(1) The company system ① is a corporate fund ② It is established by registering a joint-stock company or a limited liability investment company ③ Advantages: Under the current business environment in China, the company system fund is more easily accepted by investors ④ Disadvantages: double taxation cannot be avoided, and the decision-making efficiency of key issues in fund operation is not high. (2) Trust system ① is a collective investment tool jointly established by fund management institutions and trust companies. Funds are raised by initiating the establishment of trust benefit shares, and then investment operations are carried out. (2) Trust companies and fund management institutions form an executive decision-making committee to make joint decisions. (3) In terms of internal division of labor, trust companies are mainly responsible for the custody and risk isolation of trust property, and fund management institutions are mainly responsible for the management, operation and liquidation of trust property. (4) Case: Bohai Industrial Investment Fund (3) Limited partnership ★ Partnership fund is the mainstream model abroad, which assimilates the values of investors and managers with special rules. Fund investors, as limited partners (LP), only bear limited responsibilities ★ Fund management companies, as general partners (GP), are generally responsible for management and investment decisions, and bear unlimited responsibilities ★GP usually only pays 65,438+0%-2% of the total subscribed capital ★ The main sources of profits are fund management fees (about 2%) and profit dividends as high as 20% ★ Domestic private equity funds adopt partnership system, current commercial law and market conditions.