Text/Jin Yunnan Baqian Law Firm Q: Can you raise funds through the trust plan and then invest the funds as LP in PE? A: Trust itself is an organizational form of private equity funds. At present, the CSRC has objections to the IPO of trust holding companies, which leads to the IPO of such companies being blocked. Then came the private equity fund of trust PE+ limited partnership model, that is, the trust plan raised funds, and then invested the raised funds in private equity funds. Whether this model can be recognized by the CSRC and whether the invested enterprises can succeed in IPO is still unknown. The Notice on Promoting the Standardized Development of Equity Investment Enterprises issued by the General Office of the National Development and Reform Commission last year requires that when unincorporated institutions invest in private equity funds, the total number of investors in institutions and private equity funds should be calculated, which directly limits the number of investors in trust plans under the trust PE+ limited partnership model and greatly reduces the number of people raised in trust plans.