Private equity fund managers are people who manage and operate private equity funds. The so-called private equity fund refers to a fund set up in a private way to raise funds for a few institutional investors or individual investors with relatively large funds. Because the sale and redemption of private equity funds are conducted through private consultation between fund managers and investors, they are also called funds raised from specific targets. At present, there is no clear legal provision for private equity funds in China, which is in a semi-underground and semi-public state. Private equity fund practitioners are eager to further improve the legal system.