1, broader bond market participation. As institutional investors, bond funds can participate in the bond market in a wider range, which can help ordinary investors invest in more excellent bonds. There are many kinds of bonds. Different types of bonds are traded in different markets, and the participants are also different. Generally speaking, there are three bond trading markets in China at present: inter-bank bond market, exchange bond market and commercial bank counter market. The inter-bank bond market is the main body of bond trading, and the stock and trading volume of bonds account for more than 90% of the whole bond market, which belongs to the block trading market. Participants can only be institutional investors, and individuals cannot participate. At present, the types of bonds in the interbank market include central bank bills, government bonds, policy financial bonds, securities company bonds, corporate bonds, corporate bonds and asset-backed securities. 2. More professional investment ability. The bond market is influenced by many factors, such as macro-economy, monetary policy and enterprise fundamentals. There are many kinds of transactions in the bond market, which require participants to have more professional knowledge and skills. Behind bond funds are fund managers and professional investment and research teams, which have more advantages than ordinary investors. 3. Higher liquidity. Usually, personal direct investment bonds are mainly government bonds, and ordinary investors will choose to hold them at maturity, so the liquidity is relatively poor. However, if the national debt is paid in advance before its maturity, it will lose interest and charge a handling fee; Bond funds can use different types and maturities of bonds to form a portfolio and control the liquidity of the portfolio. Investors can redeem fund shares at any time during the trading hours of bond funds, which is highly liquid. 4. Portfolio allocation of multiple bonds. Bond funds can effectively reduce the risk of investors directly investing in a single bond by pooling investors' funds to invest in different bonds. Some bond funds can also invest a certain proportion of their assets in equity financial instruments such as stocks, and use the "seesaw" effect of the stock market and bond market to pursue higher returns. 2. What's the difference between private equity fund and private placement bond investment? Broadly speaking, private equity investment can also be a part of private equity funds. In a narrow sense, there are some differences between them; The most significant difference between private equity fund and private debt investment is that the investment of private equity fund is equity, and the focus is not only on the current asset status of the investment object, but also on the development prospect and asset appreciation of the target object in order to obtain higher income. The risks are different. Private equity fund is an investment model that takes risks and enjoys benefits. Once the investment object develops successfully, it can get huge returns, and vice versa. However, debt investment generally has relatively certain asset protection, relatively fixed income and less risk. The two markets are different. Private equity fund focuses on the future market with development potential, and the market prospect and technological innovation of the target enterprise are the key factors. Debt investment focuses more on participating in mature markets, and the existing assets and stable income of the target enterprise are the key factors.