Port communicationThe second day of work in the Year of the Pig，The fourth type of private equity managers is here! Securities Investment Fund Association of China(Hereinafter referred to as "China Foundation Association")The first announced list of private equity asset allocation managers was officially unveiled。This also means that after private equity investment fund managers、Private Equity Venture Capital Fund Manager、Other private equity fund managers After these three types of private equity institutions，The fourth category of asset allocation private equity managers has officially entered the “big stage” of private equity funds.。
There are 3 first batch of private equity asset allocation managers，They are China Galaxy (601881) Investment Management Co., Ltd.、Zhejiang Yuhuang Shannan Investment Management Co., Ltd. and Zhuhai Hengqin Jinsheng Shuoye Investment Management Co., Ltd.。The three companies all have relatively strong backgrounds and resources.
Advantages
，It also shows that the application threshold for asset allocation private equity managers is still relatively high.。
Industry insiders generally believe that，The birth of private equity asset allocation managers，Revitalizing various assets in the private equity industry，Make better investments，Expand management scale，All have very positive meanings，It will also promote the more standardized development of private equity FOF funds.。
The first three private equity asset allocation managers：A state-owned background，The background of two private equity tycoons as early as August 29, 2025，The China Fund Management Association has released the "Answers to Questions Related to the Registration and Filing of Private Equity Funds"(fifteen)》，Officially clarify the rules regarding private asset allocation fund managers and private asset allocation funds
Application conditions
and related
Require
。According to the China Foundation Association
Require
,To register as an asset allocation private equity manager, you must meet the following requirements:
Require
：one、actual controller
Require
。
At least one of the institutions controlled by the same actual controller has become an ordinary member of the Asset Management Association of China；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、Work experience in compliance risk control or asset management regulatory agencies or self-regulatory organizations, etc.)of full-time senior managers。
China Fund Management Association has published "Answers to Questions and Answers Related to Registration and Filing of Private Equity Funds"(fifteen)》，Clarified the specific requirements for product registration of private equity asset allocation managers
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，Leverage multiple(Priority share/inferior share，Intermediate shares count towards priority shares)Must not exceed the maximum leverage ratio of the private equity fund in which it invests
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
。Only to a single individual or institutional investor(Except for asset management products established in accordance with the law)Private asset allocation fund raised and established，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。
About Hong Kong Xintong
Hong Kong Xintong focuses onGuangdong and Hong Kong license plates、Shenzhen Hazardous Chemicals Business License、Shenzhen labor dispatch licenseandShenzhen Charity Foundationapplication services，Assist customers to applyShenzhen travel agency business license、Shenzhen pawn shop business license、Shenzhen auction house license and other mainstream domestic financial licenses，Support enterprises to achieve compliance expansion of cross-border financial business。Also availableODI overseas investment registration、International travel agency registration and other services，Help enterprises expand their presence in international markets。Provide one-stop compliance solutions for enterprises。To learn more，Please contactHong Kong Information Communications Consultant。
