The Implementation Opinions of the State Administration for Industry and Commerce on Several Issues Concerning Enterprise Registration Management (No.1999) stipulates that social organizations may not engage in business activities on their own, but social organizations with legal person status may act as shareholders of the company or invest in the establishment of an enterprise as a legal person, except that they are not allowed to engage in business activities according to the regulations of the central government and the State Council. In terms of regulations, if there are no special restrictions, there are no obstacles for legal persons to invest in enterprises, especially those with investment in business scope. In practice, there are also cases of investing in companies to be listed. For example, Tsinghua University Education Foundation invested in Agricultural Bank of China, and Nanda Education Foundation invested in Ding Tong Optoelectronics and so on. I don't know much about the case of investing in equity investment funds. Some local industrial and commercial bureaus are not allowed to register as foundations as partners of equity investment funds, which is reasonable in terms of regulations. Because the regulations only allow legal persons to invest, partnership investment funds cannot invest reasonably. If an equity investment enterprise is registered by a company, it can theoretically contribute capital.