Cao Mingchang's move to leave the public sector and go private has been finalized. Looking back at those prominent public fund managers who made the move earlier, how are they doing now?

Recently, Shanghai Pujiao Private Equity Fund Management Co., Ltd., founded by Cao Mingchang, a renowned value-oriented fund manager from China-Europe Fund, officially completed registration with the Asset Management Association of China.

Cao Mingchang left public funds in January 2025. After a year of preparation, his private fund venture finally took off. This news has once again brought the industry phenomenon of “public to private” into market focus.

Behind this veteran, many fund managers have chosen to “go private” in recent years. What kind of performance results have they delivered? This article uses publicly available data from several representative individuals to observe the real performance of this group around 2025.

Annualized returns ranging from 10.54% to 56.62%

According to data from Zero2IPO Private Equity Data, Caowen selected three fund managers with public fund backgrounds who transitioned to private funds at different times.

Among them, Wang Penghui, former Deputy General Manager of Jingdong Changcheng Fund, founded Shenzhen Wangzheng Asset Management in August 2014. Data from Zero2IPO shows that as of March 13, 2026, his fund Wangzheng Cornerstone Investment No.1, established on April 27, 2015, has a cumulative return of 367.90%, with an annualized return of 15.24%; Wangzheng Win-Win No.1, established on June 26, 2015, has a cumulative return of 1051.88%, with an annualized return of 25.62%.

Luhang, former fund manager at HFT Fund, founded Shanghai Fusheng Asset Management in December 2015. According to Zero2IPO data, as of March 13, 2026, his longest-managed product, Fusheng Zhengnengliang Phase I, established on May 26, 2016, has a cumulative return of 1286.89%, with an annualized return of 30.79%.

Another later-established product, Fusheng Zhengnengliang No.8 (launched March 20, 2020), has a cumulative return of 540.18% as of the same period, with an annualized return of 36.41%; however, its Fusheng Zhengnengliang No.3 E-phase, launched in September 2021, has a total return of only 57.39% since inception, with an annualized return of 10.54%.

Zhou Yingbo, Investment Director at China-Europe Fund, founded Shanghai Yunzhou Private Equity in 2022. Zhou began operating Yunzhou Zhiyuan Phase 1 at the end of 2023. As of March 13, 2026, Yunzhou Zhiyuan’s return during Zhou’s management is 56.62%.

Different risk-return characteristics

A detailed analysis shows that due to differences in investment philosophy and strategies, these products exhibit varying risk-return profiles.

Wang Penghui once stated in an interview that investment should adapt to market changes, maintain respect for uncertainty, and not be bound by fixed rules. This philosophy is reflected in his product data. For example, Wangzheng Win-Win No.1 experienced a maximum drawdown of about 30% over the past five years, and its 161-day recovery time ranks among the best in its peer group, indicating strong net value resilience.

In contrast, Luhang’s Fusheng Zhengnengliang Phase I, while offering the highest gains, experienced a recovery period of 882 days over the past five years. This means that after a peak in early 2022, the product’s net value only recovered by 2024. However, as a representative of performance-driven investing, Luhang’s products have the advantage of lower drawdown frequency. From Q2 2016 to early 2022, the product’s net value generally steadily increased, and after the market warmed in Q3 2024, it quickly followed up and continued to reach new highs.

Although the maximum drawdown recovery cycle is long, as a performance-driven investment, Luhang’s products do not experience frequent drawdowns. Fusheng Zhengnengliang Phase I maintained a steady upward trend before reaching a high point in early 2022, and after the market turned in Q3 2024, its net value remained stable and continued to hit new highs.

Both Wang Penghui and Luhang’s representative products were established between 2015 and 2016, experiencing full market cycles of bull and bear markets, with their cumulative returns reflecting long-term compounding. Zhou Yingbo’s product, established at the end of 2023, coincides with a market style shift. Although Zhou achieved nearly 60% returns during his management period, as a fund only two years old, its performance still requires a longer period to verify.

“Going private” has become a normalized industry phenomenon

Cao Mingchang’s case is not an isolated example. In fact, in recent years, with increasing competition in the public fund industry and the diversification of fund managers’ career plans, well-known public fund managers choosing to “go private” has become a normalized industry trend.

In August 2024, Wu Chuanyan, former Deputy General Manager of Hongde Fund with a management scale of nearly 50 billion yuan, completed registration of Shenzhen Yinuo Private Equity at the beginning of the month; around the same time, Lan Qiao, former manager of the military industry theme fund at Bosera Fund, registered Shenzhen Mingcheng Private Equity; Lin Sheng, former Deputy General Manager of Fixed Income at Zhongtai Asset Management, registered Shenzhen Ruyuan Private Equity. Veteran fixed income manager Wang Yajun from Caitong Asset Management also completed registration of Beijing Junjian Private Equity in December 2024.

In 2025, this trend continued. Well-known fund managers Bao Wuke and Zhou Haidong left public funds successively, and fixed income star Zhang Yifei also left Anxin Fund. According to market sources, these individuals are likely to transition into private equity. Former E Fund manager Song Kun also chose to start a private fund in 2025. In September 2025, Song Kun’s Youan Private Equity completed registration with the China Securities Investment Fund Industry Association. A notable case is Song Kun’s management of E Fund’s Emerging Growth in 2015, which achieved a 171.78% return that year, becoming the top-performing public fund.

Overall, “public to private” talent flow has become a normal part of the asset management industry, reflecting both fund managers’ pursuit of diverse career development and the market’s resource optimization. From the long-term data of Luhang and Wang Penghui to the start-ups of Song Kun and Cao Mingchang, this group is writing new chapters in their careers in their own ways.

A staff member from a Shanghai public fund company told Caixin that during their time managing public funds, these star fund managers often managed hundreds of billions of yuan, with investment decisions constrained by factors such as relative rankings and position limits. After transitioning to private funds, they gain more flexibility in position control and investment philosophy. Whether they can successfully establish new research platforms is one of the key factors determining their ability to stand firm after “going private.”