Private equity funds need to meet the following conditions: 1, non-public offering funds, and fund contracts should be formulated and signed; 2 after the completion of the non-public offering of funds, the fund manager shall file with the fund industry association; 3. The cumulative number of qualified investors shall not exceed 200; 4. The fund manager shall go through the registration formalities with the fund industry association in accordance with the regulations. Legal basis: Article 87 of the Securities Investment Fund Law of People's Republic of China (PRC) raises qualified investors, and the total number of qualified investors shall not exceed 200. The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the specified asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and their fund share subscription amount is not less than the specified limit. Specific standards for qualified investors shall be formulated by the the State Council Securities Regulatory Authority.