Option b meets the meaning of the question: generalized equity investment funds refer to investment funds that invest in private equity of enterprises that are not publicly traded. Although equity investment funds originated from venture capital funds, and broad-sense venture capital funds and broad-sense equity investment funds are completely equivalent concepts, from the perspective of regulatory operability, in China's classification system, they belong to venture capital funds when all the following conditions are met: (1) Only engaged in venture capital and related activities; (2) It is not allowed to invest in an enterprise listed on the open market, but after the invested unlisted enterprise is listed, the untransferred part of the shares held by the venture capital fund and its allotment part are not subject to this restriction; (3) The name and investment strategy clearly reflect the characteristics of venture capital.

Venture capital here refers to equity investment in growth enterprises at all stages of entrepreneurship, with a view to obtaining capital appreciation income mainly through equity transfer after the invested startup enterprises are mature or relatively mature. Since the listed companies of the New Third Board belong to unlisted companies, the funds invested in the new Third Board enterprises can be classified as venture capital funds.