Public offering funds refer to securities investment funds that raise funds from public investors in an open way and invest in securities. The characteristics of public offering of funds also determine the difference between being supervised by state regulatory agencies and private equity funds. In many cases, public offering funds must be filed with the State Council Securities Regulatory Authority. Public Offering of Fund has strict regulations on the qualifications of fund management companies and fund asset custodians. According to the provisions of the Measures for the Registration and Filing of Private Fund Managers (Trial), private fund managers should file through the private fund registration and filing system within 20 working days after raising private funds, and indicate the fund category according to the main investment direction of private funds.