An unprecedented force is quietly reshaping China's private equity industry.
In the past two years, a special and rapidly-paced &#34;new legion&#34; has completed a remarkable leap from zero to a scale of hundreds of billions at an astonishing speed.
They do not rely on roadshows to create momentum, do not depend on channel distribution, and are rarely seen in the public eye, yet they have repeatedly achieved breakthroughs of hundreds of billions in scale on a single platform within just a few months.
What is even more intriguing is that this force does not come from the entrepreneurial faction of the traditional asset management circle, but rather emerges from a system that was once regarded as a &#34;conservative allocator.&#34;
Now, they are forcefully joining the core &#34;battle&#34; of the secondary market with systematic operations, internal funding closed loops, and ultra-long investment cycles.
This force not only refreshes the growth paradigm of the private equity industry but also heralds a change in the industry ecosystem.
<h2>Two Insurance Capital Private Equity Firms Break 10 Billion</h2>
It is reported that Hengyi Chiying (Shenzhen) Private Fund Management Co., Ltd. (hereinafter referred to as &#34;Hengyi Private Fund&#34;) and Taibao Zhiyuan (Shanghai) Private Fund Management Co., Ltd. (hereinafter referred to as &#34;Taibao Private Fund&#34;) have become the latest insurance capital private equity firms to enter the hundred billion club.
Both institutions filed their first stock strategy products in the second half of 2025. As of January 2026, their management scales have both surpassed the 10 billion mark.
Specifically:
<blockquote>
Taibao Zhiyuan Private Fund completed the filing of its first product in July 2025, with its controlling shareholder being the China Pacific Insurance system;
Hengyi Private Fund filed its first product in September 2025, initiated by the Ping An Group system.
</blockquote>
Although the timing of these two private equity firms' stock strategy layouts is significantly later than that of traditional leading private equity firms, their scale expansion speed is exceptionally rapid. Calculating from the product filing date, both private equity firms took only 4 to 6 months to leap from zero to 10 billion.
This speed is extremely rare in the history of fundraising for stock private equity. In the past, only star fund managers with strong market appeal could achieve a similar pace, under the full cooperation of distribution channels and the resonance of multiple conditions such as clear market bottoms or rising expectations.
<h2>Industry Experts &#34;Operate&#34;</h2>
In terms of the core management team's background, both Hengyi Chiying and Taibao Zhiyuan have legal representatives with clear and coherent career trajectories, holding important positions within their respective parent group's asset management systems.
The legal representative, general manager, and investment head of Hengyi Private Fund, Dou Zeyun, previously worked in the investment research department of Southern Fund.
He joined Ping An Securities in September 2008, where he long engaged in comprehensive research, industry, and company research lines, later transitioning to the headquarters asset management business line, serving as an investment manager and head of the equity investment team, covering the entire chain of research, investment, and asset management.
From January 2024 to May 2025, Dou Zeyun worked in the equity investment team at Ping An Securities headquarters, and from June 2025, he transitioned to Hengyi Chiying, fully responsible for the platform's investment and operations.
The legal representative, general manager, and financial head of Taibao Zhiyuan Private Fund, Xiang Tao, initially worked in research at Tianxiang Investment and Industrial Securities. Since 2013, he has been with Pacific Asset Management Company, long serving in equity research and investment management lines, and is a core research and investment backbone cultivated within the Taibao asset system
In June 2025, Xiang Tao was transferred to Taibao Zhiyuan Private Fund, fully overseeing platform management.
From the career histories of Dou Zeyun and Xiang Tao, it can be seen that the core management teams of the two newly emerging private equity firms with over 10 billion in insurance assets have completed their role transformation along the path of &#34;internal research - group asset management system - secondary market private equity platform,&#34; without relying on external market poaching, reflecting a distinct characteristic of internal incubation.
<h2>Three More &#34;Eager to Compete&#34;</h2>
While Hengyi Holding and Taibao Zhiyuan were the first to break through the 10 billion mark, three other private equity platforms under large insurance groups are also accelerating towards the 10 billion threshold.
These three institutions are:
<blockquote>
PICC Qiyuan Huizhong (Beijing) Private Fund Management Co., Ltd. (the parent company is China Pacific Insurance), with its first product registered in October 2025;
Taikang Wenxing (Wuhan) Private Fund Management Co., Ltd. (the parent company is Taikang Group), with its first product completed registration in June 2025;
Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. (the parent company is China Taiping), with its first product also landing in October 2025.
</blockquote>
From the timeline, the product operation periods of the above three platforms are all less than one year. As of the latest point in time (January 2026):
For example, the Taikang private fund has only been operating for 7 months, yet its scale has reached 5-10 billion;
Furthermore, the PICC private fund and Taiping private fund have rapidly pushed their management scale to the same level within just 3 months.
<h2>An &#34;Accelerator&#34; Not to Be Underestimated</h2>
In addition to the aforementioned three near-10 billion platforms, another insurance asset private equity has also demonstrated remarkable &#34;jumping&#34; capability.
Sunshine Hengyi (Qingdao) Private Fund Management Co., Ltd., initiated by Sunshine Insurance Group, completed registration of its first stock strategy product in November 2025, making it the latest among the seven insurance asset private equity firms to start.
However, in just two months, as of January 2026, its management scale has quickly climbed to the range of 2-5 billion.
This growth rate indicates that, even with conservative estimates, its average monthly scale growth exceeds 1 billion, significantly higher than the average level of market-oriented private equity.
Although its current size is still not on par with the 10 billion tier, its initiation efficiency and internal resource mobilization capabilities have already shown their strengths.
<h2>Seven Gathered, Scale May Approach 150 Billion</h2>
Among the seven registered insurance asset-based stock strategy private equity firms, a &#34;new force cluster&#34; with a scale exceeding 100 billion has already taken shape.
We can observe the following &#34;scene&#34;:
As of January 2026, Guofeng Xinghua, which fired the first shot for insurance asset private equity, leads the entire industry with a scale exceeding 100 billion, alongside established private equity firms like Gao Yi Asset and Jinglin Investment, which have been in operation for over ten years.
Guofeng Xinghua was established in February 2024 and is the first insurance asset-based stock investment platform, jointly established by China Life and Xinhua Insurance. It has since launched five Honghu series fund products and frequently appears in the top ten shareholders of large blue-chip listed companies, with smaller insurance asset companies also subscribing to its product shares
Hengyi Private Equity and Taibao Private Equity have both surpassed the 10 billion yuan mark; People’s Insurance Private Equity, Taikang Private Equity, and Taiping Private Equity have all reached the 5-10 billion yuan range; the latest entrant, Sunshine Hengyi Private Equity, has also surged to the 2-5 billion yuan range within two months.
If we conservatively estimate based on the lower limit of the disclosed scale ranges of each institution, the total managed scale of the seven has reached 132 billion yuan; if we roughly calculate based on the midpoint of the ranges, the total scale may be close to 150 billion yuan.
This figure not only sets a historical record for insurance funds participating in the secondary market through private equity but also signifies that insurance capital is forcefully entering the first tier of China's stock private equity in a systematic and large-scale manner, becoming a &#34;key variable&#34; in reshaping the industry landscape.
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk.

An emerging trillion-yuan private equity army is reshaping China's private equity industry, rapidly growing from zero to a scale of 100 billion. Hengyi Chiying and Taibao Zhiyuan, two insurance asset management private equity funds, achieved this leap in just 4 to 6 months, despite their layout time being later than traditional private equity. The management backgrounds of both institutions are clear, as they hold important positions within the asset management systems of their respective parent groups, demonstrating strong market appeal and rapid expansion capabilities

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