The expenses in the operation of private equity funds are divided into the expenses borne by the fund and the expenses borne by the manager according to the undertaker.

The expenses directly borne by the limited partnership include those related to the establishment, operation, termination, dissolution and liquidation of the limited partnership, including:

(1) expenses related to the establishment and raising of a limited partnership;

(2) Financial statements and reporting expenses of the limited partnership;

(3) Accounting, auditing, consultant and lawyer fees for the limited partnership;

(4) All legal, auditing, evaluation and other expenses arising from the investment, holding, operation and sale of the proposed investment project company shall be borne by the general partner as far as possible;

(5) Reasonable expenses incurred in organizing the partners' meeting;

(6) Taxes and government fees;

(7) Custody fees and operation service fees;

(8) Management fees;

(9) Legal fees and arbitration fees;

(10) Other reasonable expenses not included in the above contents but incurred for the benefit of the limited partnership.