Venture capital mostly exists in the form of venture capital funds. Venture capital fund is a special form of investment fund. The so-called investment fund is a kind of collective investment with * * * income and * * * risk, that is, by issuing fund shares, investors' funds are pooled, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks, bonds, foreign exchange and currencies to obtain investment income and capital appreciation. As a special industrial investment fund, venture capital fund is mainly invested by institutional investors. The investment direction is aimed at fast-growing emerging industries, and the investment form is equity investment. Organizational structure-limited partnership. This is a limited partnership enterprise composed of investors (limited partners) and fund managers (general partners). Investors contribute capital and bear limited liability for the partnership, while managers are responsible for the specific operation of venture capital under the supervision of the board of directors and bear unlimited liability for the partnership. In the United States and Britain, at present, most enterprise capital adopts this limited partnership system. Two company systems. The so-called corporate system refers to the establishment of venture capital in the form of joint-stock companies or limited liability companies. Venture capital fund is the earliest form of corporate system, and the earliest venture capital company in the United States, American Research and Development Corporation, was established in the form of joint-stock company.