For example, PE and VC hold different shares in the company during the investment period. PE's investment period is generally short, about 2 years, and its share is low, usually below 1%. VC has an investment period of at least 3-5 years, and usually accounts for a large proportion (about 3%) of the equity of the invested enterprise. Because most PE investments are mature and developing enterprises, the investment industry is relatively broad. PE investment decision-making is based on specialization and procedure, and pays attention to the financial analysis of the invested enterprises. VCVC's investment targets are mostly small and medium-sized enterprises in the start-up period, and most of them are high-tech enterprises. In the early days, it was also called "angel investment". The investment mainly depends on business model and entrepreneurship, which requires fund managers to have a strong professional understanding of related industries.