Setting out from fund governance，the paper first discusses the three main organizational modes of Private Equity Fund and compares them in five aspects. Then，the paper analyses the selection experiences of PE fund mode in main developed countries together with an expounding of China’s special dearth of related institutions. On the basis of the above analysis，the paper uses PE modes selection in Tianjin as research sample to find that corporation and the adjusted limited partnership are the two main organizational mode among China’s PE funds.