Private equity funds are not illegal fund-raising. Private equity funds have a license issued by the China Securities Regulatory Commission, and they can finance agents to return investment to their clients. Illegal fund-raising is not approved by the CSRC. Illegal fund-raising is an act of promising investors to repay the principal and interest within a certain period of time without the approval of the relevant departments according to law. Article 3 of the Supreme People's Court's Interpretation on Several Issues Concerning the Specific Application of Laws in the Trial of Criminal Cases of Illegal Fund-raising stipulates that if anyone illegally absorbs or conceals public deposits, he shall be investigated for criminal responsibility according to law: (1) individuals illegally absorb or conceal public deposits in an amount of more than 200,000 yuan, and units illegally absorb or conceal public deposits in an amount of more than 6,543,800 yuan; (2) Individuals illegally or in disguised form absorb more than 30 public deposit objects, and units illegally or in disguised form absorb more than 150 public deposit objects; (3) Individuals illegally absorb and conceal public deposits, resulting in direct economic losses of depositors of more than 654.38 million yuan, and units illegally absorb and conceal public deposits, resulting in direct economic losses of depositors of more than 500,000 yuan; (4) Causing adverse social impact or other serious consequences. Article 192 of the Criminal Law stipulates that whoever illegally raises funds by fraudulent means for the purpose of illegal possession, if the amount is relatively large, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan; If the amount is especially huge or there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan or confiscated property.