1. Qualified investors of private securities investment funds
In China, the cumulative number of qualified investors in non-public securities investment funds shall not exceed 200 .
Qualified investors refer to units and individuals that have the ability to identify and bear risks, invest no less than RMB 1 million in a single private equity fund , and meet the following standards:
1. Units with net assets of not less than 10 million yuan ;
2. Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the past three years is not less than 500,000 yuan .
(The single amount is 1 million, the unit’s net capital is 10 million, the personal net capital is 3 million, and the annual income is 500,000 in three years)
2. Management regulations for private securities investment funds
Fund managers who serve as non-publicly raised funds shall complete registration procedures and submit basic information to the Asset Management Association of China in accordance with regulations. Unless otherwise agreed in the fund contract, non-publicly raised funds shall be held in custody by the fund custodian.
Non-public performance funds shall not raise funds from units or individuals other than qualified investors, nor shall they be promoted to unspecified objects through public media such as newspapers, magazines, radio stations, television stations, and the Internet, or through lectures, reports, analysis meetings, etc.
3. Private equity fund raising procedures
(1) Fund raising procedures for private equity funds
specific object identified
Investor suitability matching
Fund risk disclosure
Qualified investor confirmation
investment cooling off period
Return visit confirmation
(2) Assessment of qualified investors in private equity funds
Before prime investors recommend private equity funds, fundraising agencies should use questionnaires and other methods to perform specific object identification procedures and evaluate investors' risk identification capabilities and risk-taking capabilities . Investors should commit in writing that they meet the standards of qualified investors, and the investor's evaluation results will be valid for a maximum of 3 years .
(3) Cooling-off period for fund investors
The fund contract should stipulate that an investment cooling-off period of no less than 24 hours should be set for investors . The investment cooling-off period begins after the fund contract is signed and the investor pays the fund subscription fee. Fundraising agencies are not allowed to proactively contact investors during the investment cooling-off period .
4. Information disclosure of private equity funds
1. During the operation of a private equity fund, the information disclosure obligor shall disclose the fund's net value, main financial indicators, investment portfolio and other information to investors within 10 working days from the end of each quarter .
2. If the management scale of a single private securities investment fund reaches more than 50 million yuan , the net value information of the fund shall be disclosed to investors within 5 working days from the end of each month .
3. During the operation of a private equity fund, the information disclosure obligor shall disclose relevant information to investors within 4 months from the end of each year .