Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 173

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 173
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    6.8     ​    4.3     ​    0.5%-3.0%    ​    6.2     ​    4.0     ​    0.5%-3.0%    ​    6.2     ​    4.1  
Multi-strategies investments        0.5%-1.2%    ​    4.8     ​    3.1     ​    0.5%-1.0%    ​    4.2     ​    2.8     ​    0.5%-1.0%    ​    3.9     ​    2.6  
Other investments                   —            ​    1.4     ​    0.9     ​    —            ​    0.5     ​    0.3     ​    —            ​    0.5     ​    0.3  
All products                        ​            ​    157.1   ​    100.0   ​    ​            ​    154.6   ​    100.0   ​    ​            ​    151.5   ​    100.0
​
Except for public securities investments, all AUMs are booked at cost basis, and reflect no mark-to-market effect during the years indicated.
Long-duration private equity investments represent an increasing portion of the total AUM, which we expect to help us receive more consistent revenue from recurring service fees. Private equity investments as a percentage of total AUM grew from 84.7% as of December 31, 2022 to 85.5% as of December 31, 2023, and further grew to 86.8% as of December 31, 2024, primarily due to the accumulation effect for the strategy of fund investments with a long duration. Gopher has also been focusing on developing our co-investment and direct investment capabilities in recent years and expect such investments to increase in the future, further increasing the fee rate we could charge from clients.
From the third quarter of 2019, Gopher ceased the offering of private credit products and transitioned to offer more standardized public securities products. As a result, the private credit products (classified in “other investments” in the table above) accounted for only an insignificant portion in Gopher’s total AUM, representing 0.9%, 0.3% and 0.