PE FOFs originated from America 1975. In the 1990s, the large-scale rise of PE capital in the United States made PE FOFs expand rapidly. According to statistics, in 190, there were only 16 fofs in the US market, and the total assets under management were1400 million US dollars. By the end of 199, the number of fofs reached 2 13, and the total assets under management reached 48 billion dollars.

At the same time, gradually relax the investment field of PE fofs, try to participate in PE secondary market investment to spread risks, and gradually form the advantages of FOF, such as broadening investors' special investment channels, rationally allocating assets, and balancing interests and risks.

In recent years, FOFs funds have developed globally, and expanded rapidly in Europe, Canada and other countries except the United States, and entered Asia in the 1990s. It developed slowly at first, and it didn't rise until 2005 with the rapid development of the capital market.