The difference between the ranking of Asian hedge funds and the second largest private equity fund lies in the small number of fund investors (including individuals and institutions). For example, it is a bit like a "rich investment club", while the general fund is a "public investment club". Funds are mainly privately issued, so most hedge funds belong to private placement. The so-called private equity fund refers to a fund set up by private placement to raise funds for a few institutional investors. Because the sale and redemption of private equity funds are conducted through private consultation between fund managers and investors, they are also called funds raised from specific targets.