Legal analysis: units and individuals who purchase private equity funds need to reach the specified asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and their fund share subscription amount is not less than the specified limit.

Legal basis: Article 87 of the Securities Investment Fund Law of People's Republic of China (PRC) raises qualified investors, and the total number of qualified investors shall not exceed 200.

The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the prescribed asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and the subscription amount of their fund shares is not less than the prescribed limit.

Specific standards for qualified investors shall be formulated by the the State Council Securities Regulatory Authority.