The withdrawal of IPO has to wait 1-3 years. Even after the issuance period, the fluctuation of the stock price of the invested company after listing should be considered, and it may be necessary to withdraw in batches. At that time, the share price of listed companies was unknown, which increased the uncertainty of exit return.

Private equity investment fund (PE) is usually called private equity investment in China. From the perspective of investment methods, according to the definition of relevant foreign research institutions, it refers to the equity investment in private enterprises, that is, unlisted enterprises. In the process of transaction implementation, the future exit mechanism is considered, that is, through listing, mergers and acquisitions or management buyback, the shares are sold for profit.