1, filling period.

The raising period of private equity funds is generally 1-3 months. During this period, private equity investors raise funds from specific investors, and investors can only buy fund shares at this stage, but cannot sell them. The purchase price is the net share value (1 yuan).

2. Closing period.

At the end of the recruitment period, it will enter a closed period. The closing period of private equity funds is generally 6 months to 1 year. At this point, the fund contract has come into effect. However, during the closed period, the Fund does not accept investors' requests to purchase or redeem fund shares, and investors can neither buy nor sell fund shares during this period.

3. Normal subscription and redemption period.

At the end of the closed period, the fund can accept subscription and redemption at the same time, and enter the normal subscription and redemption period. Investors can subscribe and redeem the fund according to the net value of the fund share. The purchase and redemption time of private equity funds is completely determined by private equity companies, and the corresponding private equity companies need to be consulted.

Article 2 of the Interim Measures for the Supervision and Administration of Private Investment Funds stipulates that the private investment funds mentioned in these Measures (hereinafter referred to as private investment funds) refer to investment funds set up in People's Republic of China (PRC) by raising funds from investors in a non-public way.

The investment of private equity fund property includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts.

These Measures shall apply to the registration, fund raising and investment operation of companies or partnerships established for the purpose of investing in private equity funds and assets managed by fund managers or general partners.

These Measures shall apply to securities companies, fund management companies, futures companies and their subsidiaries engaged in private equity fund business. Where other laws and regulations and the relevant provisions of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) provide otherwise for the above-mentioned institutions to engage in private equity fund business, such provisions shall apply.