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 of attention is not only the current asset status of the investment object, but also 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.