Private equity fund (equity investment institution) in equity market is an important investment and financing tool and intermediary in private equity market. On the one hand, private equity investment provides investors with investment channels different from banks and publicly traded securities markets through the process of fund collection; On the other hand, through the investment process, private enterprises are provided with financing channels other than bank loans and public offering of stocks and bonds. Private equity funds are also financial intermediaries, investors are institutionalized, managers are professional investors and professional companies, and investors are regulated as institutions (forming a series of industry norms and practices). Industry norms and practices have certain constraints on the information disclosure of private equity funds, and structured investors have special needs for the information disclosure of private equity funds. More and more attention has been paid by the public, bamboo regulatory agencies and researchers, and the voice of interests is getting higher and higher. (Institutional investors are increasingly influenced by private equity funds on their own information, and the competition for private equity funds to disclose relevant letters in the equity market is becoming increasingly fierce. The transparency of the equity market and the private equity market is gradually improving. At the same time, the development of private equity industry among private equity funds has gradually improved the efficiency of the private equity market.