1. In terms of raising funds, it mainly raises funds from a few institutional investors and individuals in a private way, and its sales and repurchase are negotiated between the fund manager and the investors. In addition, the investment method is also in the form of private placement, which has nothing to do with the open market operation, and generally does not need to disclose the transaction details.

2. More equity investment is adopted, which has nothing to do with debt investment. The investment institutions of stock investment funds also have certain decision-making power over the decision-making management of investment enterprises. This is reflected in investment tools, mostly in the form of transfer of common stock or preferred stock and convertible bonds.

3. Generally, private companies, that is, unlisted companies, rarely invest in public companies, which has nothing to do with the obligation to apply for acquisition.

4. It is more inclined to the molding enterprises that have formed a certain scale and generated stable cash flow.

5. The investment period is long, generally reaching more than 3 to 5 years, which belongs to medium and long-term investment.

6. The liquidity is poor, and there is no direct transaction between the transferor and the buyer of the unlisted company.

7. There are many sources of funds, such as rich people, venture funds, leveraged M&A funds, strategic investors, pension funds and insurance companies.

8.PE investment institutions mostly adopt limited cooperative system, which has better investment management efficiency and avoids the disadvantages of repeated taxation.

9. Diversified investment exit channels, including IPO, sale, merger and acquisition, and buyback by the management of the target company.