Private equity funds had its origins from investment bank operations. It usually invests in heavy asset companies or fields such as private infrastructure construction, corporate debt market, private real estates, or other privately offered funds. In most cases, private equity funds make their investment during later phases. In other words, it will only enter the scene to conduct investment when the business model and profitability of a company stabilize. This is because the investors of private equity funds are institutional investors such as large retirement funds under the government and insurance companies. These investors have a low tolerance for risk-taking and seek stable, long-term returns.