Which of the following descriptions are INCORRECT?

I. Buyouts focus on start$-$up businesses.

II$.$ Growth equity focuses on more established businesses.

III. Venture capital focuses on mature businesses.

IV$.$ Private equity funds are short$-$term traders.

A$.$

I and II$.$

B$.$

I and III.

C$.$

I, III and IV$.$

D$.$

II$,$ III and IV$.$