According to 21 Finance, statistics from Private Equity Ranking Network show that as of June 30, the average return rate of 50 billion-level private equity funds with performance display in the first half of the year reached 10.93%, of which 47 achieved positive returns, accounting for as high as 94%. It is worth noting that the performance of billion-level quantitative private equity funds is outstanding. In the first half of the year, the products of 32 billion-level quantitative private equity institutions with performance display all achieved profits, with an average return rate of 13.72%. In the fiercely competitive market environment, new "four kings" have emerged in the quantitative private equity industry. Data from quantitative investment and machine learning show that Yanfu, Mingquan, Jiukun and Huanfang have become the new four kings of quantitative with a management scale of 60 billion to 70 billion yuan, while Lingjun has fallen behind and fallen into the second echelon of management scale. In the view of industry insiders, with the interpretation of the market's structural market, the money-making effect of private equity funds has emerged, especially the excess return opportunities brought by the active market of small-cap stocks. Looking ahead to the market, private equity institutions are more optimistic about the market in the second half of the year. Artificial intelligence, new consumption, innovative drugs and dividend assets are still the focus of institutions.