First of all, there are different ways to raise funds. The main difference between Public Offering of Fund and Public Offering of Fund is that private equity funds raise funds in a private way. In the United States, Public Offering of Fund, such as mutual funds and pension funds, generally advertise on public media to attract customers, while the securities law of hedge funds stipulates that no media should be used to advertise when attracting customers, and its participants are mainly obtained from the so-called foundation or managers who directly know a hedge fund in the upper class in the form of so-called "reliable investment news". Secondly, the fund-raising targets are different. The public offering fund faces an uncertain public; Private equity funds target a few specific investors. Finally, information disclosure requirements are different. Generally speaking, Public Offering of Fund has very strict requirements on information disclosure, such as its investment objectives, investment portfolio and other information; The requirements of private equity funds are much lower.