(1) The paid-in capital or contribution is not less than RMB 654.38+million;
(2) Among the products raised and managed by itself or managed by other institutions, the scale of investment in publicly issued shares, bonds and fund shares of joint stock limited companies and other securities and their derivatives as stipulated by the China Securities Regulatory Commission is more than 6,543.8 billion yuan;
(3) Having two qualified licensed persons in charge and one person in charge of compliance risk control;
(4) It has a good social reputation, has no record of illegal acts in the last three years, and has no record of bad faith in financial supervision, industry and commerce, taxation and other administrative organs, commercial banks, self-discipline management and other institutions.
(5) Equity investment management institutions, venture capital management institutions and other institutions that meet the registration conditions shall apply to the fund industry association for registration. Other conditions stipulated by laws and administrative regulations and those stipulated by the State Council Securities Regulatory Authority approved by the State Council.
Two. Matters needing attention in the issuance of private equity funds
1. Private equity funds refer to funds raised by private individuals or directly from specific groups. The corresponding Public Offering of Fund is Public Offering of Fund. People usually say that funds are mainly mutual funds, that is, securities investment funds.
2. There are three main analysis methods of securities investment: basic analysis, technical analysis and evolution analysis, in which the basic analysis is mainly applied to the selection of investment objects, while the technical analysis and evolution analysis are mainly applied to the temporal and spatial judgment of specific investment operations as an important supplement to improve the effectiveness and reliability of investment analysis. Private equity funds in a broad sense include private equity funds in addition to securities investment funds.
3. In China's financial market, "private fund" or "underground fund" is usually a collective investment that is privately raised by a specific investor, as opposed to a securities investment fund that is supervised by the competent department of China government and publicly issues beneficiary certificates to unspecified investors. There are basically two ways, one is a contractual collective investment fund based on signing the entrusted investment contract, and the other is a corporate collective investment fund based on * * * contributing shares to establish a joint-stock company.
4. Funds can be divided into public offering and private offering according to whether to raise funds for the public, and securities investment funds (stocks), futures investment funds (futures contracts) and monetary investment funds (foreign exchange), gold investment funds (gold) and FOF funds (PE and VC funds) according to the main investment targets. REITs real estate investment trust (real estate investment fund, the subject matter of which is real estate), TOT trust of trust (trust investment fund, the subject matter of which is trust product) and hedge fund (also called arbitrage fund, the subject matter of which is arbitrage space). Many of the above-mentioned fund forms are in western countries, but in China, there is only such a concept, and there is no entity (private placement is possible because it is not limited by policies and the investment target is flexible).
5. The so-called funds in China should be called securities investment funds, such as Dacheng, Huaxia, Jiashi and Bank of Communications Schroeder. These Public Offering of Fund are strictly supervised by the CSRC, and their investment direction and proportion are strictly restricted. Most of them manage tens of billions of dollars.
6. Private placement is strictly restricted in China, because private placement can easily become "illegal fund-raising". The difference between the two is: whether to raise funds for the general public, whether the ownership of funds has been transferred, and if more than 50 people raise funds and transfer them to personal accounts, it is illegal to raise funds. Illegal fund-raising is a very serious economic crime, which can be sentenced to death, such as Wu Ying in Zhejiang, Tang Wanxin and Madoff in the United States.
7. Private real estate investment funds (few at present, such as Jincheng Capital and Xinghao Investment), private equity investment funds (that is, PE that invests in unlisted companies and aims at IPO, such as CDH, Hony, KKR, Goldman Sachs, Carlyle and Han Hong) and private venture capital funds (that is, VC with high risks, such as Lenovo Investment, Softbank and IDG).