Interestingly, a recent announcement from a publicly listed company went viral. They subscribed to a private equity fund product in March 2025, investing a principal of 60 million. Fast forward to December 25th, upon checking the account— the fund's cumulative net value growth rate shows -81.54%, in other words, a direct loss of 46.92 million. The 60 million principal has been drastically reduced to just over 10 million.

This data is indeed quite harsh. The risk and return characteristics of private equity funds are vividly reflected in this investment. Many investors are reflecting on this case, realizing that thorough due diligence and risk assessment are essential before allocating large sums to private products. The fund manager's operational ability, market judgment, and the rationality of product design all directly impact the final returns. Sometimes, seemingly professional private equity operations still appear somewhat powerless in the face of extreme market conditions.