Legal analysis: A fund refers to a certain amount of funds established for a certain purpose. It mainly includes trust investment funds, provident funds, insurance funds, retirement funds, and various foundation funds. Therefore, specific distinctions will be made.

Generally speaking, funds reflect a trust relationship, that is, they are held in trust by the fund custodian and the fund manager manages and uses the funds. It should be noted that corporate funds do not reflect a fiduciary relationship. Equity private equity funds are embodied in the form of equity, that is, equity investment, while private equity debt funds are embodied in the form of borrowing relationships, that is, creditor-debt relationships.

Legal basis: "Interim Measures for the Supervision and Administration of Private Equity Investment Funds" Article 2 Investment in private equity funds includes the purchase and sale of stocks, equities, bonds, futures, options, fund shares and other investment objects stipulated in the investment contract. This article enumerates and stipulates the investment objects of private equity funds' properties, and debt investment can be understood as "other investment objects."