Pre-IPO fund refers to the exit mode of investing in an enterprise before it goes public, or when it is expected that the enterprise can go public in the near future. After listing, it sold shares from the open capital market and withdrew. Different from venture capital in seed stage and initial stage, the investment time of Pre-IPO fund is that the scale and income of the enterprise have reached the level of listing, and even the enterprise has stood at the gate of the stock market. Therefore, the investment of Pre-IPO fund has the advantages of low risk and quick recovery, and it can get a higher return on investment when the shares of enterprises are highly praised by investors. In recent years, Pre- IPO funds have developed rapidly. In the United States, Europe, Hong Kong and other capital markets, there have been fund management companies that focus on investing in pre-listed companies. Large investment funds, such as Goldman Sachs and Morgan Stanley. In their portfolio, Pre-IPO investment is also an important part.