The first batch of 50 institutions have received licenses to engage in securities, private equity and venture capital investments, the Asset Management Association of China announced on Monday.

Of those, 33 are private securities fund managers, such as Shanghai Chongyang Investment Management, Greenwoods Asset Management and Shanghai Elegant Investment. The other 17 are PE and VC firms, including Legend Capital, CDH Fund and Citic Capital.

The association said 204 funds are managed by the 50 institutions, which oversee 81.8 billion yuan ($13.2 billion) of assets.