信托基金
典型的私募股权基金结构
点击数：20892017-06-26 15:01:35 来源: http://www.tingheglobal.com
新闻摘要:典型的私募股权基金结构 TYPICAL STRUCTURE OF A PE FUND 如下图所示，私募股权基金结构的当事方通常会是普通合伙人（基金经理）、有限合伙人（投资者）及基金的行政管理人。
典型的私募股权基金结构
TYPICAL STRUCTURE OF A PE FUND
如下图所示，私募股权基金结构的当事方通常会是普通合伙人（基金经理）、有限合伙人（投资者）及基金的行政管理人。
As depicted in the diagram below, parties to a PE Fund structure will typically be the General Partner, (the fund manager), Limited Partners (the investors) and Administrator.
Typical Private Equity Fund Structure
典型私募股权基金结构
选用有限责任合伙结构与公司结构的差异
DIFFERENCE BETWEEN USING A LIMTED LIABILITY PARTNERSHIP STRUCTURE AND A COMPANY STRUCTURE
有限责任合伙商号（‘LLP’）结构被视为一种高度灵活的工具，私人个体藉此得以集合并调动投资资金。如果使用LLP投资结构，投资者与普通合伙人（通常来说，为基金经理或基金经理的联属公司）的关系须受有限责任合伙商号协议及特种有限责任合伙商号法律的规管。合伙商号准许灵活安排资金的募资、分配和收益回报方式。各当事方也可签订其他关于基金营运和活动的保密协议。
The limited liability partnership (‘LLP’) structure is seen as a highly flexible vehicle by which private individuals can pool and deploy investment capital. If an LLP structure is adopted, the relationship between the investors and the general partner (typically, the fund manager or an affiliate thereof) is regulated by the limited partnership agreement and specialist limited liability partnership laws. Partnerships allow flexibility in terms of how capital is raised, allocated and returned. The parties may also enter into other confidential agreements relating to the operation and activities of the fund.
又或，如果使用公司结构，投资者与基金经理的关系须受相关司法辖区的公司法和该公司的组织章程大纲及章程细则的规管。普遍来说，与LLP的安排比较，公司法被视为是灵活度较低的法律制度。 _
Alternatively, if a company structure is used, the relationship between the investors and fund manager will be regulated by the relevant jurisdiction’s company law as well as the Memorandum and Articles of Association of the company. The company law is generally seen as a less flexible legal regime than the LLP arrangement.
譬如，根据LLP法律，个人投资者订立合同可以有高灵活度，但是在典型公司法制度下，须给予单一种类股份的全部股东同等地位的看待。这致使公司基金结构必须发行多种类股份，而此举或会增加费用，并加大基金成立和行政管理的复杂度。 _
For instance, under the LLP laws, individual investors can contract with a high degree of flexibility, while under a typical company law regime, all shareholders of a single class of shares should be treated equally. This may necessitate a company fund structure issuing various types of shares, which may add to the cost and complexity of establishing and administering the fund.
案例研究： _购买于印度尼西亚房地产的私募股权基金（设有驻毛里求斯基金行政管理人的英属维尔京群岛有限责任合伙商号） _
Case Study: PE Fund acquiring real estate in Indonesia (BVI LLP with Mauritius based fund administrator)
客户：最多50名驻在中国的投资者 _
Client: 50 China based investors
业务方案：客户有意收购位于印度尼西亚价值人民币1亿元的房地产资产，并将通过基金持有为期5年。 _
Business Plans: Client intends to acquire RMB100,000,000 worth of real estate assets in Indonesia which will be held by the fund for a period of 5 years.
需要：(1) 设立一个英属维尔京群岛注册的有限责任基金结构，结构准许客户把50名投资者的投资资金集合一起投入一个设在毛里求斯的银行帐户，然后，在印度尼西亚调动这些资金，及 _(2) 摘录银行帐户结余的和由基金拥有的房地产价值的季度报告。
TYPICAL STRUCTURE OF A PE FUND
如下图所示，私募股权基金结构的当事方通常会是普通合伙人（基金经理）、有限合伙人（投资者）及基金的行政管理人。
As depicted in the diagram below, parties to a PE Fund structure will typically be the General Partner, (the fund manager), Limited Partners (the investors) and Administrator.
Typical Private Equity Fund Structure
典型私募股权基金结构
选用有限责任合伙结构与公司结构的差异
DIFFERENCE BETWEEN USING A LIMTED LIABILITY PARTNERSHIP STRUCTURE AND A COMPANY STRUCTURE
有限责任合伙商号（‘LLP’）结构被视为一种高度灵活的工具，私人个体藉此得以集合并调动投资资金。如果使用LLP投资结构，投资者与普通合伙人（通常来说，为基金经理或基金经理的联属公司）的关系须受有限责任合伙商号协议及特种有限责任合伙商号法律的规管。合伙商号准许灵活安排资金的募资、分配和收益回报方式。各当事方也可签订其他关于基金营运和活动的保密协议。
The limited liability partnership (‘LLP’) structure is seen as a highly flexible vehicle by which private individuals can pool and deploy investment capital. If an LLP structure is adopted, the relationship between the investors and the general partner (typically, the fund manager or an affiliate thereof) is regulated by the limited partnership agreement and specialist limited liability partnership laws. Partnerships allow flexibility in terms of how capital is raised, allocated and returned. The parties may also enter into other confidential agreements relating to the operation and activities of the fund.
又或，如果使用公司结构，投资者与基金经理的关系须受相关司法辖区的公司法和该公司的组织章程大纲及章程细则的规管。普遍来说，与LLP的安排比较，公司法被视为是灵活度较低的法律制度。 _
Alternatively, if a company structure is used, the relationship between the investors and fund manager will be regulated by the relevant jurisdiction’s company law as well as the Memorandum and Articles of Association of the company. The company law is generally seen as a less flexible legal regime than the LLP arrangement.
譬如，根据LLP法律，个人投资者订立合同可以有高灵活度，但是在典型公司法制度下，须给予单一种类股份的全部股东同等地位的看待。这致使公司基金结构必须发行多种类股份，而此举或会增加费用，并加大基金成立和行政管理的复杂度。 _
For instance, under the LLP laws, individual investors can contract with a high degree of flexibility, while under a typical company law regime, all shareholders of a single class of shares should be treated equally. This may necessitate a company fund structure issuing various types of shares, which may add to the cost and complexity of establishing and administering the fund.
案例研究： _购买于印度尼西亚房地产的私募股权基金（设有驻毛里求斯基金行政管理人的英属维尔京群岛有限责任合伙商号） _
Case Study: PE Fund acquiring real estate in Indonesia (BVI LLP with Mauritius based fund administrator)
客户：最多50名驻在中国的投资者 _
Client: 50 China based investors
业务方案：客户有意收购位于印度尼西亚价值人民币1亿元的房地产资产，并将通过基金持有为期5年。 _
Business Plans: Client intends to acquire RMB100,000,000 worth of real estate assets in Indonesia which will be held by the fund for a period of 5 years.
需要：(1) 设立一个英属维尔京群岛注册的有限责任基金结构，结构准许客户把50名投资者的投资资金集合一起投入一个设在毛里求斯的银行帐户，然后，在印度尼西亚调动这些资金，及 _(2) 摘录银行帐户结余的和由基金拥有的房地产价值的季度报告。
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