PE(private equity) private equity investment: refers to the equity investment in private enterprises, that is, unlisted enterprises. In the process of transaction implementation, considering the future exit mechanism, that is, through listing, mergers and acquisitions or management buyback. , profit from the sale of shares. A few PE funds invest in the equity of listed companies (such as PIPE mentioned later). In addition, some PE investments, such as mezzanine, also use debt investment. However, the above accounts for only a small part, and private equity investment can still be defined as above. Private equity investment in a broad sense is the equity investment covering all stages before the initial public offering of an enterprise, that is, the investment made by the enterprise in each stage of seed stage, initial stage, development stage, expansion stage, maturity stage and Pre-IPO. According to the investment stage, relevant capital can be divided into venture capital, development capital, acquisition fund, mezzanine capital and working capital. Pre-listing capital (such as bridge financing) and other capital, such as post-listing private equity investment (PIPE), bad debts and real estate investment. (The concepts mentioned above also overlap).