Investment mode: direct investment funds directly invest in the target enterprises, and sub-funds indirectly invest in the target enterprises through investment in sub-fund companies.

Cooperation mode: In terms of cooperation with social capital, direct investment funds can usually better reflect policies, but policies are more than marketization, and the direct effect of inciting social capital is even worse. The sub-fund cooperation mode is more market-oriented, and it can directly cooperate with social capital, exert leverage effect and incite social capital.