The "Beijing-Shanghai model" is represented by Shanghai SDIC, Warburg Trust and Northland Investment. Trust companies and private equity management institutions jointly issue trust products. Trust purchasers are divided into general beneficiaries and priority beneficiaries, and the investment ratio between them is usually 1:2. Priority beneficiaries is an ordinary public investor, usually he can only get a relatively fixed low return, and the annual return rate is often within 65,438+00%. The advantage he enjoys is that he can at least break even. The general beneficiaries are usually private equity management institutions. When he makes money, he can get the income of the whole fund, but when he loses money, he has to pay with his own principal. This kind of trust private equity fund sets a stop-loss line to ensure that the accumulated net value of the fund is above the investment amount in priority beneficiaries. The "Shenzhen Model" is represented by SZITIC and Ping An Trust. There is only one beneficiary of trust products. Investors share the investment income directly, but there is no guarantee. Private equity institutions are investment consulting companies as trust products, and usually share the investment income according to a certain proportion. The "Shenzhen model" does not stipulate the subscription ratio of private equity management institutions, but private equity institutions usually subscribe for millions or even tens of millions of yuan. Due to the "Shenzhen model", private equity institutions are closer to international management and more recognized by private equity institutions according to their investment income.