Explanation:

Both Angel Investors and Venture Capitalists will hold private equity from having made investments directly into private companies (start-ups). However, business Angel Investors will be individuals, often successful business people, who are investing their own personal funds into a potentially rewarding business opportunity. Whereas Venture Capital is invested by firms or companies that use other people's money. They raise that money  by offering investors a chance to take part in a fund that is then used to buy shares in a private company.