1. Let me talk about what a fund is. Legally speaking, funds can be divided into contractual funds and corporate funds. Contract funds are very common. Public Offering of Fund in our secondary market is generally a contractual fund. For example, a fund invested in a low-carbon pioneer and was frustrated. For contractual funds, it is necessary to distinguish between funds and fund managers. The fund manager is a fund company, and the property of the fund and the fund management company is strictly separated. China's enterprise funds are private equity funds in troubled times, including equity investment funds that invest in the primary market, M&A funds (PE and VC, such as limited partnership PEVC in Paradise Silicon Valley and PEVC in Shenzhen Venture Capital), and private equity investments in the secondary market (such as Wang Yawei and Zexi in Xu Xiang).
2. Let's talk about what trust is. In foreign countries, trust is a legal system and legal arrangement. Trust refers to the act that the client entrusts his property rights to the trustee based on his trust in the trustee, and the trustee manages or disposes in his own name for the benefit of the beneficiary or for a specific purpose. Trust is a legal arrangement based on the separation of trust, entrustment, ownership and income right, which can be used in financing, investment, civil affairs, wealth inheritance, public welfare, commercial activities and so on.
To sum up, contractual funds are essentially flat and standardized trusts. Are all institutional arrangements based on the principal-agent relationship. It's just that Public Offering of Fund focuses on investing in the secondary market, and there is no classification (the priority is lower, but there seems to be a classification of Public Offering of Fund, Prudential B and so on. The object of entrustment is funds, with the aim of focusing on the secondary market. There are many kinds of trusts, such as Sunshine Private Equity, Private Equity Trust, Art Trust, Capital Trust and Property Trust.