The previous answer is not completely consistent. Private equity investment and private equity fund investment are inclusive, and private equity fund investment is a form of private equity investment. In other words, private equity investment can be invested in the name of individuals, equity investment funds or other institutions. The difference between private placement and public offering lies in the different ways of raising funds (the former is non-public offering and the latter is public offering), which has little impact on the investment itself. The report forms of the two are different for investors, which has been clearly stated in the previous answer.