Private placement refers to private investment funds. Self-purchase refers to the fund company's own subscription to its issued funds. Private investment fund refers to an investment fund that is raised from qualified investors by non-public offering and invested in stocks, equity, bonds, futures, options, fund shares and other investment targets (such as works of art, wine, etc.). ) stipulated in the investment contract. Self-purchase is usually to convey to the market that you are optimistic about your fund, thus promoting the market to subscribe for fund shares. Self-purchase generally occurs in the subscription period of the fund, that is, the period when the fund has just set up its share.