In a narrow sense, there are some differences between them; The most significant difference between private equity fund and private debt investment is that the investment of private equity fund is equity, and the focus is not only on the current asset status of the investment object, but also on the development prospect and asset appreciation of the target object in order to obtain higher income. The risks are different. Private equity fund is an investment model that takes risks and enjoys benefits. Once the investment object develops successfully, it can get huge returns, and vice versa. However, debt investment generally has relatively certain asset protection, relatively fixed income and less risk. The two markets are different. Private equity fund focuses on the future market with development potential, and the market prospect and technological innovation of the target enterprise are the key factors. Debt investment focuses more on participating in mature markets, and the existing assets and stable income of the target enterprise are the key factors. Zhang Jian: Senior real estate investment, financing and strategy expert, founding partner of Fanghua Fund, vertical and horizontal partner of Peking University, and special expert of Tsinghua Real Estate President Chamber of Commerce. Graduated from Tongji University and West Sydney. He has more than 20 years of experience in real estate market, investment, finance and strategy. Providing real estate investment and financing, strategic consulting services, enterprise training and lectures for Shimao Group, Vanke Group, China Enterprise, China Housing Group, Hongkong Construction, Macquarie Bank, Peking University, Tsinghua University, Zhejiang University and Shanghai Jiaotong University. Published six real estate monographs, including Real Estate Investment, Real Estate Enterprise Financing and Real Estate Investment Fund Practice.