I can't say, because the types of risks are different.

The risk of trust is credit risk. Although the probability is low, once it happens, it will be wiped out.

the risk of funds is market risk, such as the stock market, which is fluctuation risk.

Public Offering of Fund's overall risk is lower than that of private placement, because there are many rules in Public Offering of Fund's transactions, and private placement funds have no restrictions.

Public Offering of Fund can't hold a heavy position on a single stock, which accounts for 1% of the whole stock at most, while private equity funds don't have this restriction.