PE FOFs is a category of fof. FOFs (fund in fund) refers to the fund that invests in the fund portfolio. The biggest difference with ordinary funds is that fof takes "funds" as the investment object, while funds mostly invest in financial products such as stocks, bonds, options and equity.

As an indirect investment method, FOFs widely exists in mutual funds (domestic securities investment funds), trust funds, hedge funds, private equity investment funds and other fields. Therefore, fof can be divided into * * * mutual funds, trust funds, hedge funds (FOHFs) and private equity funds (PE FOFs). )

The biggest difference between PE fofs and private equity funds is that it plays the dual roles of general partner (GP) and limited partner (LP): when facing investors, FOF plays the role of GP, managing funds for investors and choosing PE funds for investment; When faced with PE funds such as venture capital fund, M&A fund and growth fund, FOFs plays the role of LP and becomes an investor in various PE funds.