Both private equity fund and venture capital belong to private equity investment (PE) in a broad sense. Private equity funds in a narrow sense mainly invest in growth-oriented and mature enterprises, with low risk and lower return than venture capital. Venture capital (VC) mainly invests in early projects or corporate equity, such as angel investment, and invests in the very early stage of the project (even only one idea, lack of team and corporate platform). It can be said that the difference between private equity and venture capital in a narrow sense mainly lies in the stage where the investment target is located. The difference between trust plan and private placement (including venture capital in a broad sense, the same below) is that the trust is raised from unspecified objects, and the way of raising is open, and various public means can be used for raising publicity, while private placement is only raised from specific objects, and cannot be publicized by public means such as newspapers and television; In addition, it is more important that the trust product is just a plan, not a subject, and the establishment of private equity fund is based on the subject, which requires a tax agency code certificate in industrial and commercial registration (company or limited partnership), and so on. These are the two differences that I think are the core. For reference only.