Port communication第四类私募机构类型即将落地8月29日晚间，中国基金业协会发布《私募基金登记备案相关问题解答（十五）》，正式明确了私募资产配置基金管理人、私募资产配置基金的
Application conditions
and related
Require
。
中国基金业协会表示，From September 10, 2025，Institutions planning to apply for private asset allocation fund managers，Comprehensive reporting platform for asset management business，Submit relevant application materials online。 conform to
Require
of registered private equity fund managers，You can also apply to change registration as a private asset allocation fund manager，After the application is approved, the association will change and announce the type of manager of the institution.。
at present，私募机构的登记主要体现为三类，一是证券类，二是股权类，包括私募股权和创投基金管理人，三是其他类。
针对私募资产配置基金管理人，除了要符合《证券投资基金法》《私募投资基金监督管理暂行办法》《私募投资基金管理人登记和基金备案办法（试行）》及相关法律法规和自律规则，外商独资和合资的申请机构还应符合《私募基金登记备案相关问题解答（十）》的相关规定，中国基金业协会还规定了四点
Require
。 one，actual controller
Require
。
受同一实际控制人控制的机构中，至少一家已经成为中国证券投资基金业协会（以下简称“协会”）普通会员；Or the institutions controlled by the same actual controller include at least one private equity fund manager that has been registered with the association for more than three years.，The average annual private equity fund management scale of the manager in the past three years is not less than 500 million yuan.，And has become an observer member of the association。 two、"One control"
Require
。
The same actual controller can only control or control one private asset allocation fund manager。 three、Equity Stability
Require
。The largest shareholder and actual controller of the applicant institution should adhere to the long-term investment philosophy，Written commitment after completing the registration as a private asset allocation fund manager，Continue to hold the equity or actual control of the applicant institution for no less than three years。 Four、senior management
Require
。
The applicant institution should have no fewer than two full-time senior managers with more than three years of asset allocation experience.，Or have no less than two people with more than five years of relevant experience in domestic and overseas asset management (such as investment research、Marketing、operations、Full-time senior managers with working experience in compliance risk control or asset management regulatory agencies or self-regulatory organizations, etc.。
在私募资产配置基金申请备案方面，中国基金业协会
Require
，应当符合《证券投资基金法》《私募投资基金监督管理暂行办法》《私募投资基金管理人登记和基金备案办法（试行）》及相关法律法规和自律规则的规定。also，申请备案的私募资产配置基金还应当符合下列八项
Require
。 one、initial size
Require
。
The initial raised asset size of a private asset allocation fund should be no less than RMB 50 million.。 two、closed operation
Require
。Private asset allocation fund contracts should stipulate a reasonable fundraising period，And the duration after the end of the fundraising period is not less than two years。During the duration of the private asset allocation fund，should be closed。 three、portfolio investment
Require
。
Private asset allocation funds should mainly adopt the fund-of-funds investment method，80%The above invested fund assets should be invested in registered private equity funds、Publicly offered funds or other asset management products established in accordance with the law。The proportion of a private asset allocation fund's investment in a single asset management product or target shall not exceed 20% of the fund's asset size.。 Four、Leverage multiple
Require
。
Structured private equity asset allocation funds invest in cross-category private equity funds，杠杆倍数（优先级份额/劣后级份额，中间级份额计入优先级份额）不得超过所投资的私募基金的最高杠杆倍数
Require
。 five、Fund custody
Require
。Private asset allocation funds shall be managed by a fund custodian established in accordance with the law and obtained fund custody qualifications。
A fund custodian shall not engage in fund custody business managed by a fund manager with whom it has an equity relationship or whose internal personnel hold concurrent positions.。 six、Information disclosure
Require
。
When private asset allocation funds disclose information，It should comply with the provisions of the "Measures for the Administration of Information Disclosure of Private Investment Funds" and the relevant self-regulatory rules of the association.，Clarify the content of information disclosure by information disclosure obligors to investors、Disclosure frequency、Disclosure method、Disclosure responsibilities and information disclosure channels, etc.。 seven、Related party transactions
Require
。
Private equity allocation fund managers use fund property investment fund managers、Custodian and its controlling shareholders、actual controller、Equity assets of affiliated institutions or institutions with significant interests or engaging in other major affiliated transactions，Conflicts of interest should be guarded against，Follow the principle of giving priority to the interests of holders，Establish and improve internal approval and evaluation mechanisms，Consistent with the fund’s investment objectives and investment strategy，Executed according to fair market value，and in accordance with the regulations of the association，Fulfill information disclosure obligations。
eight、single investor fund
Require
。仅向单一的个人或机构投资者（依法设立的资产管理产品除外）募集设立的私募资产配置基金，Except investment ratio、Custody arrangements or other fund property security measures shall not be stipulated in the fund contract.，For other arrangements, please refer to the above
Require
implement。（信息来源：中基协官方网站）
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