But generally there is no so-called "redemption" problem like private placement of securities? Because the investment target of private placement of securities is in the secondary market and has liquidity, when investors redeem it, fund managers can realize it to investors as long as they sell the investment target in the secondary market; However, the repayment of fixed-income private equity funds requires the financier to have a source of repayment. Once the financier's repayment source is insufficient, it may breach the contract, and even because the funds eventually leave the custodian's supervision, the financier or fund manager "runs away" and has moral hazard.