The general model of P2P investment fund is to buy the creditor's rights packaged in batches from P2P platform and then sell them to individual or institutional investors. Its core technology is to select high-quality creditor's rights projects through quantitative analysis of a large number of P2P creditor's rights projects, so as to obtain the income level that exceeds the average expected income of P2P lending market. In fact, asset securitization is used here, but the products of asset securitization focus on P2P debt projects. The rationality of the existence of P2P investment funds is based on the professionalism of project screening, while P2P credit assets are mainly concentrated in four parts: personal consumption credit, small and micro enterprise credit, student credit and housing credit, and some professional P2P investment funds are often concentrated in a certain type of P2P credit assets.

From the source of the project, the mainstream P2P investment fund projects in the United States currently come from Lending Club and Prosper. Debt projects are concentrated on these two platforms for three reasons.

First, Lending Club and Prosper are the two largest P2P platforms in the United States, monopolizing more than 95% of the P2P market share in peer-to-peer lending, and the projects of other small platforms are very limited.

Secondly, these two platforms were supervised by the SEC (American Securities and Exchange Commission) in March, 2008, and their receipts were recognized as securities, and the degree of standardization of creditor's rights projects was relatively high, so the asset securitization of creditor's rights projects of these two platforms was relatively strong.

Third, Lending Club and Prosper have a large amount of data accumulation and transparent information disclosure. On the one hand, the platform can use complex algorithms to rate each loan, which has important reference significance for investment funds to choose creditor's rights projects. On the other hand, the transparent information disclosure of these platforms makes it possible for external investors to rate their own projects. Large institutions, such as Santander Bank of Spain and Blackstone Group, began to rate P2P loans issued by Lending Club and Prosper respectively, and tried to securitize them.

It is foreseeable that with the further development of the P2P industry, P2P investment funds will usher in a real "golden age", and P2P funds will also become a bridge between P2P platforms and institutional investors or individual investors, helping P2P online lending gradually become an important part of modern finance.