The process from raising funds to investing in private equity funds can be divided into three periods: raising period, closing period and normal subscription and redemption period. In these three periods, investors buy and sell fund shares in different ways. (1) is the collection period of private equity funds. The raising period of private equity funds is generally 1-3 months. During this period, private equity investors raise funds from specific investors, and investors can only buy but not sell fund shares at this stage. The purchase price is the net value of the shares (1 yuan). After the end of the recruitment period, it will enter a closed period. The closing period of private equity funds is generally 6 months to 1 year. At this point, the fund contract has come into effect. However, during the closed period, the Fund does not accept investors' requests to buy or sell fund shares, and investors cannot buy or sell fund shares during this period. (3) After the closure period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period. Investors can subscribe and redeem funds according to the net value of fund shares. The purchase and redemption time of private equity funds is completely determined by private equity companies, and the corresponding private equity companies need to be consulted. In addition, after the private equity fund is raised, it can continue to purchase, and investors can purchase according to the fund's opening date. Article 15 of the Measures for the Administration of Raising Behavior of Private Investment Funds shall follow the following procedures: (1) Determination of specific objects; (2) Appropriate matching of investors; (3) Disclosure of fund risks. (4) Confirmation by qualified investors; (5) Cooling-off period for investment; (6) Return visit for confirmation.