Legal analysis: Private equity fund is a kind of direct financing. Private placement fund is a fund raised by private placement or directly from a specific group, while Public Offering of Fund is a fund raised to the public.

Legal basis: Article 3 of the Interim Measures for the Supervision and Administration of Private Investment Funds shall follow the principles of voluntariness, fairness, honesty and credibility, safeguard the legitimate rights and interests of investors, and shall not harm the national interests and social public interests.