1. Direct investment mode: direct investment in stocks, private equity, real estate and energy. The advantage is that it can be directly controlled. The disadvantage is that the asset allocation is single and the risk is concentrated.

2. According to the global university fund model, indirect investment of full asset allocation, that is, fund investment: most family funds adopt this method. The university fund model has been tested by the market and can achieve long-term stable income.

3. Mixed mode: direct investment and indirect investment are carried out at the same time, which is generally adopted by family funds with large assets, including the Soros family, Bill Gates family and McDale family mentioned above. The advantage is that both risks and rewards are taken into account. The disadvantage is the high cost of the team.

China's family funds have just started, with direct investment as the mainstay, but they have also begun to make indirect investments, such as Ma Yun's investment in hedge funds and Yunfeng Fund. China's economic transformation is a good opportunity for the internationalization and specialization of China's family funds, which can be tried by drawing lessons from European and American family funds.