Legal analysis:

Most private placements have a 1 closure period of at least 6 months, and redemption is generally not allowed during the closure period, or a higher rate (3%) is required for redemption, and the redemption fee is waived after the closure period.

At the end of the closed period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period. Investors can subscribe and redeem the fund according to the net value of the fund share. The purchase and redemption time of private equity funds is completely determined by private equity companies, and the corresponding private equity companies need to be consulted.

Legal basis:

According to Article 46 of the Securities Investment Fund Law, funds can be operated in closed, open or other ways.

Closed-end fund (hereinafter referred to as closed-end fund) refers to a fund whose total fund share is fixed within the term of the fund contract, and the fund share holder may not apply for redemption; An open-ended fund (hereinafter referred to as an open-ended fund) refers to a fund whose total share is not fixed and can be purchased or redeemed at the time and place agreed in the fund contract. Measures for the sale, trading, subscription and redemption of fund shares of funds with other modes of operation shall be formulated separately by the the State Council Securities Regulatory Authority.