Legal analysis: Private equity securities investment funds are relative to securities investment funds that are supervised by China government departments and publicly issue beneficiary certificates to unspecified investors; It refers to a fund established by raising funds from a few institutional investors and wealthy individual investors in a private way. Its sale and redemption are carried out by the fund manager through private consultation with investors.

Legal basis: Article 1 of People's Republic of China (PRC) Securities Investment Fund Law aims to regulate the activities of securities investment funds; This Law is formulated in order to protect the legitimate rights and interests of investors and interested parties and promote the healthy development of securities investment funds and capital markets.