Port communication深圳市 港信通-商业咨询有限公司是行业内资深高级特区（深圳前海和上海自贸区）专业咨询服务，He is also one of the pioneers and leaders in the domestic special economic zone professional consulting industry.。The company is a domestic and foreign enterprise investing in Qianhai and Shanghai Free Trade Zone.、The organization provides a full range of、Full-process professional consulting services。
at the same time，We also combine investment companies to develop in the special zones、Key points and features of the plan，Cooperate with customers to connect industry development elements and resources suitable for corporate needs，Seek better development prospects and space for enterprises in the special zone。 据 港信通-杨经理知悉，截至2025年6月2日，基金业协会已登记私募基金管理人19,230家。
4月份私募基金管理人按基金总规模划分，管理规模在1亿元-10亿元的4332家，10亿元-20亿元的598家，20亿元-50亿元的499家，50亿元-100亿元的177家，100亿元以上的159家。
数据比较：与去年年末相比，到2025年4月底，私募基金的认缴规模增长近20%，实缴规模增长13.43%；4月份单月规模增长3800亿元，私募管理规模登上12万亿元的高峰。
one、私募基金管理人备案典型问题 1、注册资本 目前，证监会以及协会的相关规定中，并未就管理人的注册资本有具体的额度
Require
，更多取决于申请人注册地是否有地方性规定。
《私募基金管理人登记法律意见书指引》中，涉及资本金的内容为“申请机构是否按规定具有开展私募基金管理业务所需的从业人员、business place、资本金等企业运营基本设施和条件”。
我们截取了近一周通过备案的40家管理人的公示信息显示，其中注册资本500万元以下的为10家，500万-1000万元的为17家，1000万元以上的有13家。注册资本500万元以上的管理人占比达到75%。
实缴出资方面，实缴出资200万-250万元的管理人共9家，实缴250万至500万元管理人共11家，其中实缴500万元以上的管理人共20家，占比达到50%。 协会审核申请人实缴出资的口径之一为是否满足申请人六个月的运营需要，同时按照实质重于形式的标准，对申请人的资本金做出评估。
目前实践中，200万元实缴出资应属于底线
Require
，但并非所有申请人实缴200万元即可符合
Require
，同时需要评估申请人资信背景以及能否满足运营需要等因素。
2、员工 对于申请人的人员，目前协会备案公示的信息仅为管理人全职人员的数量，未计算兼职人员数量，因此公示的人员数量与实际包含兼职人员在内的管理人员工数量会存在一定差异。
根据近一周通过备案的40家管理人的公示信息采样，全职人员在5人以内的管理人数量为14家，全职人员5-10人的为18家，10人以上的管理人8家。全职员工数量超过5人的管理人比重达到65%。根据实践经验，目前如员工总人数（含全职及兼职）低于5人，则会面临协会的反馈意见。
基于能够满足运营的需要，我们建议申请人配备足够数量的员工。 对于申请人的高管，应满足法定代表人和风控负责人两名高管的低
Require
，且该两名高管应具备相应的基金从业资格。
高管兼职应符合“问答十二”的
Require
，不得在非关联的私募机构兼职，如在关联私募机构兼职，该关联私募机构应在协会系统中登记为申请人的关联方，否则不予认可。申请人必须配备全职的高管，Normally，
Require
The person in charge of risk control is a full-time person。 Resumes for executives and employees，Associations are also increasingly emphasizing professional backgrounds。
对于以非投资领域或相关行业背景人员为主要高管及员工的申请人，The association will pay careful attention to，
Require
Discuss whether it can meet the professional requirements
Require
。in practice，There are individual applicants who are piecing together the number of employees.，Joined some junior high schools、Employees with a high school degree，Or people without any relevant industry background，Can this type of applicant be approved for registration?，There is high uncertainty。
3、Business scope According to current guidance
Require
and practice，
Require
The applicant’s name and business scope reflect the business type，There are related words such as "investment management" or "fund management"。
Such as engaging in securities private equity fund management，The applicant’s name is “Equity Investment Management”，will be associated with
Require
Change name，at the same time，证券基金管理人的名称和经营范围应不包含“投资咨询”；If you are a private equity fund manager，经营范围包含“投资咨询”、“企业管理咨询”是允许的。
4、The actual controller is based on the current association’s
Require
，The applicant should have an actual controller，Can be jointly controlled by multiple actual controllers。According to the relevant provisions of the new system operation manual：“The actual controller refers to shareholders or natural persons who can actually control the behavior of the enterprise.、Legal person or other organization”。
When operating within a new system，For the actual controller part，系统提示“认定实际控制人应一直追溯到后的自然人、State-owned holding enterprises or collective enterprises、listed company、Overseas institutions subject to the supervision of foreign financial regulatory authorities”。therefore，Traceable to state-owned holding enterprises or collective enterprises、listed company、Overseas institutions that are supervised by foreign financial regulatory authorities can be recognized by the association as actual controllers.，Can no longer trace upwards。
5、Applicant related party association
Require
Full disclosure of related party information，Related parties refer to financial enterprises controlled by the same controlling shareholder/actual controller、Asset management institutions or related service institutions；For situations where listed companies or group companies are controlling shareholders or actual controllers，There is no looser disclosure standard。
If the related party has not been registered with the association but its name or business scope contains words related to "investment management"，The association will
Require
Disclose the actual business conditions of such related parties，The next step is to do private equity business，but
Require
Commitment to filing in the future；Related parties exist to engage in credit、P2P and other businesses，Lawyers should advise whether the applicant and related parties (from personnel、place、business dealings, etc.) are completely isolated and express opinions in legal opinions.。
For manager controlling shareholders、The actual controller changes，A lawyer should issue a special legal opinion，and make system changes。In this case，
Require
Regarding the new controlling shareholder、The actual controller’s related party information is disclosed in the legal opinion.，And at the same time update the manager’s related party information in the association registration system。
6、外商独资私募证券管理人登记 《私募基金登记备案相关问题解答（十）》中专门针对外商独资的私募证券基金管理人申请备案提出了
Require
。
该等申请人的境外股东应为所在国家或者地区金融监管当局批准或者许可的金融机构，且境外股东所在国家或者地区的证券监管机构已与中国证监会或者中国证监会认可的其他机构签订证券监管合作谅解备忘录。 对于申请人股权结构中有VIE结构的，协会主要按照实质重于形式的原则处理，目前尚无案例出现。
同时协会也强调，应以境外股东投资境内的第一层外商独资企业(WFOE)作为申请人，不接受WFOE子公司或孙公司申请。对于该类申请人的高管，应披露海外任职情况。 当前外商投资的私募股权基金管理人，享受国民待遇，对股东等资质，较内资管理人，无特别
Require
。
私募基金管理人备案实践中，我们也注意到，有少量机构，形式上追求满足协会的底线
Require
，但自身专业化的水平存在很大疑问，多次被协会反馈意见，信息披露不够充分。此类机构通过备案的可能性低。
Shenzhen Gangxintong-Business Consulting Co., Ltd. is mainly committed to providing customers with business consulting in Qianhai and Shanghai Free Trade Zone with strategic reference value、Listing consultation、Equity investment and management consulting services。
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