Specific Criteria for Qualified Investors of Private Equity Funds Article 88 of People's Republic of China (PRC) Securities Investment Fund Law states: "A non-public offering fund 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 prescribed asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and the subscription amount of their fund shares is not less than the prescribed 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. Through the above details, we can understand the qualified investor system of private equity funds. Although private equity fund is not Public Offering of Fund, its operation is relatively simple. However, private equity funds are also managed by qualified investors and have certain requirements and qualifications for investment managers. Whether it is a fund or other investment projects, all benefits and risks are directly proportional, and all investors should be more cautious when choosing investment projects.