In the rapid development of private investment fund industry, there are a lot of illegal operation, management irregularities and other problems, and some of them involved in related criminal crimes. Private investment funds involved in crime includes pure private fund crime and non-pure private fund crime. From the perspective of illegal elements, private equity institutions may be suspected of illegal fundraising without registration and filing, but they cannot be directly identified as illegal fundraising crimes just because their behavior violates the relevant provisions of private equity fund management. To constitute an illegal fundraising crime, it is necessary to simultaneously violate the relevant legal provisions on illegal fundraising. From the perspective of financial elements, “a private fund management company” does not belong to the scope of “a fund management company” in relevant criminal law provisions. From the perspective of fundraising elements, private fund managers raise funds through indirect investment methods such as holding on behalf, pooling orders or illegal splitting, breaking through the restrictions on qualified investors, and are suspected of illegal fundraising in disguise. The regulation of private funds involved in crime includes improving the relevant criminal legislation, judicial interpretation, and paying attention to the compliance management of enterprises.