Private equity funds are funds raised by private individuals or directly from specific groups. The corresponding Public Offering of Fund is Public Offering of Fund. Compared with public offering, private offering is defined as public offering and private offering according to whether securities are issued to unspecified public or public offering. At the end of last year, the newly revised Securities Investment Fund Law brought private equity funds into the scope of legal adjustment for the first time. In February this year, the CSRC issued the Interim Measures for the Management of Private Investment Funds (Draft for Comment) for public comments. At the same time, the China Fund Industry Association has also drafted rules for the registration of relevant managers and the filing of products. The road to legalization of private equity funds has taken another big step. It is understood that the revised Interim Measures will be implemented simultaneously with the new Fund Law on June 1 this year.