1.280,000 managers trekked across the hot spot engine plan to survive the winter. Produced by |Edited and reviewed by the Institute of Classification |Sun Ce.
Pen |Yan Xuewei.
Data |Li Yujie.
The year 2023 has been a year full of great challenges for China's private equity and venture capital GP industries.
AMAC's stock of private equity and venture capital** management numbers from the highest peak of 150,000 dropped to 1280,000; The number of newly registered administrators is the lowest in 10 years, with only 316 new administrators registered in the whole of 2023; The number of newly cancelled managers will reach 1,725 in 2023, and managers have experienced negative growth for two consecutive years.
The total management scale of less than 500 million managers accounted for 623%, and 54% of managers are based in Beijing, Shanghai and Shenzhen42%, and 80% of managers have less than 10 full-time employees98%, and the entire industry presents a very typical "28 law".
Here are the key insights from the report:
1.090,000 GP brands, holding 1280,000 managers licensed, managing 6490,000 first-class products have been recorded, and the total management scale of the stock has reached 2718 trillion yuan, equivalent to 21 percent of China's total GDP in 202356%。
In 1985, when AMAC registered managers were first established, China's private equity and venture capital managers have been soaring all the way in the past 39 years, reaching their peak in 2015, and then turning all the way downThe number of new registrants in 2023 is the lowest in nearly 10 years
In the past nine years, a total of 10,000 managers have been cancelledIn 2016, 3,802 managers were cancelled, and from 2022 to 2023, there will be negative growth in managers for two consecutive years.
1.The total management scale of 280,000 managers reached 271 trillion yuan, with an average management scale of 21 per manager0.8 billion yuan, only 2,160 managers have a management scale of 2 billion yuan, 8323% of the managers have a management scale of less than 2 billion yuan, 6230% of the managers have a management scale of less than 500 million yuan.
The six jurisdictions with the most registered managers are: Beijing, Shanghai, Shenzhen, Zhejiang Province (excluding Ningbo), Jiangsu Province, and Guangdong Province (excluding Shenzhen), with a total of 8,784 managers registered, accounting for 68 of the total number of managers16%。
1.There are 10 of the 280,000 managers90,000 full-time employees, 9290,000 employees who have obtained the first professional qualification certificate. On average, each manager has 85 full-time employees with 73 employees who have obtained the first qualification certificate.
The following is the text of the report, enjoy:
Number of managers
1.090,000 GP brands own 1There are 280,000 managers, and 91% of GPs have only one manager. According to the distribution of GP brands, the research institute will penetrate and merge the ** managers under the same actual controller shareholder, and register 1Behind the 280,000 managers is 1090,000 GP brands, with only 1 manager, the number of GPs is 9,995, accounting for 91% of the total GP number. The number of GPs with more than two managers is 974, accounting for 9% of the total GP.
The top 10 GPs with the largest number of managers are Shenzhen Capital Group, Shengshi Investment, Hubei High-tech Investment, DT Capital, China Merchants Capital, Hejun Capital, Guangzhou **, Oriental Fuhai, Qingyuan Investment, and Lianchuang Capital.
1.280,000 managers, 39 years of rapid growth, 2014 to 2017 ushered in a blowout, 2023 the number of 2023 back to 16 years ago in 2007. According to the establishment time of the first manager, as of December 31, 2023, there are 12,887 private equity and venture capital managers in the stock of AMAC, and the research institute has sorted out the managers according to the time of establishment of industry and commerce, which can more comprehensively analyze the real situation of managers (especially before the establishment of AMAC in 2014).
The earliest registered managers in China were established in 1985, and the number of managers grew slowly in the following 24 years, and began to climb rapidly in 2010, and from 2014 to 2017 was the boom stage of manager establishment, and the number of managers established in these four years accounted for 58 of the overall stock28%, peaked in 2015. Since then, the number of new managers has been on a downward trend, and the number of new managers in 2023 has returned to the level of 2007 16 years ago, a decrease of 96 compared to 201554%。
Changes in AMAC registration managers over the years
2014-2017 sharp fluctuations, 2017-2023 stock fine-tuning, the past 3 years gradually**. AMAC since 2014 began the first manager registration business, in 2014-2017, the overall stock of managers showed a state of sharp fluctuations, established earlier than the establishment of the AMAC, there are 8455% chose to register with AMAC in 2014-2015.
In 2016, the number of new registrations of managers was significantly less than the number of cancellations, showing a negative growth state, and returned to a normal growth trend in 2017. Since 2017, the annual manager change trend has been small, and as of 2021, the annual stock has increased slightly and reached the highest value in 2021, becoming the industry consensus "150,000 managers". Subsequently, the market began to clear, and the 2022-2023 period will be negative for two consecutive years.
10 years of AMAC, two 5 years, 2014-2018 prosperous "boiling 5 years", 2019-2023 cruel "cold winter 5 years". Since the establishment of AMAC, a total of 26,277 managers have registered with AMAC. On the whole, the 10 years after the AMAC began to register its administrators can be divided into the first five years and the last five years. From the perspective of registration time, from 2014 to 2018, the registration activity of managers was relatively high, and new registration managers accounted for 87 of the total number of registrations37%, a total of 22,957. Since 2019, the number of new registrations has plummeted to less than 1,000, and from 2019 to 2023, only 3,320 managers have been registered, accounting for 12 of the total63%, of which 2023 is the lowest number in history, with only 316 new registrations.
Changes in the cancellation of managers of AMAC over the years
In 9 years, 10,000 managers have "disappeared" (cancelled), and the liquidation will be accelerated in 2022-2023. Since 2015, there have been three situations in which the managers registered by the AMAC have been cancelled, namely voluntary cancellation, cancellation according to the announcement and cancellation of the association, and in 9 years, the number of managers who have actively or passively "disappeared" (cancelled) has reached 10,068.
Among them, with the issuance of the "Announcement on Further Regulating the Registration of Private Equity Managers" issued by the AMAC, 3,551 managers were cancelled in 2016 alone. With the passage of time, the number of managers cancelled by the association has surged to 1,298 in 2023 due to loss of contact, abnormal operation, cancellation or revocation of industry and commerce, disciplinary action, notification by regulatory authorities, etc.
Of the 10,000 vanished administrators, 5392% of managers have a duration of less than 3 years. Among the 10,068 managers who were actively or passively cancelled, 18 were cancelled within one year of registration82%, and 53 were cancelled within 3 years of registration95%。
Among them, there are quite a lot of cancellations within 1 year, and it should be that the manager has not been able to initiate the establishment of 1 new ** product after 1 year of registration. In the 3-year existence, it has also become 5,432 managers (accounting for 53.).95%), difficult to cross.
Big waves wash the sand, new registration 2Of the 60,000 managers, 10,000 have disappeared, and they will begin to show negative growth in 2022. Since 2014, it has registered 260,000 managers, in the past 10 years, the waves have swept the sand, and 10,000 managers have disappeared, accounting for about 40% of the historical total.
From 2022 to 2023, there will be negative growth in managers for two consecutive years. Gone is the surging manager registration frenzy.
The size of the manager's management
27.1 trillion yuan of management scale, 2014-2017 registered managers management scale accounted for 73% of the total. 1.The total scale of 280,000 managers under management is 271 trillion yuan (equivalent to 21.21 of China's total GDP of 126 trillion in 2023.)56%), with an average management size of 210.8 billion yuan
Returning to the perspective of the management scale of registered managers in different years, the total size of registered managers in 2014-2017 is 73 of the current total size03%。The top 3 years of management scale are 2014, 2017 and 2015. The total scale of management from 2018 to 2023 is only 36 of the previous four years94%, and in 2023 it will be only 261%。
In the past five years, the average management scale of registered managers has continued to decline, and in 2023, the average management scale of managers will fall below 1 billion yuan for the first time. From the perspective of average management size, 2016 and 2019 were the best GP startup years in the past 10 years, with the average management size of managers registered in these two years reaching 289.4 billion and 238.3 billion. (2014 is not statistically significant because it is the first year of intensive registration of stock managers after the establishment of AMAC).
In the past five years, it has become more and more difficult for newly registered managers to raise funds, and the average management scale has been declining, falling below 1 billion yuan in 2023.
There are 8,028 managers with a management scale of less than 500 million, accounting for 623%；There were 9,478 managers with a management scale of less than 1 billion, accounting for 7355%；There are 1,082 managers with a management scale of more than 5 billion, accounting for only 84%。There are 571 managers with a management scale of more than 10 billion, accounting for only 443%。
The number of managers in charge of **
1.280,000 managers are managing **, the number is 6490,000, 7495% of the managers are managing less than 5 **, with an average of 5 per manager03 ** products.
Since the number of items and blind pools as well as the main feeder fund, if only the type of blind pool is counted, the number of blind pools managed by the manager will be smaller. Most managers are currently unable to launch more products, and the more products there are, the greater the challenge to the comprehensive ability of managers.
The 10 largest number of managers, with wealth, mother, and infrastructure as the main types.
Among the 10 managers, 4 have a background in wealth management and have gradually extended to the field of private equity investment; 2 are mainly fund-raising targets for high-net-worth individuals, and most of the investment targets are single projects; The two major investment projects are infrastructure, and their controlling shareholders have strong industrial capabilities in the corresponding infrastructure fields.
Geographical distribution of managers
The six jurisdictions with the highest registration location of the industrial and commercial entity of the manager are: Beijing, Shanghai, Shenzhen, Zhejiang Province (excluding Ningbo), Jiangsu Province, and Guangdong Province (excluding Shenzhen), with a total of 8,784 registered managers, accounting for 68 of the total16%, covering China's three major economic circles, especially the Yangtze River Delta.
Ningbo, Sichuan, Shandong, Hubei and Hainan followed.
The three cities of North, Upper and Deep contain 5442% of managers,The three regions with the largest number of managers are Beijing, Shanghai and Shenzhen, and it is worth noting that the number of managers working in Sichuan, Shandong, Hubei and Shaanxi is relatively large, mainly concentrated in Chengdu, Qingdao, Wuhan and Xi'an.
There are 831 more managers based in Beijing than in Beijing, and 405 more managers based in Shanghai than in Shanghai.
Manage the manpower situation of the manager
1.The total number of full-time employees of the 280,000 managers on the AMAC's registration information is 10970,000 people, with an average of 85 employees.
Among them, managers with less than 5 people (including 5 people) account for 33 of the total managers73%，Managers with less than 10 people (including 10 people) account for 80 of the total managers98%, while 77 managers with more than 50 full-time employees, accounting for 06%。
The top 10 managers with the largest number of full-time employees are from asset management, trust, banking and state-owned enterprises.
The 11 managers (including the joint 10th) have a total of 1,472 full-time employees, with an average of 133 per manager8 employees, which is 15 times the number of full-time employees of the average manager.
Currently,A total of 9290,000 people joined private equity and venture capital managers and passed the first qualification examination, with an average of 73 employees who have obtained **。Compared to 10970,000 full-time employees, 84 of whom have obtained the highest qualification certificate7%。
Obtained the top 10 with the largest number of practitioners, mainly managers with asset management, financial, asset management and VC PE institutional backgrounds.