1) In terms of fund raising, it is mainly raised by a few institutional investors or individuals in a private way, and its sales and redemption are carried out by fund managers through private consultations with investors. In addition, the investment method is also carried out in the form of private consultation, which rarely involves the operation of the open market and generally does not need to disclose the details of the transaction.

2) More equity investment is adopted, and debt investment is rarely involved. Reflected in investment instruments, common stock or transferable preferred stock and convertible bonds are commonly used. Therefore, PE investment institutions enjoy certain voting rights in the decision-making management of the invested enterprises.

3) generally investing in private companies, that is, unlisted companies, and rarely investing in publicly issued companies, will not involve the obligation of tender offer.

4) The investment period is long, generally reaching 3 to 5 years or longer, which belongs to medium and long-term investment.

5) The liquidity is poor, and there is no ready-made market for the transferor of the unlisted company to directly reach a deal with the buyer.

6) There are many sources of funds, such as wealthy individuals, strategic investors, pension funds and insurance companies.

7)PE investment institutions mostly adopt limited partnership system, which has good investment management efficiency and avoids the disadvantages of repeated taxation.

8) Diversified investment exit channels, including IPO, transaction sale and merger (M & amp； A), the target company management repurchase, etc.