Public Offering of Fund refers to public offering funds, which have a wide audience, but it does not mean that all of them are listed. Managers are generally state-owned enterprises, financial supervision is very strict, and the information disclosure system is also very harsh, so the public is more at ease. Private equity funds refer to funds raised for specific groups of people. The investment threshold is relatively high, which is suitable for people with high net worth and certain risk tolerance. There are no listed private equity funds at present.