(1) Trust fund is a collective investment tool jointly established by fund management institutions and trust companies, which raises funds by initiating the establishment of trust benefit shares and then conducts investment operations;

(2) The trust company and the fund management institution form a decision-making committee for implementation and joint decision-making;

(3) In terms of internal division of labor, trust companies are mainly responsible for the custody, liquidation and risk isolation of trust property, and fund management institutions are mainly responsible for the management, use and liquidation of trust property.

2. Company system

(1) The company fund is a kind of company fund;

(2) The way of establishment is to register and establish a joint stock limited company or a limited liability investment company;

(3) Advantages: Under the current business environment in China, corporate funds are more easily accepted by investors;

(4) Disadvantages: the problem of repeated taxation is inevitable, and the decision-making efficiency of major issues in fund operation is not high.

3. Limited partnership

(1) Partnership fund is the mainstream model abroad, which assimilates the values of investors and managers with special rules;

(2) As a limited partner (LP), fund investors only bear limited liability;

(3) As a general partner (GP), the fund management company has the decision-making power of management and investment, and assumes unlimited responsibilities;

(4)GP usually only contributes1%-2% of the total subscribed capital;

(5) The main sources of profits are fund management fees (about 2%) and profit dividends as high as 20%;

(6) Limited partnership private equity funds can avoid double taxation: partnership equity funds adopt the method of "dividing first and then taxing". In order to avoid double taxation, the investment income such as dividends and bonuses obtained by the partnership equity fund from the invested enterprise belongs to after-tax income after paying enterprise income tax, and can be directly distributed to the partners according to the partnership agreement without paying taxes again.

(7) At present, the partnership RMB private equity fund is in the ascendant in China, and its proportion in private equity investment products is increasing year by year.