Legal analysis: Private equity investment refers to equity and quasi-equity investment in non-listed companies by raising funds through private placement. Private equity investment includes many different forms, and the most widely used strategies include venture capital, growth right, merger and acquisition investment, crisis investment and private equity secondary market investment.

Legal basis: Article 2 of the Interim Measures for the Supervision and Administration of Private Investment Funds The private investment funds mentioned in these Measures (hereinafter referred to as private investment funds) refer to investment funds established by private fundraising from investors in People's Republic of China (PRC).