Privatization refers to the process of transferring ownership and control of public sector enterprises to the private sector. It aims to improve efficiency, increase competition, and reduce the burden on the government.

Option 1, the sale of public enterprises to the private sector, is a key aspect of privatization. This involves the government selling its ownership stake in public sector enterprises to private companies or individuals. By doing so, the government transfers the ownership rights and responsibilities to the private sector.

Option 2, disinvestment of public enterprise equity, is another component of privatization. Disinvestment refers to the sale of a portion of the government`s equity stake in public sector enterprises to private investors. This reduces the government`s ownership and control over these enterprises.

Option 3, participation of the private sector in the management of public sector enterprises, is also part of privatization. This involves bringing in private companies or individuals to manage and operate public sector enterprises. By involving the private sector in the management, it is expected to bring in efficiency and expertise from the private sector.

Therefore, option 4, "All of the above," is the correct answer as it encompasses all the components of privatization mentioned in options 1, 2, and 3.