The process from raising funds to investing in private equity funds can be divided into three periods: raising period, closing period and normal subscription and redemption period. In these three periods, investors buy and sell fund shares in different ways.

(1) is the collection period of private equity funds. The raising period of private equity funds is generally 1-3 months. During this period, private equity investors raise funds from specific investors, and investors can only buy fund shares at this stage, but cannot sell them. The purchase price is the net share value (1 yuan).

(2) After the recruitment period ends, it enters the 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. However, during the closed period, the Fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period.

(3) 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 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.

In addition, after the private equity fund is raised, it can continue to purchase, and investors can purchase according to the fund's opening date.