PPP(Public-Private Partnership) is the cooperation between government and social capital, and it is a project financing mode in public infrastructure. Under this model, private enterprises and private capital are encouraged to cooperate with the government and participate in public infrastructure construction.

According to this broad concept, PPP refers to allowing resources held by the non-public sector to participate in the provision of public goods and services in the process of cooperation between the public sector and the private sector, so as to obtain more favorable results than when the partners act alone.

The main feature of PPP is that the government is more involved in the construction, management and operation process in the middle and late stage of the project, and enterprises are more involved in the scientific research and project establishment in the early stage of the project. Both the government and enterprises participate in the whole process, and the cooperation time between the two sides is longer and the information is more symmetrical.

PPP provides services in the form of market competition, mainly focusing on pure public and quasi-public fields. PPP is not only a means of financing, but also a system reform, involving administrative system reform, financial system reform and investment and financing system reform.

Direct investment refers to investing in the equity of a non-public offering company, and the investment income will be realized by selling the equity when the enterprise goes public or merges. Previously, brokers could only use their own funds for direct investment business, and the upper limit of their own funds was 15% of the net capital of securities companies. This regulation limits the registered capital of direct investment subsidiaries of most securities companies to 654.38 billion yuan, which objectively limits their business development.

Direct investment funds are funds used to invest in the equity of non-public offering companies. In essence, it is the same as the outside fund, except that brokers were not allowed to do this business before. After the administrative license is passed, the broker can also do it. The direct investment fund management institution shall take the form of a limited liability company or a limited partnership. It is understood that drawing on international experience, the so-called limited partnership system is usually composed of general partners (managers) and limited partners (investors). The former contributes 65,438+0%, and the management fee is 2% ~ 4% according to the fund size during the fund operation, while the latter pays the remaining capital contribution and does not participate in the fund management and operation. In terms of profit distribution, when the limited partner recovers all its investment costs, the general partner can get a profit share of 20% ~ 50% from the investment income of the fund.