The term setting of private equity funds can be divided into investment period, withdrawal period and extension period, where 5 represents the shortest lock-up period of the fund, 2 represents the follow-up period, and 1 represents the extension period.

At present, private equity funds are generally 3+2 years, and government private equity funds are 5+2 years.

When a closed-end fund is issued by agreement, the term of the fund must be agreed. After the settlement expires, the fund holder gets his own income back. The fund itself can be transformed into an open-end fund.

Open-end funds, because they are open-ended, were not stipulated in the agreement when they were issued. The fund has no "clearance" conditions and has been operating.

The conditions for fund "clearance" are written as follows:

Article 44 of the Measures for the Administration of the Operation of Securities Investment Funds stipulates that if the net asset value of the fund is less than 50 million yuan for 60 consecutive days, or the number of fund share holders is less than 65,438+000 for 60 consecutive days, the fund manager has the right to announce the termination of the fund after approval by the China Securities Regulatory Commission. In case of any of the above-mentioned circumstances for 20 consecutive working days after the contract comes into effect, the fund manager shall explain the reasons to the China Securities Regulatory Commission.