In China, the sources of investment funds are mostly government-guided funds or investment platforms under the government, investment companies of state-owned enterprises, third-party fund sales institutions or wealth management institutions. Although some funds come from high net worth people, the proportion is relatively low. Different sources of funds lead to different risk-return requirements, term requirements and cross-life cycle requirements, and then determine the investment strategy and investment cycle of the parent fund. However, the duration of domestic parent funds is within 10 years, and some even 7 to 8 years.