Private equity funds can be held on behalf of others. As long as the signed agreement meets the following conditions, the holding of private equity funds on behalf of others is legal: (1) The parties to the contract have corresponding civil rights and capacity for civil conduct; (2) The intention of the parties to the contract is true; (3) The contract does not violate the law or social public interests. Civil Code Article 143 A civil legal act is valid if it meets the following conditions: (1) The actor has the corresponding capacity for civil conduct; (2) The expression of intention is true; (3) It does not violate the compulsory laws and administrative regulations Sexual regulations do not violate public order and good customs. Article 144: Civil legal acts performed by persons without capacity for civil conduct are invalid. Article 490: Where the parties conclude a contract in the form of a contract, the contract is established when both parties sign, seal or fingerprint the contract. Before signing, sealing or fingerprinting, one party has performed its main obligations and the contract is established when the other party accepts it. Laws and administrative regulations stipulate or the parties agree that a contract should be concluded in written form. If the parties do not use written form but one party has performed its main obligations and the other party accepts it, the contract is established.