In a broad sense, PE includes equity investments covering all stages before the initial public offering of enterprises, that is, investments in enterprises in the seed stage, start-up stage, development stage, expansion stage, maturity stage and Pre-IPO. The relevant capital is based on investment

The stages can be divided into venture capital, development capital, buyout/buyin fund, mezzanine capital, turnaround, and Pre-IPO capital (such as bridge finance).

, and others such as private investment in public equity (PIPE), distressed debt, real estate investment, etc.