Legal analysis: Private equity funds do not have to be managed, but if it is agreed not to be managed, the institutional measures and dispute settlement mechanism for ensuring the property safety of private equity funds should be clearly defined in the fund contract.

Legal basis: Article 31 of People's Republic of China (PRC) Securities Investment Fund Law * * * The specific measures for regulating fund managers of non-public offering funds shall be formulated by the State Council financial supervision and regulation institution according to the principles in this chapter.