Legal analysis: Private equity funds have losses, and the losses are partly borne by investors. The fund is "at the buyer's own risk", and the fund manager is responsible for the management and investment of products, and draws remuneration according to the investment performance. There is no "risk * *".

Legal basis: Article 20 of the Interim Measures for the Administration of Industrial Investment Funds shall meet the following requirements:

(1) An industrial fund management company or an industrial fund management partnership company established according to law with the approval of the State Planning Commission;

(2) Being administratively and financially independent from the industrial fund company and the industrial fund custodian.

(3) Establish and improve the internal risk control mechanism.

(four) in the last three years, it has no bad business performance or has been severely punished by the management organ or judicial organ;

(5) Other documents required by the administrative organ.

If an industrial fund company acts as a fund manager, it must meet the conditions in Items (3) and (5) of this Article and Items (3), (4) and (5) of Article 21, and directors and senior management personnel shall not concurrently serve each other.