Answer: c

From 195s to 197s, venture capital funds mainly invested in small and medium-sized growth enterprises, and the venture capital funds at this time were classical venture capital funds in a narrow sense. After 197s, venture capital funds began to expand their fields to M&A investment in large mature enterprises. Accordingly, the concept of "venture capital" developed from narrow sense to broad sense. After KKR was established in 1976, specialized M&A investment funds began to appear, that is, classical private equity investment funds in a narrow sense.