Application conditions for private placement license: 1. According to the Securities Investment Fund Law, fund managers are legally established companies or partnerships. A natural person cannot be registered as a private fund manager. 2. The registered capital should be above100000. 3. At least three senior managers have the qualification of private equity fund. Those who meet one of the following conditions can be considered as qualified for private placement: passing the private placement qualification examination organized by the fund industry association; Engaged in investment management related business in the last three years; Other circumstances identified by the fund industry association. 4. The applicant institution has the premises, facilities and basic management system to meet the business needs.