Hundred-billion private equity "legion" sounds the assembly call for A-shares.

A force never seen before is quietly reshaping China's private equity industry. In the past two years, a "new legion" with unique backgrounds and rapid momentum has leaped from zero to hundreds of billions with astonishing speed. They do not rely on roadshows for publicity, nor do they depend on distribution channels. They seldom appear in the public eye, yet within just a few months, they have repeatedly achieved breakthroughs of over ten billion on a single platform. Even more intriguing, this force does not come from the entrepreneurial groups of the traditional asset management circle, but originates from a system once regarded as "conservative allocators". Now, they are joining the core “battles” of the secondary market with systematic operation, internal capital closed loops, and ultra-long investment cycles. This force has not only refreshed growth paradigms in the private equity industry but also heralds a change in the industry’s ecosystem. ## Two Insurance Private Equity Firms Break Through the 10-Billion Barrier It is reported that Hengyi Holdings (Shenzhen) Private Equity Fund Management Co., Ltd. (“Hengyi Private Equity Fund”) and Taibao Zhiyuan (Shanghai) Private Equity Fund Management Co., Ltd. ("Taibao Private Equity Fund") have become the latest members of the insurance-backed private equity 10-billion club. Both institutions registered their first stock strategy products in the second half of 2025. As of January 2026, their managed assets have both exceeded ten billion. Details are as follows: > Taibao Zhiyuan Private Equity Fund registered its first product in July 2025, with its controlling shareholder being China Pacific Insurance Group; > Hengyi Private Equity Fund registered its first product in September 2025, and the platform was initiated by Ping An Group. Although these two private equity firms entered the stock strategy field later than traditional top players, their scale expansion has been exceptionally swift. Calculating from the product registration date, each firm took only 4 to 6 months to leap from zero to ten billion. This speed is extremely rare in the history of equity private placements fundraising. In the past, only star fund managers with strong market appeal, combining full channel support and clear expectations of market bottoms or uptrends, could achieve such a pace. ## Industry Experts at the Helm Regarding core management, the legal representatives of Hengyi Holdings and Taibao Zhiyuan both have clear and coherent career trajectories, holding important positions within their respective parent groups’ asset management systems. Dou Zeyun, legal representative, general manager, and investment head of Hengyi Private Equity Fund, worked early on in the investment research department at Southern Fund. Since September 2008, he joined Ping An Securities, working for a long time in the integrated research institute and industry/company research, later transferring to headquarters asset management business, serving as investment manager and in charge of multiple equity teams, fully covering research, investing, and asset management. From January 2024 to May 2025, Dou Zeyun worked at Ping An Securities headquarters in the equity investment team; starting June 2025, he transferred to Hengyi Holdings, overseeing platform investment and operations. Xiang Tao, legal representative, general manager, and financial director of Taibao Zhiyuan Private Equity Fund, worked previously at Tianxiang Investment and Industrial Securities. Since 2013, he joined Pacific Asset Management, long-term in equity research and investment management, and is a key research backbone nurtured within the Taibao asset system. In June 2025, Xiang Tao was transferred to Taibao Zhiyuan Private Equity Fund to oversee platform management. From the career paths of Dou Zeyun and Xiang Tao, we see that the core management of the two newly minted insurance private equity giants transitioned through "internal research—group asset management system—secondary market private equity platform," without reliance on external hires, reflecting a clear trait of internal incubation. ## Three More Are "Eyeing the Prize" As Hengyi Holdings and Taibao Zhiyuan take the lead in surpassing ten billion, three other private equity platforms under major insurance groups are "accelerating toward" the ten-billion mark. These three institutions are: > Renbao Qiyuan Huizhong (Beijing) Private Equity Fund Management Co., Ltd. (parent company is PICC), first product registered October 2025; > Taikang Wenxing (Wuhan) Private Equity Fund Management Co., Ltd. (parent is Taikang Group), first product registered June 2025; > Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. (parent is China Taiping), first product registered October 2025. From the timeline, all three have operated for less than one year. As of January 2026: For example: Taikang Private Equity Fund has operated just 7 months, with assets reaching 5–10 billion; Similarly: Renbao Private Equity Fund and Taiping Private Equity Fund have both quickly pushed managed assets to the same level in just 3 months. ## An Accelerator Not to Be Underestimated Apart from the three near-ten-billion platforms above, another insurance-based private equity firm has also shown astonishing "jump-start" capability. Yangguang Hengyi (Qingdao) Private Equity Fund Management Co., Ltd., initiated by Sunshine Insurance Group, registered its first equity product in November 2025, making it the latest starter among the seven insurance-based private equity firms. Yet, in just two months, as of January 2026, its managed assets quickly climbed to the 2-5 billion range. This growth rate means that even by conservative estimates, its monthly asset growth exceeds 1 billion, far higher than the market average for private equity funds. While its current scale has yet to join the ten-billion league, its initiation efficiency and internal resource mobilization stand out. ## Seven Companies Assembled, Scale May Approach 150 Billion Among the seven registered insurance-based equity private equity firms, a new cluster of over 100 billion is taking shape. Here are some facts: As of January 2026, the insurance private equity "trailblazer" Guofeng Xinghua leads the whole industry at over 100 billion, joining the ranks of old industry players like Gaoyi Asset, Jinglin Investment, which have operated for over ten years. Guofeng Xinghua was founded in February 2024 and is the first insurance-based equity investment platform in the industry, jointly established by China Life and New China Life Insurance. To date, it has launched five Honghu series funds, frequently appearing among the top 10 shareholders of large blue-chip listed companies, and its products have been subscribed to by some medium and small insurance companies. Hengyi Private Equity and Taibao Private Equity have both passed the 10-billion mark; Renbao, Taikang, and Taiping private equity firms all sit in the 5–10 billion bracket; Sunshine Hengyi, the latest starter, has surged to 2–5 billion in just two months. Conservatively estimating by the lower bound of reported asset ranges, the seven combined manage assets of 132 billion; by a rough mid-range calculation, total assets may approach 150 billion. This figure not only sets a new record for insurance capital entering the secondary market via private equity, but also marks insurance capital’s systematic, large-scale entry into China's top-tier private equity, becoming a "key variable" in reshaping the industry’s landscape. Risk Warning and Disclaimer The market involves risk, investment must be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinion, view, or conclusion herein applies to their specific circumstances. Investments made accordingly are at the user's own risk.