Government, financial institutions, industrial and commercial enterprises, etc. When issuing securities, different investors can be selected as the issuing targets, so securities issuance can be divided into two forms: public offering and private offering. In China's financial market, the term "private placement fund" is often a collective investment directed at private placement by specific investors, rather than a securities investment fund that is supervised by the competent authorities of our government and publicly issues beneficiary certificates to unspecified investors.