China PE/VC LP commitments hit 1.02 trillion yuan in first three quarters of 2026

The scale of the rebound matters more than the headline total: LP commitments running above a full prior year within three quarters points to a genuine re-opening of institutional risk appetite, not just a base effect. The gap between commitments and financing events is the more telling signal — capital is being pledged faster than it is being deployed, which affects fund managers waiting on dry powder and the companies still competing for a finite number of cheques. Whether deployment catches up to commitments through the rest of the year is the open question.