1, the unclear legal status although the relevant departments for their regulatory developed a number of private equity funds regulatory rules, but these rules governing the legal effect of a lower level, not on the legal nature of private equity funds and qualified investors, the legal relationship with the relevant parties basic legal issues and other major provisions, there are legal gaps, is not conducive to combat illegal private equity funds, to protect the interests of investors, is not conducive to regulate the operation of private equity funds to support development and growth.