BEIJING - China's private equity funds were worth 12.79 trillion yuan ($1.9 trillion) at the end of March, data released by the industry association showed.

The figure was up 0.16 percent from the statistic recorded a month earlier. The number of private equity funds went up 126 to 75,348 at the end of March, according to the Asset Management Association of China (AMAC).

The private equity industry employed 241,000 people in the period, the statement added.

China's private equity fund market has expanded quickly in recent years. It jumped 15.1 percent year on year in 2018.

Established in 2012, AMAC is a self-regulatory organization that represents the mutual fund industry of China.