the high-quality development of enterprises is the key to high-quality economic development, and private equity investment has become an important driving force for China’s industrial development. This paper uses the data of A-share listed companies from 2010 to 2020 to investigate the impact of private equity investment on the high-quality development of enterprises and its information asymmetry mechanism. It is found that before the implementation of the Interim Measures for the Supervision and Administration of Private Investment Funds, the improvement of the high-quality development level of private equity investment enterprises was not significant, and it was significant in the whole sample and the sub-samples after the implementation of the Interim Measures for the Supervision and Administration of Private Investment Funds. Mechanism studies show that information asymmetry plays a part-in-the-middle role in promoting the high-quality development of enterprises by private equity investment, that is, private equity investment promotes the high-quality development of enterprises by weakening information asymmetry. The heterogeneity analysis shows that the role of private equity investment in promoting the high-quality development of enterprises is more obvious in state-owned enterprises, manufacturing industries, innovative enterprises, after the high-quality development strategy is put forward, as well as enterprises in the top five regions of the provincial rankings of the total amount of private equity investment. The research conclusion provides empirical evidence and reference suggestions for in-depth understanding of the impact of private equity investment on the high-quality development of enterprises, improving the efficiency of private equity investment, reducing information asymmetry, and improving the high-quality development level of enterprises.