There are many things we know in the company law, such as the rights and obligations of shareholders in the company. Shareholders have the right to dispose of their own equity, which shall be enjoyed by shareholders according to law. Equity transfer is very common among minority shareholders in some companies. Sometimes shareholders feel that the company has no operational ability and will transfer it. So what is the content of the equity investment management institution? Equity investment fund (PE) is usually called private equity investment in China. From the perspective of investment methods, according to the definition of relevant foreign research institutions, it refers to the equity investment in private enterprises, that is, unlisted enterprises. In the process of transaction implementation, the future exit mechanism is considered, that is, through listing, mergers and acquisitions or management buyback, the shares are sold for profit. 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. Interpretation of the concept of equity investment fund: in a broad sense, equity investment refers to 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. Related capital can be divided into venture capital, development capital, buyout/buy fund, mezzanine capital and working capital according to the investment stage. 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 above concepts also overlap). In a narrow sense, PE mainly refers to the private equity investment part of mature enterprises that have formed a certain scale and generated stable cash flow, mainly refers to the private equity investment part in the later stage of venture capital, in which M&A funds and mezzanine capital account for the largest part of capital scale. In China, PE refers to the latter to distinguish it from VC. Here, I will focus on M&A fund and mezzanine capital. M&A Fund is a fund that focuses on M&A, the target enterprise. Its investment method is to acquire the control right of the target enterprise by acquiring the equity of the target enterprise, and then sell it after a certain period of restructuring and transformation. The difference between M&A fund and other types of investment is that venture capital mainly invests in entrepreneurial enterprises, and M&A fund chooses mature enterprises; Other private equity investments are not interested in corporate control, while M&A funds want to gain control of the target enterprise. M&A funds often appear in MBO and MBI. Mezzanine capital refers to a form of investment capital between priority debt investment (such as bonds and loans) and equity investment in terms of risks and returns. For companies and stock recommenders, mezzanine investment usually provides long-term financing in a very flexible form, which is less diluted than the stock market and can be adjusted according to special needs. The payment of mezzanine financing can also be decided according to the company's cash flow. Mezzanine capital generally tends to adopt financial instruments such as convertible corporate bonds and convertible preferred shares. What is the content stipulated by the equity investment management institution? There are two ways to transfer the company's equity. In a limited company, shareholders can transfer their shares internally, and they can conclude an equity transfer agreement or transfer their shares externally, but the shareholders of the company have limited right to purchase the transferred shares.