1, private equity fund: Private equity investment (also known as private equity investment or private equity fund) is a very broad concept, which is used to refer to any kind of investment in equity assets that cannot be freely traded in the stock market. Passive institutional investors may invest in private equity investment funds, which are then managed by private equity investment companies and invest in target companies. Private equity investment can be divided into the following categories: leveraged buyout, venture capital, growth capital, angel investment, mezzanine financing and other forms. Private equity investment funds generally control the management of the companies they invest in and often introduce new management teams to enhance the company's value.

2. Secondary market: In the financial field, the so-called "secondary market" (or aftermarket, or secondary market) refers to the market where financial rights or financial instruments are traded again after the initial issuance. Specifically, it refers to the financial market that buys and sells issued securities or financial instruments, such as stocks, creditor's rights, options and futures.

3. Private equity funds in the secondary market are private equity funds designated to invest in the secondary market. Simply put, it is a private equity fund that achieves its income target through stock profit.