Direct investment funds are funds used to invest in the equity of non-public offering companies. In essence, it is the same as the outside funds, but brokers were not allowed to do this business before. After the administrative license is passed, the broker can also do it. The direct investment fund management institution shall take the form of a limited liability company or a limited partnership. It is understood that drawing on international experience, the so-called limited partnership system is usually composed of general partners (managers) and limited partners (investors). The former contributes 65,438+0%, and the management fee is 2% ~ 4% according to the fund size during the fund operation, while the latter pays the remaining capital contribution and does not participate in the fund management and operation. In terms of profit distribution, when the limited partner recovers all its investment costs, the general partner can get a profit share of 20% ~ 50% from the investment income of the fund.