【详解】私募证券投资基金和私募股权投资基金之间的区别

目前业内大部分私募基金都属于证券投资基金，也就是投资于股票、futures、债券等二级市场的基金；第三方平台主要有：私募排排网。


而私募股权基金则主要投资于那些未上市公司的股权，因此也是股权投资基金大家庭中的重要一员；有名的主要有红杉资本



他们之间最大的区别就在于<h-char unicode="ff1a" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">：投资周期的长短

对于私募证券投资基金来说<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，买卖二级市场上的股票非常简单快捷<h-char unicode="ff1b" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">；持有周期根据市场波动能够灵活进行调整<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，遇上大蓝筹行情可能持有几个月或大半年<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，其他震荡市的时候<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，持有周期往往也只有几个月甚至更短<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。
对于私募股权投资基金来说<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，也就是所谓的PE<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，投资一家未上市的初创公司<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，并伴随它成长直至上市<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，周期少则3year<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，多则5-7year<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。而投资周期长<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，也就意味着投入的人力财力资源也多<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，从入股到上市退出<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，PE就像带着即将参加高考的学子一样<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，照顾饮食<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，聘请家教<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。


区别二<h-char unicode="ff1a" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">：投资对象不同

私募证券投资基金主要投资于二级市场公开交易的股份有限公司股票<h-char unicode="3001" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">、债券<h-char unicode="3001" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">Futures<h-char unicode="3001" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">、option<h-char unicode="3001" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">、基金份额以及中国证监会规定的其他证券及其衍生品种<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。像私募排排网这类第三方机构主要也是做的私募证券投资
私募股权投资基金除创业投资基金以外主要投资于非公开交易的企业股权




区别三<h-char unicode="ff1a" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">：获取收益的来源不同

私募证券投资基金主要投资二级市场<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，收益来源为资本利得<h-char unicode="3001" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">、股票分红等<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。
私募股权投资基金投资于非公开交易的企业股权<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，多通过上市<h-char unicode="3001" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">、并购等方式退出并获取收益<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。


区别四<h-char unicode="ff1a" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">：预估投资风险不同

私募证券投资基金的风险水平主要取决于基金管理人的投资能力与市场情况<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，风险较高<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，但基本处于可控范围之类<h-char unicode="ff1b" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">；
私募股权投资基金成败取决于所投企业未来的发展<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，通常是高风险伴随着高收益<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。投资成功<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，少则几倍<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，多则几十倍的收益<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，投资失败<h-char unicode="ff0c" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">，则血本无归 Private placement network<h-char unicode="3002" class="biaodian cjk bd-end bd-cop bd-hangable bd-jiya" style="box-sizing: border-box; position: relative;"><h-inner style="box-sizing: border-box; -webkit-text-emphasis: none; position: absolute; left: 0px; top: 0px; display: inline-block; line-height: 1.1; letter-spacing: -0.5em;">。
reminder<h-char unicode="ff1a" class="biaodian cjk bd-end bd-jiya" style="box-sizing: border-box;">：市场有风险 Investment requires caution