As the name implies, securities investment private equity funds mainly invest in financial derivatives such as securities, and hedge funds such as Quantum Fund, Tiger Fund and Jaguar Fund are typical representatives. Industrial private equity funds such funds mainly focus on investment industries. Because fund managers have a deep understanding of certain industries such as information industry and new materials, and have extensive contacts, they can initiate the establishment of industrial private equity funds in the form of limited partnership. Trust system is a typical form of sunshine private placement, and equity investment or securities investment is carried out through trust plan. The most important thing is that investors can be related to the project law. Once the project is listed, investors can convert the fund shares into original shares in the same proportion according to the pre-agreed agreement, so as to realize the appreciation of the capital industry. Many advantages of partnership system are not possessed by the first two organizational forms.