Legal analysis: Private equity funds have a quota standard, which requires that institutions with securities assets management scale exceeding 654.38 billion yuan should be registered with fund industry associations. At the same time, in order to prevent bad institutions from increasing their credit through registration, registered institutions need to have paid-in capital of more than100000 yuan, have no record of violation of laws and regulations in the last three years, and require qualified personnel.

Legal basis: Article 5 of People's Republic of China (PRC) Securities Investment Fund Law shall be borne by the fund property itself, and the fund share holders shall be liable for the debts of the fund property to the extent of their capital contribution. However, if the fund contract has other provisions in accordance with this Law, such provisions shall prevail.

Fund property is independent of the inherent property of fund managers and fund custodians. Fund managers and fund custodians may not classify fund property as their inherent property.

Property and income obtained by fund managers and fund custodians due to the management and use of fund property or other circumstances shall be classified as fund property.

If a fund manager or fund custodian is liquidated due to dissolution, cancellation or bankruptcy according to law, the fund property does not belong to its liquidation property.