According to Article 13 of the Measures for the Administration of Private Fund Raising, the private fund manager shall submit the information of the special account for private fund raising and settlement funds and its regulatory agencies to the China Fund Industry Association. In other words, every private equity fund must have a fund-raising supervision institution.

In practice, fund-raising supervision is often linked to custody, which is the so-called outsourcing service. Many people will confuse these two concepts. What needs special attention here is that the raising regulator and custodian of private equity funds are not the same thing. Private equity funds may not have a custodian institution, but they must have a fundraising supervision institution.