I. Private Equity Fund Private equity investment (also known as private equity investment or private equity fund) is a very broad concept, which refers to the investment in any kind of equity assets that cannot be freely traded in the stock market. Passive institutional investors may invest in private equity investment funds, which are then managed by private equity investment companies and invest in target companies. Private equity investment can be divided into the following categories: leveraged buyout, venture capital, growth capital, angel investment, mezzanine financing and other forms. Private equity investment funds generally control the management of the companies they invest in and often introduce new management teams to enhance the company's value. Two. Private equity investment management 1. In 2006, the National Development and Reform Commission issued the Interim Measures for the Management of Venture Capital Enterprises, which stipulated in principle the establishment mode, investment direction, filing conditions, business scope, investment restrictions and enterprise supervision of venture capital enterprises. The supervision of venture capital enterprises in the Interim Measures is reflected in the filing of the National Development and Reform Commission, and venture capital enterprises that have passed the filing of the development and reform department shall be subject to the supervision of the regulatory authorities. In order to further strengthen the supervision of private equity funds, the National Development and Reform Commission issued the Notice on Strengthening the Filing Management of Venture Capital Enterprises and Strictly Regulating the Fund-raising Behavior of Venture Capital Enterprises in 2009, which set requirements for the business scope, minimum paid-in capital and committed capital, number of investors, minimum contribution of individual investors, and qualifications of senior managers of venture capital enterprises. Standardize the "agency" investment business of venture capital enterprises, and strengthen information disclosure and irregular spot checks of venture capital enterprises. 2011/The General Office of the National Development and Reform Commission issued the Notice on Further Standardizing the Development and Filing Management of Equity Investment Enterprises in Pilot Areas, requiring equity investment enterprises established in the pilot areas to accept mandatory filing management, standardized operation management and information disclosure as required. Subsequently, in March, the National Development and Reform Commission released the guidelines/standard texts/forms for downloading the filing documents of equity investment enterprises on its website, further refining the filing work of equity investment enterprises (namely "funds") and equity investment management enterprises (namely "management institutions"). On October 2011110, the general office of the national development and reform commission issued the notice on promoting the standardized development of equity-invested enterprises, and the PE compulsory filing system was expanded from the pilot area to the whole country. This Notice has also become the first national regulation on equity investment enterprises in China. However, there may still be a large number of PE stocks in the country that fail to meet the filing conditions, and how to adjust them next remains to be further observed. 2. The CSRC believes that China should learn from the regulatory practices of mature markets and follow the practices of the United States and Britain. The CSRC is the main responsible organ for daily supervision, and other departments have put forward many original suggestions in related fields. For example, the United States clearly stipulates that the US Securities and Exchange Commission will supervise private equity funds above a certain scale, and the US Treasury Space and Federal Reserve Bank will conduct domestic financial risk assessment and inquiry on private equity funds; Since 200 1, the financial services bureau is responsible for the supervision of private equity funds. On June 20 1 1, the "Alipay Equity Transfer Event" triggered a big discussion on the legality of VIE in the industry. In September, several legal professionals revealed that the China Securities Regulatory Commission was submitting a report, suggesting that the State Council should ban the VIE structure quickly. This report also spread to the public, causing heated discussion and even panic in the industry. But so far, there is still no further policy on VIE supervision. The Securities Investment Fund Law being revised (hereinafter referred to as the Fund Law) also intends to bring PE into legal supervision. It is reported that the revised Securities Investment Fund Law will be promulgated on 20 12. However, whether private equity investment funds (PE) should be included in the scope of supervision is a major obstacle in the process of amending the Fund Law. 3. In 2003, the former Ministry of Commerce, the Ministry of Foreign Trade and Economic Cooperation and other five departments issued the Regulations on the Administration of Foreign-invested Venture Capital Enterprises, which stipulated the examination and approval of establishment, examination and approval of foreign investment, investment restrictions, investment filing, capital utilization and supervision of investment managers. Compared with the pure supervision of domestic private equity funds, the regulatory agencies implement the examination and approval system for the establishment of foreign private equity funds and implement the strictest supervision. On June 20 1 1, the "Alipay Equity Transfer Event" triggered a big discussion on the legality of VIE in the industry. After that, the Foreign Investment Department of the Ministry of Commerce organized a research meeting in Shanghai, and VIE was one of the topics mentioned. 4. Regarding the supervision of trust private equity funds, the CBRC has formulated the Operational Guidelines for Trust Companies' Private Equity Investment Trust Business. The supervision of the investment operation of trust private equity funds is realized by standardizing the investment decision-making and risk control of trust companies. For example, if a trust company is required to handle trust affairs on its own and make investment decisions and risk control independently, even if the trust company hires a third party to provide investment consulting services, the investment consultant may not make investment decisions on its behalf. As the CBRC is the regulatory body of trust companies, the regulatory measures in the Guidelines have clear objectives and comprehensive contents. Through the introduction of private equity investment management, we know that as a private equity investment fund company, it must operate according to law, consciously accept the supervision of the national financial system, take the initiative to be included in the management of the national financial system, and cannot be separated from supervision. Of course, the state will further strengthen the management of private equity investment to protect the rights of investors and maintain economic and social stability, with the aim of maintaining the healthy development of private equity investment.