Article 11 of the Supervision Measures stipulates: "Private equity funds shall be raised from qualified investors, and the cumulative number of investors in a single private equity fund shall not exceed the specific number stipulated by the Securities Investment Fund Law, the Company Law, the Partnership Enterprise Law and other laws." Obviously, the number of investors in corporate and partnership private equity funds should be bound by the Company Law and the Partnership Enterprise Law, and should not exceed 50 (the number of investors in joint-stock private equity funds should not exceed 200). For contractual private equity funds, in the absence of other laws, the Securities Investment Fund Law (hereinafter referred to as the Fund Law) should be applied.

Article 88 of the Fund Law stipulates: "Non-public offering funds shall be raised from qualified investors, and the cumulative number of qualified investors shall not exceed 200", that is to say, the maximum number of investors of "contractual" private equity funds shall not exceed 200, which breaks through the limit of 50 (limited) corporate and partnership funds. This breakthrough is of great significance to fund participants, especially fund managers and sales service agencies. While expanding the scale of the fund, it will also benefit more investors.