Legal analysis: need. Institutions with private equity fund sales licenses can sell private equity products on a commission basis; The institution with private fund manager license is responsible for the whole process of raising and managing private funds. The registered capital reached more than 20 million yuan, and it was put in place at one time. The company has been established for more than three years and has been making profits and paying taxes for the last three years.

Legal basis: Article 87 of the Securities Investment Fund Law of People's Republic of China (PRC) raises qualified investors, and the total number of qualified investors shall not exceed 200. 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. Specific standards for qualified investors shall be formulated by the the State Council Securities Regulatory Authority.