Private equity funds originated in the United States in the 1940s. After more than 70 years of development, private equity funds have developed into the third largest corporate financing mode in the world after bank credit and public offering. In the 1980s, China introduced private equity investment funds. With the development of China's economy and policy guidance, private equity funds entered a period of rapid development. At the same time, insurance institutions have become one of the important institutional investors in the private equity market because of their long debt cycle, low capital cost and stable supply.

Insurance background private equity fund can not only enrich the innovative use of huge insurance funds in China, but also effectively link insurance funds with China's industrial development to create an insurance eco-industrial circle and accelerate the development of real economy and financial industry. It has significant instructive meaning towards the enhancement of reformations from the financial supply side, while at the same time further promoting the development of the insurance industry and the private equity fund industry at a high-quality level. Based on the research methods of literature analysis, expert interviews and case analysis, the main research contents of this paper are as follows: Chapter 1 is the introduction, which mainly introduces the research purpose, current situation, methods, innovation, and shortcomings of the article. Chapter 2 is the theoretical basis and literature review, which introduces the research situation at domestic and abroad. Chapter 3 is about the insurance fund's participation in the private equity fund transaction. It mainly explains the reasons why Chinese insurance companies invest in the private equity fund, the current situation and the comparison with the non-insurance background companies to explain the insurance fund's participation in the private equity fund transaction. The fourth part is the decisive factor of the insurance background private equity fund, using expert investigation method and case analysis method to find out the decisive factors affecting the success of the insurance background equity investment fund transaction. The fifth part is the summary and policy suggestions. Based on the research of the article, some policy suggestions are given for the future development of equity trading fund with insurance background.