Answer: A

Qualified investors of private equity funds refer to units and individuals who have the corresponding risk identification ability and risk-taking ability, and the amount invested in a single private equity fund is not less than 1 million yuan and meet the following relevant standards: (1) Units with net assets of not less than 1 million yuan. (2) individuals whose financial assets are not less than 3 million yuan or whose average annual income in the last three years is not less than 5, yuan. The above financial assets include bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc. In the form of partnership, contract and other unincorporated persons, if they directly or indirectly invest in private equity funds by pooling the funds of most investors, the private equity fund manager or private equity fund sales organization shall thoroughly check whether the final investor is a qualified investor and calculate the number of investors together. However, if investors who meet the requirements of qualified investors invest in private equity funds, it is no longer necessary to check whether the final investors are qualified investors and calculate the number of investors on a consolidated basis. The public offering standard stipulated in the Securities Law of the People's Republic of China is to issue securities to unspecified objects or to specific objects with a total of more than 2 people. Therefore, if the cumulative number of recipients of a non-public offering fund exceeds 2, it constitutes a public offering fund and should be supervised according to the public offering fund.