Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 171

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 171
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AUM
We measure the performance of our asset management business primarily through AUM. AUM determines the recurring service fees and performance-based income that we are able to collect over the life cycle of the investment products managed by us. Our total AUM were RMB157.1 billion, RMB154.6 billion and RMB151.5 billion (US$20.8 billion) as of December 31, 2022, 2023 and 2024, respectively. Our total AUM decreased from RMB157.1 billion as of December 31, 2022 to RMB154.6 billion as of December 31, 2023, primarily due to decrease in our management of private equity assets. Our total AUM decreased from RMB154.6 billion as of December 31, 2023 to RMB151.5 billion (US$20.8 billion) as of December 31, 2024, primarily due to decrease in our management of domestic private equity assets. As of December 31, 2024, the AUM of Olive reached RMB42.6 billion (US$5.8 billion), representing 28.1% of the total AUM for our asset management business.
For our asset management business, Gopher /Olive develops and manages alternative investments with underlying assets in mainland China and overseas, denominated in Renminbi and foreign currencies, respectively. Historically, it developed and managed principally FOFs which invest in third-party managed funds, but it is also increasingly making direct investments in portfolio companies and co-investments with fund managers. Gopher /Olive also manages feeder funds that invest in certain single third-party managed master funds. Gopher /Olive focuses on the following categories of investments across different types of asset classes:

●   private equity investments, including investments in the leading domestic and overseas private equity and venture capital funds through FOFs, feeder funds and S funds, as well as direct and co-investments in companies and projects with investment partners;
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●   public securities investments, mainly including target strategy funds, secondary market equity and bond FOF and MoM investments which are sub-advised by outside fund managers, direct investments in listed companies as well as U.S. Dollar cash management products managed by Gopher /Olive;
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●   real estate investments, including funds primarily investing in commercial real estate properties such as office buildings in mainland China, as well as rental