In western countries, financial institutions participating in equity investment funds mainly include commercial banks and investment banks. There are two main ways for financial institutions to invest in equity investment funds: ① investing in equity investment funds as fund investors; As a fund manager, he initiated the establishment of a fund and directly participated in equity investment. Large enterprises with financial strength usually participate in equity investment in two ways. ① Self-raised venture capital or M&A investment business in the form of subsidiaries; ② As an investor, participate in the equity investment fund initiated by professional fund 1. Therefore, item D is correct.