Second, the quality requirements
A few days ago, China Fund Industry Association officially issued the Measures for the Administration of Private Equity Fund Raising (hereinafter referred to as the Measures), which clearly stipulated the sales subject, raising process, qualification of employees and identification of qualified investors of private equity funds, which aroused widespread concern in the private equity fund industry.
The new regulations first clarify the two types of sales subjects of private equity funds, and only private equity managers and institutions with fund sales qualifications can sell private equity fund products. In addition, the fund-raising procedures are more stringent. According to the regulations, the collection of private equity funds should go through the following procedures: determination of specific objects, investor suitability matching, fund risk disclosure, confirmation of qualified investors, investment cooling-off period and return visit confirmation. Among them, the cooling-off period of investment after signing the contract and paying the money is not less than 24 hours. During this period, the fundraising institution shall not take the initiative to contact investors. After the cooling-off period is over, non-sales personnel should make a return visit to confirm by telephone recording, e-mail and letter.
The new regulations require that private equity fund practitioners should also have the qualification of fund practice. Before the introduction of private equity funds, it must be confirmed by qualified investors, who need to provide the necessary proof of assets or income. According to the fundraising method, qualified investors of private equity funds refer to institutions or individuals with corresponding risk identification ability and risk-taking ability: in terms of institutions, the net assets are required to be no less than100000 yuan; Individuals require financial assets of not less than 3 million yuan or personal average annual income of not less than 500,000 yuan in the last three years. In addition, investors are also required to invest in a single private equity fund of not less than 6.5438+0 million yuan.
It is worth noting that the fundraising method once again explicitly prohibits the split transfer. It is forbidden for any institution or individual to illegally split and transfer the shares of private equity funds or their income rights, and break through the standards of qualified investors in disguise. Investors shall make a written commitment to buy private equity funds for themselves, and no institution or individual may buy private equity funds for the purpose of illegal split and transfer.
The above is a brief introduction to the restrictions on the number of qualified investors in private equity funds and the standards for qualified investors. Private equity fund can be said to be a financing method. If the financing method or use method is improper, it may turn into fund-raising fraud. Therefore, in order to prevent and eliminate the fund-raising fraud of private equity funds, the state has made stricter regulations on investors of private equity funds.