China's private funds hit $1.58 trillion

BEIJING - China's private investment funds amounted to 10.32 trillion yuan ($1.58 trillion) at the end of last month, up by 860 billion yuan in the third quarter, data from the Asset Management Association of China (AMAC) showed.

The sector picked up speed from a 710-billion-yuan increase in the previous quarter.

Funds for private equities and venture capital stood at nearly 6.48 trillion yuan as of September, which accounted for about 63 percent of the total, while those for securities continued to shrink, down by 27.1 billion yuan in September alone and 547.2 billion yuan in the first nine months.

By September, the number of private fund managers rose to 21,216, up by 3,783 from the end of 2016. Total employees in the sector grew to 232,400.

Unlike publicly offered funds, private funds have a higher threshold for investors and invest in a variety of target companies including start-ups.