Private equity investment funds mainly realize income by withdrawing from the project, and choose the right time to realize the equity of the invested enterprise. There are three main ways to quit: (1) Share listing transfer or listing transfer. Initial public offering (IPO) is the preferred exit method for private equity investment funds; The national share transfer system for small and medium-sized enterprises (also known as the "New Third Board") established on 20 12 provides a new channel for private equity investment to withdraw. (2) Equity transfer. When the enterprise is not listed, it will transfer its shares to others, thus withdrawing from the enterprise. For a limited liability company, it can transfer its shares to existing shareholders, which is called internal transfer, or it can transfer its shares to people other than existing shareholders, which is called external transfer. (3) Withdraw from liquidation. Mainly for the failure of project investment, the investee ends its operation, and the private equity investment fund withdraws through the liquidation of the investee. There are two main situations: bankruptcy liquidation and dissolution liquidation.