No more than 200 people.
Article 11 of the Interim Measures stipulates that private equity funds shall be raised from qualified investors, and the cumulative number of investors in a single private equity fund shall not exceed a certain number stipulated by the Securities Investment Fund Law, the Company Law, the Partnership Enterprise Law and other laws.
The Company Law stipulates that a limited liability company shall be established with less than 50 shareholders. The establishment of a joint stock limited company shall be initiated by two or more persons, but not more than 200 persons.
The Partnership Enterprise Law stipulates that the establishment of a general partnership requires more than two partners; A limited partnership enterprise shall be established by two or more and fifty or less partners.
The Securities Investment Fund Law stipulates that the cumulative number of qualified non-public offering fund investors shall not exceed 200.