Legal analysis: As far as the current legislation is concerned, the state has not restricted the form of private fund managers. In other words, private fund managers can be both institutions and natural persons. Therefore, when the partnership meets the qualification requirements of the Fund Measures for managers, the partnership can also become the manager of private equity funds.

Legal basis: Article 41 of the People's Republic of China (PRC) Securities Investment Fund Law shall be terminated under any of the following circumstances: (1) being disqualified from fund custody according to law; (2) Being dismissed by the fund share holders' meeting; (3) Being dissolved, revoked or declared bankrupt according to law; (4) Other circumstances stipulated in the fund contract.