The investment restrictions of Sunshine Private Equity Fund mainly include trust agreements, which are relatively free and have relatively low information disclosure requirements. However, in the public offering of funds, there are strict restrictions on the matching of investment varieties, investment proportions and fund types, and the information disclosure requirements are very strict. In addition, the subscription starting point of the two is different, the former is as high as more than one million yuan, and the latter generally starts from 1000 yuan. Sunshine private equity funds mainly invest in the secondary securities market, and private equity funds mainly invest in the equity of unlisted companies. The main income of fund managers comes from excess performance commission. Usually, the fund manager will charge a commission of 20% for the excess performance. However, the excess performance commission can only be extracted after the private equity fund hits a new high every time. Therefore, private equity funds need to pursue absolute positive returns and control downside risks relatively strictly. Only when investors earn money can fund managers earn excess performance commission.