Hundred-billion quantitative private equity performance is here. Who will dominate the幻方 in 2025?

The latest performance figures for the 2025 billion-level quantitative private equity funds have been released. According to Shanghai Securities News, the average return for billion-level private funds in 2025 reached 32.77%. Among them, large quantitative firms performed exceptionally well, with an average return exceeding 37% in 2025.

From the distribution of returns, four billion-level quantitative private funds had returns within 20% in 2025, 34 funds had returns between 20% and 49.99%, and another 7 funds achieved returns over 50% in 2025.

Among these, Lingjun Investment topped the private equity performance chart with an annual return of 73.51%, and it is also the only quantitative private fund in 2025 with an average annual return exceeding 70%. Lingjun Investment was established in 2014, and is among the first batch of quantitative private funds and members of the Asset Management Association of China. Its founder is Cai Meijie, and the core team is led by professionals like Ma Zhiyu, who have over 10 years of industry experience. The company focuses on quantitative investing, with strategies spanning multiple markets including stocks and futures, developing diversified strategies such as quantitative stock selection and index enhancement. Media reports previously indicated that its management scale reached 50 billion yuan in 2023.

Huanfang Quantitative secured second place in the annual ranking with a performance of 56.55%. Public information shows that Huanfang Quantitative is a well-known domestic quantitative private fund giant, founded by Liang Wenfeng in 2008 during his studies in Information and Communication Engineering at Zhejiang University. It is a hedge fund with a DNA of mathematics, computing, research, and AI. The company experienced rapid growth, surpassing 10 billion yuan in assets under management in 2019 and once exceeding 100 billion yuan in 2021. The application of AI technology is one of Huanfang Quantitative’s core competitive advantages. The firm also incubated DeepSeek, a company focused on fundamental AI technology research based in Hangzhou. Its R1 model, released in January 2025, went viral across major mainstream media and social platforms within a week, becoming an “dark horse” of the AI industry for the year.

Xin Hong Tian He ranked third among annual quantitative private funds with a performance of 53.39%. Founded in 2012 and granted private fund management qualification in 2015, it is a pioneer in domestic quantitative trading. The current general manager is Zhang Yi, with founding partner Zhang Peng. The firm focuses on quantitative investing, deploying strategies such as stock selection, index enhancement, and CTA, creating an “AI Quant Factory” model, with self-developed supercomputing and AI platforms. In 2023, its management scale first exceeded 10 billion yuan.

(Source: Oriental Wealth Research Center)