New private equity regulations will emerge frequently in the second half of the year，What conditions need to be met to apply for private placement?

Financial markets further opened up，Foreign investment accelerates entry，Globalization of private equity accelerates，Dance with the times，Based on the present，Looking forward to the new era，Opportunities and challenges of private equity coexist。Data display，As of the end of September，The association has registered 24,255 private equity fund managers.，There were 64 more existing institutions than the previous month.；74,337 private equity funds have been registered，364 less than the previous month。

9month，The scale of private equity management funds slightly increased by 5.126 billion yuan，Reaching 12.80 trillion yuan。So far，The total scale of private equity in the first nine months of this year has increased by 1.7 trillion yuan。The increase in scale mainly comes from equity venture capital and private placement，Its management scale reaches 8.34 trillion yuan，An increase of 40.866 billion yuan from the previous month；A total increase of 1.25 trillion yuan in the first nine months。

Data display，24,255 registered private equity funds，The average management scale is 602 million yuan。It is worth noting that，The number of tens of billions of private placements hit a new high in September，Reached 235，Ten-billion private equity firms have increased by 48 this year。in addition，From the perspective of geographical distribution，north、superior、Shen still leads the way。

The largest number of private equity managers registered in Shanghai，There are 4789；Shenzhen、Beijing，There were 4,611 and 4,325 companies registered for private equity respectively.，The three places together account for 56.59% of the country’s total。Beijing has the largest scale of private equity management，A total of 2,979.4 billion yuan，Shanghai、Shenzhen was 2,795.6 billion yuan respectively.、18327billion，The total scale of the three places accounts for 59.43% of the country’s total。

Coincidentally，The market is sluggish this year，Quantitative private equity bucked the market trend and increased management fees or performance commission ratios，Increase management fee from 1% to 2%，Increase performance compensation from 20% to 25%。Industry insiders believe，The main reason is that the quantitative strategy has performed outstandingly this year.，Popular with investors，They have the confidence to improve

cost

，Also give yourself more incentives to continue making money for your clients；In addition, their policy capacity may be limited.，Choose methods such as increasing fees，Control the scale。

There are generally two situations when private equity increases back-end performance compensation.：One is to cancel or reduce management fees，Put it into back-end performance rewards，Only withdraw when earnings are earned；Second, private equity does have the ability to improve the back-end

cost

。“Improving back-end performance compensation，More common in quantitative private equity，Long private placements are still rare。"Basic application for private equity fund registration

Require

：1.According to the provisions of the Securities Investment Fund Law，The fund manager shall be a company or partnership established in accordance with the law.。

Natural persons cannot register as private equity fund managers。2.The registered capital must be more than 10 million。3.At least three senior managers must be qualified to practice private equity funds。Meet one of the following conditions，Can be recognized as having qualifications to practice private equity funds：Passed the private equity fund practitioner qualification examination organized by the Asset Management Association;Engaged in investment management related business in the past three years;Other circumstances recognized by the Asset Management Association。

4.The applicant institution has a location that meets the needs of business operations、Facilities and basic management systems。The specific situation depends on the actual situation。

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