It specifically pointed out: "The number of investors is limited. The number of investors in an equity investment enterprise shall comply with the provisions of the Company Law of People's Republic of China (PRC) and the Partnership Law of People's Republic of China (PRC). If the investor is an unincorporated institution such as a pooled fund trust or partnership enterprise, it shall check whether the final natural person or legal person institution is a qualified investor and calculate the total number of investors, except that the investor is a parent fund for equity investment. "
According to the requirements of "the principle of penetration of unincorporated institutions", that is, if the partners or shareholders of the fund are unincorporated institutions such as partnerships and trusts, it is necessary to get through the unincorporated institutions, check the legal persons or natural persons behind them, and calculate the number of investors. After getting through, the final investors must also meet the minimum capital contribution requirements of 6,543,800 yuan for a single investor. At present, the only exception to the principle of penetration of unincorporated institutions is the "equity investment parent fund" filed with the National Development and Reform Commission. Since most domestic private equity funds can't meet the minimum investment requirement of 6,543,800 yuan per investor, "equity investment parent fund" has become the last straw. Many insiders predict that Circular No.2864 will make the parent fund as an institutional investor usher in the spring of rapid development in China.