The generalized equity investment fund is equivalent to the generalized venture capital fund. Generally speaking, equity investment funds tend to be broad, while venture capital funds tend to be narrow. M&A investment funds and venture capital funds (in a narrow sense) are the two mainstream categories of the above two types of funds, while M&A funds originated from venture capital funds and gradually separated with the expansion of their scale.

Venture capital fund is "incremental capital supply to support enterprise creation";

M&A investment fund (a typical equity investment fund) is "transferring equity to support enterprise reconstruction".

The essential difference between M&A investment fund and venture capital fund and industrial investment is that industrial investment is based on product management and aims at obtaining sales profits, so it belongs to product management; M&A investment funds and venture capital funds are based on operating capital and aim at obtaining financial returns, so they both belong to the category of capital management.