Legal analysis: Unless otherwise agreed in the fund contract or partnership agreement, private equity funds are managed by the fund custodian. If the fund contract stipulates not to manage private equity funds, the institutional measures and dispute settlement mechanism for ensuring the property safety of private equity funds shall be clearly defined in the fund contract.

Legal basis: Article 33 of the Securities Investment Fund Law of People's Republic of China (PRC) shall meet the following conditions as a fund custodian:

(1) Its net assets and risk control indicators meet the requirements;

(2) Having a special fund custody department;

(3) The number of full-time personnel who have obtained the qualification for fund practice has reached a quorum;

(4) Having the conditions for safe custody of the fund property;

(5) Having a safe and efficient clearing and delivery system;

(6) Having business premises, safety precautions and other facilities related to the fund custody business that meet the requirements;

(seven) a sound internal audit monitoring system and risk control system;

(8) Other conditions as prescribed by laws and administrative regulations, and as prescribed by the State Council securities regulatory agency and the State Council banking regulatory agency approved by the State Council.