Legal analysis: Private partners are mainly management partners and limited partners. When we distinguish them, we can distinguish them by their investment amount and ability. There are two kinds of private partners. One is GP, managing partner, and the other is LP, limited partner. Private investment needs at least tens of millions to become LP. GP must be a very strong investor.

Legal basis: Measures for the Registration of Private Investment Fund Managers and Fund Filing (Trial).

Article 2 The term "private equity investment fund" as mentioned in these Measures refers to an investment fund established by raising funds from qualified investors in a non-public way, including a company or partnership engaged in investment activities with assets managed by a fund manager or general partner.

Article 3 China Asset Management Association (hereinafter referred to as the Fund Industry Association) shall handle the registration of private equity fund managers and the filing of private equity funds in accordance with the provisions of these Measures, and conduct self-discipline management of private equity fund business activities.

Article 4 Private fund managers shall provide the documents and materials required for the registration and filing of private funds, and ensure the authenticity, accuracy and completeness of the documents and materials provided.