(1) Political risk: The economic foundation of a country or region determines politics, but the drastic changes in its politics will inevitably affect the changes in its economic policies, thus constituting the political risk of the market.

(2) Policy risk: In the economic operation of the whole country, according to the macroeconomic objectives of development, the government will use various macro-control means, including monetary policy, fiscal policy and tax policy. The introduction of these policies has a far-reaching impact on the development of the national economy and the securities market, thus affecting the price of the stock market and the investment income of private equity funds.

(3) Legal risk: The legal risk of private equity fund mainly refers to the risk brought by its failure to establish legal status.

(4) Credit risk: Compared with Public Offering of Fund, the investment strategy of private equity funds is hidden, and there are generally no strict restrictions on the information disclosure of private equity funds internationally, which leads to information asymmetry between investors and fund managers, which is not conducive to the protection of fund holders' interests.

(5) Operational risk: Due to the imperfect information disclosure system of private equity funds and insufficient government supervision, insider trading, market manipulation and damage to shareholders' rights and interests are inevitable.