 2026.
This new institution was established on September 25, 2025, with its registered address in Hongkou District, Shanghai. It took nearly seven months from establishment to completing its filing as a private fund.
Notably, the legal representative, chairman, and general manager of Tengchuang Fund are all Wu Jiaqi.
According to public records, Wu Jiaqi served as general manager at Shanghai Sixie Investment Management Co., Ltd. (“Sixie Investment”) from February 2017 to July 2024.
During his tenure at Sixie Investment, the company’s assets under management surpassed 10 billion RMB, joining the “10 Billion Private Fund Club”. At that time, Wu Jiaqi was an active and prominent figure in the industry as the head of a 10-billion private fund.
“Unexpected Return”?
As of now, Tengchuang Fund has not yet filed any products, and everything is still in a silent preparation stage.
Wu Jiaqi’s “second foray into private funds” has left many somewhat “unexpected”.
Rewinding to July 2024, Sixie Investment announced that Wu Jiaqi was withdrawing for personal reasons and was transferring all his shares to other partners.
The company emphasized at the time that Wu Jiaqi’s departure would not significantly impact operations; other core figures would continue to maintain core strategies and systems.
Sixie Investment explained to the public that Wu Jiaqi wanted more time with family, was interested in areas outside of investment, and hoped to explore them with sufficient energy and time. Wu himself told the media he wished to take a break and transfer his shares.
Other public reports noted that Wu Jiaqi promised his “former employer” not to compete with the company for several years.
ZiShiTang (the source) noticed that the “split” between Wu Jiaqi and the other two partners of Sixie Investment in 2024 revealed a subtle sense of urgency in information disclosure. Although it usually takes early communication for smooth transitions involving many external client products, the “time lag” between distributors/market and the official announcement was remarkably short. This “seamless” information release ultimately led the public narrative to be an “amicable exit”.
The Hidden “Transition Station”
Resume information disclosed by the association unexpectedly revealed a little-known career episode.
Filing records show that after officially ending his employment at Sixie Investment in October 2024, Wu Jiaqi joined Shanghai Yongjin Investment Management Co., Ltd. as an investment manager for the research department in November of the same year, and stayed until September 2025.
This means that under the appearance of “resting”, the former head of a 10-billion-level private fund swiftly and discreetly joined another institution.
On paper, this “job hop” appeared nearly seamless in official records.
Yongjin Investment, the private fund in question, manages between 2 and 5 billion RMB, and its founder has a futures investment background.
This nearly year-long career experience was not publicly known before.
Not until the Tengchuang Fund’s filing surfaced did the public get a glimpse of this “folded” period. The span of his career from the giant quantitative fund to another private fund invites speculation about Wu Jiaqi’s real intentions at the time.
Puzzling “Cross-Industry Move”
Even more perplexing is that when this private fund resume was revealed, Wu Jiaqi’s story of “change” seemed to have just begun.
In October 2025, Wu Jiaqi disclosed on social media that he and a “partner” acquired a boarding private high school near Los Angeles. (The following image is the official social media announcement.)
However, according to the association’s resume information, Wu Jiaqi ended his tenure at Shanghai Yongjin Investment in the same month he announced the acquisition of the school.
From the “split” at a quantitative giant to joining a mid-sized private fund, and then to a private high school across the ocean, these seemingly unrelated career threads overlapped in time and create a puzzling career picture.
Liquidation Suspense Before and After the “Split”
ZiShiTang found that before and after Wu Jiaqi left Sixie Investment, there was a rare wave of large-scale product liquidations.
According to official filing statistics: the proportion of products prematurely liquidated in Sixie’s history reached 54%, significantly higher than comparable quantitative firms. The peak of this exceptional data occurred in 2024, with 107 products liquidated early, accounting for half of their historical liquidations.
More notably, these liquidations were not evenly spread out, but highly concentrated in a few months. In March, 17 were liquidated; in July (when Wu Jiaqi announced his share exit), 11; August, 15; September, 17; and in November (his official departure month), 23. These five months accounted for nearly three-quarters of the yearly total.
Industry insiders familiar with Sixie Investment revealed that Wu Jiaqi was mainly responsible for marketing at the company.
In addition, in July 2024, the company’s head of compliance and risk control—the core position in private fund institutions—also saw a replacement.
Thus, on one hand, there was the official narrative of the founder’s “amicable exit”; on the other, there was rapid product line contraction and core team changes.
Suspense Yet to Be Solved
As the career timeline is pieced together, Wu Jiaqi’s trajectory shows a certain “complexity”.
From an “amicable split” at Sixie Investment, to a brief stint at Yongjin Investment, and then a new start at Tengchuang Fund, these moves seem to hint at a deeper logic behind the scenes.
Does the overlap between the 2024 liquidation wave and core personnel changes hint at some unspoken connection?
Was the move from a quantitative giant to a mid-sized fund a strategy adjustment or a transition of resources?
And does the cross-industry deployment into education provide some synergy for his private fund business?
These questions are like scattered puzzle pieces, waiting for more clues to surface before a complete picture can emerge.
In the private fund industry, where information is asymmetric, the truth often only becomes clear with time.
Risk Warning and Disclaimer The market has risks; investment should be approached with caution. This article does not constitute personal investment advice, nor has it taken into account the special investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular situation. Investment based on this article is at your own risk. ```