Public offering fund refers to a securities investment fund that raises funds from public investors in an open way and mainly invests in securities. Publicly raise funds through the mass media, and promoters gather public funds to set up investment funds for securities investment. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions.

SPV is mainly used for bankruptcy isolation. It is not only the bankruptcy of fund managers, but also the bankruptcy of custodians (banks and brokers). It is also used for financing and independent accounting of individual projects.

Therefore, SPV is mostly set up in private equity funds, not in public offering funds.