In order to standardize the operation and filing management of equity investment enterprises (including equity investment parent funds targeting equity investment enterprises) established in the People's Republic of China, the General Office of the National Development and Reform Commission issued the Notice on Promoting the Standardized Development of Equity Investment Enterprises ("Document No.2864") in November 211.
It specifically points out: "The number of investors is limited. The number of investors in an equity investment enterprise shall comply with the provisions of the Company Law of the People's Republic of China and the Partnership Enterprise Law of the People's Republic of China. If the investors are unincorporated institutions such as collective fund trusts and partnerships, they should check whether the final natural person and legal person institutions are qualified investors and calculate the total number of investors, except that the investors are equity investment parent funds. "
according to the requirement of "the principle of penetration of unincorporated institutions", that is, if the partner or shareholder of a fund is an unincorporated institution such as a partnership or a trust, it is necessary to get through the unincorporated institution and check the legal person or natural person behind it to calculate the number of investors, and the final investors after getting through must also meet the minimum capital contribution requirement of 1 million yuan for a single investor. At present, the only exception to the principle of penetration of unincorporated institutions is the "equity investment parent fund" filed with the National Development and Reform Commission. Since most private equity funds in China can't meet the minimum investment requirement of 1 million yuan per investor, the "equity investment parent fund" has become the last straw. Many people in the industry predict that Circular 2864 will make the parent fund as an institutional investor usher in the spring of rapid development in China.