When the private equity fund has expired or the repurchase obligation has expired or the prepayment or repurchase situation has been triggered, the investee may be required to fulfill the corresponding repayment or payment obligation. However, when the fund manager loses contact, investors can claim to exercise these rights on behalf of the fund manager. There are two legal grounds for investors to exercise these subrogation rights: one is the subrogation right stipulated in Article 73 of the Contract Law; The second is the subrogation right stipulated in Article 68 of the Partnership Enterprise Law. I heard that Xu in Shanghai and Xu in Beijing are very professional in this kind of disputes. Their team of lawyers is one of the more professional fund lawyers in China.