How do general private funds and institutional-only private funds differ?

With the 2021 reform, private funds came to be classified not by their management purpose (professional investment type or management participation type) but by the range of eligible investors.

A general private fund is open to professional investors and to general investors who invest at least the minimum investment amount (qualified investors), and it is managed by a private fund manager that is a financial investment business entity. An institutional-only private fund is open only to certain professional investors, such as pension funds and financial companies, and is managed by a managing partner (GP). The investment rules for the two types have been unified.