But there is generally no so-called "repayment" problem in securities private placements? Because the investment targets of securities private equity are in the secondary market, they are all liquid. When investors redeem them, the fund manager only needs to sell the underlying investment targets in the secondary market and it can be liquidated to the investors. Collection of repayments from private equity funds requires the financier to have a source of repayment. Once the financier has insufficient sources of repayment, it may default. Even because the funds eventually escape the supervision of the custodian institution, the financier or fund manager may "run away with the money." "Road" moral hazard.