If there is a bank, the bank can act as the trustee of private placement products. The main responsibilities of the custodian bank generally include: (1) safe custody of fund assets; (2) Implementing the transfer and liquidation instructions of the fund manager; (3) Supervising the investment operation of fund managers; (4) Check and review the fund net asset value and fund price calculated by the fund manager. The reason why China stipulates this is that it hopes that the trustee will assume the responsibility of supervision. But the reality is that China's current custodian banks have not fulfilled their supervisory duties. In practice, the custodian cannot actually supervise the investment operation within the scope of the independent trading behavior of the manager. The supervision of the custodian bank includes: the fund custodian signs the trust deed with the fund manager on behalf of the investor, keeps the fund assets and is responsible for supervising the fund manager's operation of the fund assets; While supervising the operation of the fund, we should also supervise the custodian.

Private equity fund refers to a securities investment fund that raises funds from specific investors in a non-public way and invests in specific objects. Private equity funds are raised by means other than mass communication, and promoters set up investment funds to invest in securities by collecting funds from non-public multi-subjects.