The operating mechanism of limited partnership private equity fund includes: (1) restrictions on investment scope and investment methods. (2) Control of management expenses and operating costs. (3) Benefit distribution and incentive mechanism. (4) The way for a limited partner to join or withdraw from the partnership and the restrictions on the amount of capital contribution transferred. (5) Constraints on general partners. (6) The secondary partner shall bear the loss mechanism first. (7) Entrusted management mechanism.