Public Fund Veterans Turn Private, Toward Smooth Sailing or Thorny Paths? Only 29 Firms Break Through to Top Tier After Going Independent

Caoming Chang’s Private Fund Launch Reignites “Public to Private” Industry Discussion
(Reuters, March 23) — The news of Caoming Chang founding a private fund has once again brought the “public to private” trend into industry focus. Over the past few years, it has not been uncommon for public fund managers to leave their platforms to start private funds. However, whenever a well-known veteran makes such a move, the market revisits the same question: after leaving a public fund platform, can a fund manager truly transform personal ability into a competitive advantage for a private firm?

On one hand, “public to private” moves in the past often involved star fund managers going solo. The performance, reputation, and client recognition built during their public fund careers can help them get started in private funds. On the other hand, public and private funds are fundamentally different tracks. Public funds resemble standardized operations on mature platforms, while private funds test an organization’s overall capabilities in fundraising, research, risk control, and operations.

Actually, not many “public to private” fund managers who can establish a foothold in the private industry and further reach the top tier. Data shows that “public to private” moves are common, but only a few reach the top. According to Private Fund Data Platform, as of the end of February 2026, there are 859 “public to private” fund managers, including 87 managing over 5 billion yuan, working at leading private firms. Some choose to establish their own firms from scratch, building teams, branding, and competing on performance; others join existing private platforms, leveraging their systems to continue their investment strategies.

Only 29 “public to private” founders have surpassed 5 billion yuan in scale
Caoming Chang’s move is initially seen as a “value-oriented veteran starting anew,” but few private funds have quickly grown to large scale after establishing their own firms.

As of February 2026, 29 private firms managing over 5 billion yuan were founded by former public fund managers who started their own companies, involving 31 managers in total.

Looking at the founding dates, these 29 firms were established as early as 2007, with the latest in 2022. Among them, 18 were founded between 2014 and 2017, accounting for over 60%, with 9 in 2015 alone. Those years marked a period of intense “public to private” activity, with increased talent mobility in public funds and industry expansion in private funds. Many well-known managers chose to start their own businesses during that time.

Among the early founders, Zhao Jun of Fresh Water Spring and Jiang Hui of Xing Shi Investment both started in 2007. Liang Wentao of Honghu Private Fund founded his firm in 2010, now with assets exceeding 10 billion yuan. Moving forward, a batch of “public to private” firms established around 2015 have completed the transition from star managers going solo to private firms taking shape. For example, Lu Hang of Fusheng Asset, with six products showing an average return of 59.54% over the past year; Nie Shouhua of Hanrong Investment, with two products averaging 77% in the past year.

In recent years, few firms have rapidly grown beyond 5 billion yuan. Notable examples include Qincheng Asset, Heyuan Fund, and Shanghai Yunzhou, founded in 2022, which are among the newer firms quickly reaching the top tier. Among them, Zhou Yingbo’s Shanghai Yunzhou currently manages between 5 and 10 billion yuan, with its “Yunzhou Zhiyuan No.1 Phase 1” returning 24.23% as of the end of February 2026.

A long-time private fund fundraising observer notes that the market’s attitude toward “star fund managers starting their own firms” has cooled compared to previous years. In the early stages, public background and past performance are important, but investors focus more on whether the individual can turn their personal methods into a company’s capabilities, control volatility and drawdowns, and build a team. To put it plainly, fame attracts attention, but performance retains capital.

Regarding Caoming Chang, as a veteran value investor, he left a strong mark at New Hua Fund and China Europe Fund, managing over 20 billion yuan at one point. Now, with Shanghai Pujiao’s restart, the market’s focus is less on whether he can pick stocks and more on whether his investment framework can operate effectively in the private environment, transforming from a personal fund manager’s ability into a sustainable organizational capability.

Which other investment veterans are “public to private”?
If starting a firm from scratch tests the “0 to 1” challenge, another common path is joining an established private platform.

As of February 2026, there are 87 “public to private” fund managers working at top private firms (including 31 who started their own firms), with 50 managing over 10 billion yuan and 37 managing close to that scale.

Looking at the billion-yuan private firms, data shows that among their fund managers, 50 are “public to private.” Most focus on stock strategies—31 managers. In terms of experience, 29 have at least 20 years, and 5 have over 30 years. These firms prefer veteran managers who have extensive experience in the public sector and have gone through full market cycles.

In terms of organization, firms like Gao Yi Asset and Rui Jun Asset have the most “public to private” managers, with six each; Qincheng Asset and Rui Pu Investment each have three. Gao Yi Asset, founded in 2013, is a typical example, with six managers coming from public funds. Its founders include Qiu Guolu, former investment director at Southern Fund; Deng Xiaofeng, former managing director of equity investments at Bosera Fund; and others like Zhuo Liwei, Sun Qingrui, Wu Renhao, and Han Haifeng, all with public fund backgrounds.

Besides Gao Yi, Jinglin Asset also has many public veterans. Senior fund manager and partner Jiang Tong has over 30 years of investment experience, having worked at well-known firms like Harvest Fund, Southern Fund, and CCB Fund. Tian Feng, now managing director at Jinglin, previously served as managing director at Hua An Fund.

Looking at the near-billion private firms, there are 37 “public to private” managers, including 18 with stock strategies, 16 with over 20 years of experience. Institutions include Ge Fei Nuobao with four managers, and Wanzheng Asset, Xiangju Capital, Ruiyang Investment, and Hua An Hexin each with three.

Overall, “public to private” has now clearly split into two lines: one involves veterans like Caoming Chang and Zhou Yingbo, who leave public funds to start their own firms, facing market tests of personal branding and organizational ability; the other involves managers joining mature private firms to continue producing products, achieving performance and scale. The former emphasizes comprehensive ability, while the latter focuses on platform fit and personal style. In practice, the latter is the more common choice.