Here are a few questions.

First, it seems that there is almost no possibility of bankruptcy in Public Offering of Fund at present, because the management fee is collected (calculated by scale). As long as the scale goes up, if the cost is shared after the later years of operation, it will gradually make a profit. Of course, this is the current situation that Public Offering of Fund does not invest with its own funds and does not participate in financial derivatives. The future is hard to say

Second, private equity funds issue special accounts through Public Offering of Fund, although it seems that Public Offering of Fund will bear the problems. However, firstly, Public Offering of Fund is not a fool, and there are risk control compliance personnel to check. Secondly, Public Offering of Fund may ask private placement to do the bottom in the transaction structure or privately.

It seems that you are asking the right question, but it is not. Market risk, price fluctuation risk and the risk of non-redemption (liquidity risk) you mentioned do not exist independently, but are intertwined, and one factor may trigger another. Generally speaking, the liquidity problem will be taken into account in the transaction structure. When there is a small-scale event, the fund company can generally cover it by itself, that is, pay you the money first and then handle it by itself. When the financial crisis breaks out on a large scale, the fund company will leave you alone if it loses its own insurance. This is also natural, but it seems very unlikely at present.