1. What are the criteria for identifying qualified investors in private equity funds? Article 88 of People's Republic of China (PRC) Securities Investment Fund Law: "Non-public offering funds shall be raised from qualified investors, with a total of no more than 200 qualified investors. The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the specified asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and their fund share subscription amount is not less than the specified limit. The specific standards for qualified investors shall be stipulated by the the State Council Securities Regulatory Authority. " It can be seen that there are three necessary conditions for the standard of qualified investors of non-public offering funds in the Fund Law: 1, and the asset scale or income level reaches the prescribed standard; 2. Have the corresponding risk identification ability and risk-taking ability; 3. The subscription amount of fund shares shall not be lower than the prescribed limit. According to the authorization, the CSRC promulgated the Interim Measures for the Supervision and Management of Private Investment Funds on August 2 1, 2004, which devoted a chapter to regulating "qualified investors" and clearly stipulated the specific standards of qualified investors. Article 12 of the Interim Measures: "Qualified investors of private equity funds refer to units and individuals with corresponding risk identification ability and risk-taking ability, and the investment amount of a single private equity fund is not less than 6,543,800 yuan and meets the following relevant standards: 654.38+0, and the net assets are not less than 6,543,800 yuan; 2. Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the last three years is not less than 500,000 yuan. The financial assets mentioned in the preceding paragraph include bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc. " It can be seen that the criteria for the identification of qualified investors specified in the Interim Measures are: 1, which has the corresponding risk identification ability and risk-taking ability; 2. The amount invested in a single private equity fund is not less than 6,543,800 yuan; 3. The net assets of the unit are not less than 6,543,800,000 yuan, the personal financial assets are not less than 3,000,000 yuan, or the average annual income of individuals in the last three years is not less than 500,000 yuan. Second, the difference between private equity funds and Public Offering of Fund 1 is that the target of raising funds is different. The target of public offering funds is the general public, that is, investors who are not specific to society. The target of private equity fund is a few specific investors, including institutions and individuals. 2. There are different ways to raise funds. Public Offering of Fund raises funds through public offering, while private equity funds raise funds through non-public offering, which is the main difference between private equity funds and Public Offering of Fund. 3. Information disclosure requirements are different. Public Offering of Fund has very strict requirements on information disclosure, such as its investment objectives and portfolio. Private equity funds have low requirements for information disclosure and strong confidentiality. 4. Different investment restrictions. Public Offering of Fund has strict restrictions on investment types, investment proportion and matching between investment and fund types, while the investment restrictions of private equity funds are completely stipulated in the agreement. 5. Different performance rewards. Public Offering of Fund does not extract performance compensation, but only collects management fees. Private equity funds, on the other hand, charge performance compensation and generally do not charge management fees. For Public Offering of Fund, performance is only the honor when ranking, while for private equity funds, performance is the basis of remuneration. According to relevant regulations, private equity funds should raise qualified investors, and the number of investors should not exceed 200. There are restrictions on the assets and income of qualified investors. Private equity funds have strong confidentiality, and their investment ratio can be agreed without mandatory requirements.