Legal analysis: the fund is legal and protected by law. Private investment fund refers to an investment fund established in People's Republic of China (PRC) by raising funds from qualified investors in a non-public way, and its investment targets include buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in the investment contract. In addition to private equity investment funds directly established in the name of equity investment enterprises and venture capital enterprises, there are many enterprises in the market whose names do not reflect the words "equity investment" or "venture capital", but mainly focus on equity investment in unlisted enterprises.

Legal basis: Article 2 of the Interim Measures for the Supervision and Administration of Private Investment Funds The private investment funds mentioned in these Measures (hereinafter referred to as private investment funds) refer to investment funds established by private fundraising from investors in People's Republic of China (PRC).

The investment of private equity fund property includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts.

These Measures shall apply to the registration, fund raising and investment operation of companies or partnerships established for the purpose of investing in private equity funds and assets managed by fund managers or general partners.

These Measures shall apply to securities companies, fund management companies, futures companies and their subsidiaries engaged in private equity fund business. Where other laws and regulations and the relevant provisions of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) provide otherwise for the above-mentioned institutions to engage in private equity fund business, such provisions shall apply.