According to Article 70 of People's Republic of China (PRC) Securities Investment Fund Law, fund share holders have the property rights to share the proceeds of fund property, participate in the distribution of the remaining fund property after liquidation, transfer or apply for redemption of their fund shares according to law. Paragraph 7 of Article 223 of the Property Law stipulates "other property rights that can be pledged according to laws and administrative regulations". Therefore, according to jurisprudence, pledge can be established. There are also some examples of the transfer of the income right of trust assets, which should be able to take the trust contract to the bank. But most of them are collective trusts in the form of asset mortgage.
Private placement can also be done, and the pledge of income rights to trust companies for financing becomes tof.
Having said that, it's a pity that I haven't really touched the specific operation of private equity share mortgage in practice.