发起式基金是什么？和普通基金有区别吗？

Group 1 - The core concept of the article is to explain the characteristics and differences of initiating funds compared to regular funds [1][2] - Initiating funds are defined as funds where the fund manager uses company shareholder funds, proprietary funds, or funds from senior management to subscribe, with a minimum subscription amount of 10 million yuan and a holding period of no less than 3 years [2] - Unlike regular funds, initiating funds have lower establishment thresholds, not subject to the requirement of a total fundraising amount of at least 200 million yuan or a minimum of 200 fund holders [2][3] Group 2 - The development of initiating funds has seen a steady increase since their introduction by the China Securities Regulatory Commission in June 2012, with more than 30% of new funds established each year being initiating funds by 2023 and 2024 [4] - As of March 11, 2025, there are 2,162 initiating funds in the market, primarily consisting of bond, stock, and mixed funds, with stock funds mainly being passive index funds [7] - The total scale of initiating funds exceeded 3.1 trillion yuan by the end of 2024, accounting for approximately 9.5% of the total fund scale, indicating their significant role in the public fund sector [9]