When raising funds, there are strict restrictions on the duration of the fund. Generally, the first 3 to 5 years of fund establishment is the investment period, and the last 5 years is the withdrawal period (only withdrawal, no investment). After investing in the enterprise for 2 to 5 years, the foundation will try to quit. (*** 10 year)

The fund has four exit modes:

1, IPO or RTO exit: the most profitable exit method, but the exit price is greatly disturbed by the fluctuation of the capital market itself.

2. Exit from M&A (whole sale enterprise): It is also very common that the fund resells the shares in the enterprise to the next home.

3.MBO: low return.

4. Company liquidation: At this time, most investment losses occur.

It is also a dangerous gamble for enterprises to accept investment from funds. When a fund investment enterprise has no hope of listing in a few years, any attempt to withdraw from the fund will inevitably interfere with the normal operation of the enterprise. This is why private funds are hot.