Equity investment refers to the economic behavior of enterprises (or individuals) to obtain profits or dividends from other enterprises by purchasing shares of other enterprises (listed and unlisted companies) or directly investing in other enterprises with monetary funds, intangible assets and other physical assets. The types of illegal fund-raising for equity investment mainly have the following characteristics: 1. Private equity investment by unspecified investors can only be targeted at specific objects, with a limited number of people (no more than 200 equity funds of joint-stock companies, no more than 50 equity funds of partnership enterprises and limited liability companies), and absorb funds from the public, that is, unspecified objects of society. If a large number of people are involved, they are usually suspected of illegal fund-raising. 2. Publicly attracting private equity private equity investment can only be done in a private way, and usually the fund manager negotiates with investors privately. Publicly publicize through media, promotion meetings, leaflets, short messages, pyramid schemes, etc. , to absorb public funds, suspected of illegal fund-raising. 3. Commitment to rapid return Private equity investment is usually a long-term holding of a company's stock or long-term investment in a company. It is a long-term investment method, and the investment period is generally 5-7 years; Illegal fund-raising generally promises a short investment period, usually with a period of one month, one quarter, six months, one year or two years to promise a return, that is, the investment time is short and the return is fast. 4. Commitment to high returns According to the law, private equity investment may not promise capital preservation or fixed income; Illegal fund-raising usually takes high interest rate and rebate as bait, and promises to repay the principal and interest or give a fixed return within a certain period of time. 5. Fictitious projects refer to fictitious projects by project managers who illegally raise funds, engage in Ponzi scheme, self-financing, or "show off stocks and real debts" in the actual investment process.