Private Equity (referred to as "PE") is usually called private equity investment in China. From the perspective of investment methods, according to the definition of relevant foreign research institutions, it refers to private enterprises, that is, unlisted enterprises, through private equity. For equity investments, the future exit mechanism is considered during the transaction implementation process, that is, profit from selling shares through listing, mergers and acquisitions, or management buybacks. A small number of PE funds invest in the equity of listed companies (such as PIPE, which will be mentioned later). In addition, some PE investments such as Mezzanine investment also adopt debt investment methods.