The conditions that a non-public offering fund should meet do not include the sales time and sales method of the fund.

Non-public offering funds shall be raised from qualified investors, and the cumulative number of qualified investors shall not exceed 200.

The scope of non-Public Offering of Fund securities investment is wider than that of Public Offering of Fund property, and the main difference lies in whether other fund shares can be purchased.

Private placement fund refers to a securities investment fund that raises funds from specific investors in a non-public way and invests in specific objects. Private equity funds are raised by means other than mass communication, and promoters set up investment funds to invest in securities by collecting funds from non-public multi-subjects.