PE = private equity, private equity investment.
VC = venture capitalist, venture capital (enterprise).
PE is a non-bank loan investment type, with a mature business model and a certain scale, and the investment amount is often relatively large (buyout fund).
VC can be regarded as another mode of PE (the former is PE BO mode), so it can be called PE/VC. Generally speaking, PE refers to BO mode.
Both PE and VC make equity investment in unlisted enterprises through private placement, and then sell their shares through listing, merger or management buyback to make profits. The difference is that the BO model is a mature business model and VC is an early investment project. The project has begun to take shape, but the business model may not be mature, and the general investment is not large. For example, the investment projects we often see in the Internet industry basically belong to VC.