General funds invest in the middle class, private equity investment institutions and the rich. Second, find meaning, one is public offering and the other is private offering. Third, the former invests in companies after listing, while the latter invests in companies before listing, so the profits are much larger. Fourth, the former is a percentage of the return on investment, and the latter is a multiple. Fifth, the latter can be done in both bear market and bull market. So the latter is far better than the former. Public equity investment is relative to "public equity". Private equity investment funds mainly invest in shares of unlisted companies. "Private placement" here means that the invested company is an unlisted "private" company; Private equity funds mainly refer to funds that raise funds from investors through private placement and invest in the securities market (mostly public secondary market). The main difference between private equity funds and mutual funds lies in publicly raised funds. The investment products of private equity funds are securities with much higher liquidity than those of unlisted enterprises, such as secondary market creditor's rights. The American private equity market appeared in 1945, and the performance of participating funds always exceeded that of participants in the American private equity market.