A private equity fund which seeks financing for the purpose of promoting economic development in a specific region or country. For example, a private equity fund may concentrate its efforts on serving the public benefit by helping structurally or economically underdeveloped regions attract start-up or high-tech companies in an attempt to create economic clusters that would positively impact local communities along the way. Such funds are usually managed by corporations under public law.

A public private equity fund is sometimes referred to only as a public fund.