Legal analysis: Private equity funds that meet the statutory forms and requirements are not illegal. Illegal private equity fund: 1. Publicly publicize and promote private equity products to unspecified objects. 2. Private placement institutions failed to handle the filing procedures of fund products as required. 3. At the end of the fundraising, the private placement institution conducts effective risk assessment on investors and raises funds from unqualified investors. 4. Private equity institutions violate the rules in investment operation, misappropriate and occupy fund property.

Legal basis: Measures for the Registration and Filing of Private Equity Fund Managers Article 4 Private Equity Fund managers shall provide the documents and materials required for the registration and filing of private equity funds, and ensure the truthfulness, accuracy and completeness of the documents and materials provided.