Public Offering of Fund and private equity funds classify funds according to the way of raising funds.

Open-end funds and closed-end funds classify the public offering of funds according to their open redemption.

So the logic is this: funds can be divided into Public Offering of Fund and private equity funds, and Public Offering of Fund can be divided into open-end funds and closed-end funds.

These are the four concepts you mentioned.

Public offering fund (), a public offering fund is a securities investment fund that is supervised by the competent government department and publicly issues beneficiary certificates to unspecified investors. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions. For example, at present, the closed-end funds in the domestic securities market belong to Public Offering of Fund, and the open-end funds with relatively low minimum subscription amount you bought in major fund companies also belong to Public Offering of Fund.

Private placement fund, called private placement abroad, is a financial concept corresponding to Public Offering of Fund. It is a collective investment that is not publicized and raises funds privately from specific investors. The raised funds can be invested in various financial targets, such as equity, stocks, commodity futures and financial derivatives. Generally speaking, the target of private equity funds is a few specific investors, and the threshold of these investors is generally high, and the amount of funds involved should have a certain scale, such as 1 10,000 yuan or more. Its purpose is * * * to invest together, and * * * to enjoy the benefits, including risks.

Open-end fund refers to a fund operation mode in which fund sponsors can sell fund shares or shares to investors at any time according to their needs, and can redeem the issued fund shares or shares at the request of investors. Investors can buy funds through fund sales agencies, so that the assets and scale of the fund will increase accordingly, or they can sell their fund shares to the fund to recover cash, so that the assets and scale of the fund will decrease accordingly.

Closed-end fund refers to the fund sponsors' restrictions on the total amount of fund units when setting up funds. After the total amount of fundraising is completed, the fund is announced to be established and closed, and no new investment will be accepted for a certain period of time. The circulation of fund shares is listed on the stock exchange, and investors must bid on the secondary market through securities brokers in the future.