2. The difference between public welfare funds and private equity funds: Social welfare funds refer to funds that use the proceeds for designated social welfare undertakings, such as welfare funds, science and technology development funds, education development funds, and literary award funds. Social welfare funds belong to institutional investors of fund nature. According to China's relevant policies, various social welfare funds can be used for securities investment to maintain and increase value. The so-called private equity fund refers to a fund set up by private placement to raise funds for a few investors. Because the sale and redemption of private equity funds are conducted through private consultation between fund managers and investors, they are also called funds raised from specific targets. (He Xun Finance and Economics Original) So public welfare funds and private equity funds are two different concepts.