Legal analysis: the raising period of private equity funds is generally 1-3 months. If the funds raised during the raising period fail to meet the minimum requirements, the fund contract will not be established and the funds will be returned to the investors. At the end of the recruitment period, it will enter a closed period. The closing period of private equity funds is generally 6 months to 1 year. At this point, the fund contract has come into effect.

Legal basis: People's Republic of China (PRC) Securities Investment Fund Law.

Article 87 A non-public offering fund shall be raised from qualified investors, and the cumulative number of qualified investors shall not exceed 200. The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the prescribed asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and the subscription amount of their fund shares is not less than the prescribed limit.

Article 94 After the non-public offering of funds is completed, the fund manager shall file with the fund industry association. If the total amount of fund raised or the number of fund share holders reaches the prescribed standards, the fund industry association shall report to the securities regulatory authority in the State Council. Securities investment in non-public offering of fund property includes buying and selling stocks, bonds and fund shares of publicly issued joint stock limited companies, as well as other securities and their derivatives as stipulated by the State Council Securities Regulatory Authority.