As the direct investment of securities firms is a relatively favorable competitive subject in VCPE industry, it still has a certain competitive advantage compared with VCPE institutions in actual operation. From the financing point of view, some brokers with listed background can use the background of listed brokers to provide better financing channels. In other words, some large institutional customer resources accumulated by brokers before can provide better fundraising methods.

Then at the investment level, that is, before, it was the brokerage investment banking department shared by everyone. On the basis of in-depth research, they can provide better project resources for the investment departments directly invested by securities companies. Then, because the direct investment of brokers can't get obvious capital and personal LP investment, VCPE institutions have advantages in fundraising, especially the mature VCPE institutions, which have some relatively stable LPs, which can be extended to all stages of the enterprise development industry chain, such as seed funds and angel funds. Team motivation is also the most important advantage of PE institutions and brokers' direct investment, and it is a relatively market-oriented incentive mechanism.