Private placement fund refers to an investment fund set up by raising funds from qualified investors in China in a non-public way, including contractual funds or companies or partnerships whose assets are managed by fund managers or general partners for investment activities.

2. The classification of private equity funds?

According to the different investment targets, private equity funds are divided into the following categories:

(1) Private Equity Investment Fund:

Private equity investment funds invest in stocks, bonds and fund shares of publicly issued joint stock limited companies (listed companies), as well as other securities and their derivatives as stipulated by China Securities Regulatory Commission. That is, private equity funds invest in publicly issued securities.

(2) Private equity investment funds:

Private equity investment funds invest in the equity of unlisted enterprises. That is, private equity funds invest in non-publicly traded stocks.

(3) Venture Capital Fund:

Venture capital fund is a special category of private equity investment fund.

(4) Other private equity funds:

Other private equity funds invest in specific commodities such as art and wine.

3. What are the requirements for private equity fund raising methods?

Private equity funds shall raise funds from qualified investors in a private way, and shall not raise funds publicly or in disguised form. It is not allowed to publicize and promote to unspecified objects through public media such as newspapers, radio, television and the Internet, or lectures, reports, analysis meetings and notices, leaflets, SMS, WeChat, blogs and emails.

4. What is the limit on the number of private equity investors?

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. The cumulative number of partnership fund investors and limited company fund investors shall not exceed 50; The cumulative number of contractual fund investors and joint-stock company fund investors shall not exceed 200.

5. What is the definition of qualified investor of private equity fund?

Private equity funds may not raise funds from entities other than qualified investors.

Qualified investors of private equity funds refer to units with corresponding risk identification ability and risk-taking ability, with the investment amount of a single private equity fund not less than 6.5438+0 million yuan and the net assets not less than 6.5438+0 million yuan; Or individuals who invest in a single private equity fund with an amount of not less than 6,543,800 yuan and whose financial assets (including bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc.). ) not less than 3 million yuan, or the average annual income in the last three years is not less than 500,000 yuan.

6. What is the situation of fund industry associations as qualified investors?

Social security funds, enterprise annuities and other pension funds, charitable funds and other social welfare funds; Investment plans established according to law and filed with fund industry associations; Private fund managers and their employees who invest in the private funds they manage; Other investors as stipulated by China Securities Regulatory Commission. The above-mentioned fund industry associations are regarded as qualified investors.

7. Does the number of investors penetrate the consolidated calculation?

In the form of partnership, contract and other unincorporated persons, if the funds of most investors are pooled to directly or indirectly invest in private equity funds, the private equity fund manager or private equity fund sales organization shall thoroughly check whether the final investor is a qualified investor and calculate the number of investors in a consolidated manner.

8. Exempt investors from penetrating verification and stop counting people together?

Social security funds, enterprise annuities and other pension funds, charitable funds and other social welfare funds; Investment plans established according to law and filed with fund industry associations; Private fund managers and their employees who invest in the private funds they manage; Other investors as stipulated by China Securities Regulatory Commission. The above-mentioned investors are not required to check through whether the final investor is a qualified investor, and the number of investors is no longer calculated together and regarded as a single qualified investor.

9. Who can be a private equity fund manager?

The manager of a private equity fund shall be a legally established company or partnership. Natural persons cannot be managers of private equity funds.

10. Can private equity funds promise guaranteed income?

Private fund managers and private fund raising institutions shall not promise investors that the investment principal will not be lost or promise the minimum income.