Legal analysis: all kinds of private equity fund managers are engaged in private equity investment fund business, and their senior managers should obtain fund qualification. All kinds of private fund managers engaged in non-private securities investment fund business, at least two senior managers should obtain the qualification of fund practice.

Legal basis: Article 12 of the Securities Investment Fund Law of People's Republic of China (PRC), the fund manager shall be a legally established company or partnership enterprise.

The fund manager of a publicly offered fund shall be a fund management company or other institutions approved by the the State Council Securities Regulatory Authority in accordance with relevant regulations.