Many private GPs in China are the same as fund managers, but once the projects involved in pe are established, they need to re-register a company, and the funds raised need to be credited to the account of the newly established company. After the approval of China Securities Regulatory Commission, fund management companies began to sell funds to investors. According to the provisions of the Pilot Measures for Open-ended Securities Investment Funds, the fund's establishment and raising period shall not exceed 3 months from the date of the announcement of the prospectus, and the following conditions shall be met: (1) The net selling amount during the establishment and raising period exceeds 200 million yuan. (2) During the establishment period, the minimum number of subscribers reached 65,438+000. If the above conditions are not met, the fund manager shall bear the raising expenses, and return the raised funds to the fund subscribers within 30 days from the expiration of the raising period, plus the interest on bank demand deposits. In addition, in the duration after the establishment of the fund, if the number of effective holders is less than 65,438+000 for 20 consecutive working days, or the minimum net assets of the fund is less than 50 million yuan for 20 consecutive working days, the fund manager shall promptly report to the China Securities Regulatory Commission to explain the reasons and solutions for the above situation.