Public Offering of Fund is a securities investment fund that is supervised by the competent government department and publicly issued to unspecified investors. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions. Its characteristics are: 1) many investors as the issue target; (2) Great fund-raising potential; (3) A wide range of investors (investors without specific objects); (4) You can apply for listing on the exchange. At present, Public Offering of Fund is the most transparent and standardized fund. Public Offering of Fund has strict regulations on the qualifications of fund management companies and fund asset custodians, which are strictly supervised by the regulatory authorities. Therefore, Public Offering of Fund's assets are safer and more easily accepted by ordinary people.

Compared with Public Offering of Fund, private equity funds have the following advantages: (1) Because private equity funds face a few specific investors, their investment objectives may be more targeted, and they can provide tailor-made investment service products according to the special needs of customers; (2) Generally speaking, private equity funds need fewer procedures and documents and are subject to fewer restrictions. The requirements of general laws and regulations are not as strict and detailed as those in Public Offering of Fund, and the investment is more flexible; (3) In terms of information disclosure, private equity funds don't need to disclose details regularly like Public Offering of Fund. Private placement is a collective investment that raises funds privately from specific investors without publicity. Private equity fund investors can negotiate with fund sponsors to determine the investment direction and objectives of the fund, which has the nature of agreement. Fund sponsors unilaterally decide related matters, and investors passively accept them. Its sale and redemption are carried out by the fund manager through private consultation with investors. (4) The entry threshold for private equity funds is relatively high, much higher than 1 10,000 yuan in Public Offering of Fund, and it is a place for rich people to play.

There is a private equity fund called Sunshine Private Equity Fund, which is issued by a trust company and filed by the regulatory authorities. It mainly invests in the secondary securities market, and the funds are managed by a third-party bank, and its performance reports are published regularly. The difference between Sunshine Private Equity Fund and ordinary (so-called "grey") private equity funds is mainly standardization and transparency, because issuing through trust company platform can ensure the safety of private equity subscribers' funds. Sunshine private equity funds generally only refer to private equity funds issued in an "open" way. The so-called openness means that fund subscribers need to bear all investment risks and enjoy most of the investment income.