如何快速看懂一份私募基金合同？How to quickly view a private-equity fund contract?

投資人在買一只私募基金的時候，必須看一看私募基金的合同。不過，私募基金合同很長，一般比較難一字一句地看完，而且有些東西我們并不是很理解。那么，如何比較快速地看懂一份私募基金合同呢？

Before buying private-equity funds, an investor must view private-equity contracts. However, the above-mentioned contracts are usually too long to be read word by word. Moreover, some specific terms of private-equity contracts cannot be understood. So, how to quickly understand a private-equity contract?

徐寶同律師團隊根據辦理私募基金糾紛案件的經驗，總結了私募基金合同審核的一些建議，希望對私募基金投資者能有所幫助。

According to the experience in dealing with private-equity fund dispute cases, Xu Baotong legal team summed up some suggestions on reviewing private-equity contracts. They hope to provide legal services to private-equity investors.

一、基金架構

Ⅰ. Fund Structure

在實踐中，目前主要使用的基金結構有兩種，一種是管理人和GP的統(tǒng)一結構，另一種是管理人和 GP分開的架構。

In practice, two types of structures are mainly used for private-equity funds. One is that GP assumes the responsibility of Manager（hereinafter the “United Structure”）. Another is that others assume the responsibility of the Manager instead of GP（hereinafter the “Separate Structure”）.

1、合一架構（United Structure）

合一架構，目前監(jiān)管部門比較喜歡這種架構，因為管理人與GP權責統(tǒng)一，可以更好地履行管理人的信義義務。

The Manager owes the same rights and responsibilities as GP under the United Structure which makes the Manager easier to fulfill its fiduciary obligations，so supervisory departments prefer this kind of structure.

然而，由于GP無限連帶責任以及《合伙企業(yè)法》的其他限制等諸多因素，從管理人風險控制的角度來看，一般經驗豐富的管理人極少選擇這種模式。

Nevertheless, due to many factors such as bearing unlimited joint and several liabilities for the debts of the limited liability partnership enterprise and other restrictions in the Partnership Enterprise Law (2006 Revision), many experienced Managers do not willing to choose this mode in light of Risk Control.

2、分離架構(Separate Structure)

GP和管理人合一架構中，無論從管理人信義義務還是LPA中GP所負的合同義務， LP的追責都指向同一法律主體；反之，在 GP和管理人分離結構中， GP可能只是一個 SPV，當 LP根據 LPA追究 GP責任時，即使勝訴，承擔賠償責任的僅僅是一種有限責任公司形式的 SPV，它是否能承擔相應的賠償責任存在不確定性。

Under the United Structure, GP shall bear the criminal and/or civil compensation liabilities including the Manager's fiduciary duties or GP's contractual obligations. Under the Separate Structure, GP may only be a SPV. For example，LP files a lawsuit against GP and wins this lawsuit in the end, and GP will bear the civil compensation liabilities according to the court verdict. Unfortunately，GP is only a SPV in the form of limited liability Company, and it is not certain that GP can bear the relevant compensation liability.

另一種觀點是，GP和管理人員分離的結構減少了發(fā)生風險時管理人的壓力，這當然是好事，但對于 LP補救措施來說，卻意味著更難追償。

Another opinion is that the Separate Structure reduces stress on the Manager when risks occur. That is nice for the Manager, while it is hard for LP to recover from GP.

3、其他架構

3. Other Structure

如果是雙GP、三 GP、Master-Feeder、上市公司 +PE 之類更加復雜的結構， LP 的潛在風險將更大。

In the more complex structures where there are two GPs, three GPs, Master-Feeder or listed company + PE, LP may take more potential risks.

如在“上市公司 +PE 基金”的典型架構中，已經有若干類似基金爆雷。如果基金的退出策略中的“亮點”是上市公司 / 大股東出具的回購擔保，那么基本上可以判斷該等架構可能存在較大風險。因為私募基金的本質應該是通過IPO 或者并購等方式退出。在中國市場上常見的回購或者回購 + 擔保模式大部分屬于帶有融資性的安排。

For example, in the typical structure of “l(fā)isted company + PE fund”, there have been several cases in which funds led to significant losses. If the exit strategy of private-equity funds is advertised as repurchase guarantees issued by listed companies/major shareholders, it is almost certain that the structure may have higher risks because the exit strategy of private-equity funds should be through IPO or M&A, etc. In the Chinese market, most of the repurchase or repurchase + guarantee models are financing arrangement.

我們注意到，市場上爆雷的基金案例中，相當一部分其結構中都有類似的上市公司/ 大股東或其關聯方出具的回購擔?；虿铑~補償，很多 LP 只看到了這一點，而忽視了基金整體架構的風險以及退出路徑的可行性。

We have noted that a considerable part of fund loss cases in the market includes similar structures of repurchase guarantees or deficiency compensation issued by listed companies/major shareholders or company by taking advantage of its connection relationship. Many LPs only pay close attention to the above-mentioned repurchase guarantees, but they ignored the risk of the whole funding structure and the feasibility of the exit path.

實務建議：

Practical Suggestions about structure:

1、越復雜的結構越需要謹慎判斷，因為復雜的結構將導致資金流向、合同權利、責任承擔、救濟途徑等諸多因素產生變化。

1. The more complex the structure is, the more prudent the judgment should be, because complex structures will lead to changes in fund flow, contractual right, liability, relief approach and many other factors.

2、任何復雜的結構都必須有清晰的責任承擔主體以及退出路徑安排，否則就意味著這個基金的投資者退出風險加大。

2. There must be a clear subject of duty and exit path under any complex structure, or investors will take higher risks in exiting.

二、合伙人會議

Ⅱ. Partner Meeting

1、會議組成

1. Composition of the Meeting

合伙人會議、投決會及顧問委員會通常為有限合伙型私募基金常設的三會。但是，值得注意的是，與公司中的股東會、董事會等機構不一樣，前述三會均不是法律規(guī)定的必備內部機構。

Partner meeting, Investment committee and Advisory committee are usually the three permanent committees of a limited partnership private-equity fund. However, it is worth noting that, unlike the board of shareholders and the board of directors of a limited company, none of the above-mentioned committees is required according to law.

2、會議召開

2. The procedure for calling

合伙人會議一般分為年度合伙人會議及臨時合伙人會議。年度合伙人會議通常在合伙協議中有約定固定的召開期限，臨時合伙人會議一般由GP自主決定或經持有一定比例的合伙權益的 LP 提議召開。

Partner meeting shall be classified into regular meetings and interim meeting. The regular meeting shall be timely held according to the partnership agreement. Where an interim meeting is proposed by GP or by LP representing certain of voting right.

通常LP 對召集權和提案權并不重視。而一旦基金運行出現問題，需要通過合伙人會議來決策的時候，如果 LP 沒有召集權，那么將處于極為被動的地位。

In general, LP doesn't pay close attention to right of convening and proposing. It is important to note that LP can exercise their voting rights at the partner meeting when the fund operation goes wrong and. If LP does not have the right of convening,

he will play a passive role in the relationship.

實務建議：

Practical Suggestion about partner meeting:

1、簽署 LPA 前須討論會議召集權條款，可參照《公司法》中對于股東會召開的程序規(guī)定。

1. Before signing a LPA, investors shall discuss the clauses of convening right with the fund referring to the procedure for calling a shareholders’ meeting of Company Law (2018 Amendment).

2、投后管理中須關注會議召集在實踐中是否存在障礙。

2. In post-investment management, whether there are obstacles in the practice of convening meeting should be paid attention to.

3、在基金延期或者陷入困境時須第一時間與專業(yè)顧問討論召集權的行使。

3. When the fund passed its expiry date or in trouble, investors shall discuss with special consultants about exercising their convening right. 

4、LP信息互通 LPs' information exchange

年度會議和臨時會議的會議通知一般以書面為主，包括但不限于傳真、電子郵件等其他合理的通訊方式。通知內容一般包括：會議時間、地點（如為現場會議）、會議議程和相關資料、聯系人和聯系方式。會議通知一般會依據合伙協議約定，提前向合伙人發(fā)出。

Every LP shall be given a written notice before a annual regular meeting and interim meeting, including but not limited to fax, E-mail and other reasonable means of communication. Its content generally includes: Date, Time, Place (if the meeting is placed on-site), Meeting agenda, relevant information, contact Name and contact details. Usually, notice of the meeting will be given to the partners in advance according to the partnership agreement.

盡管LPA 中通常會約定會議召開程序和方式，但是實踐中仍然存在障礙， 譬如，LPA 中經常不約定各方的聯系方式，并不是每個 LP 都有其他 LP 的聯系方式，如果 LPA 約定持有三分之二以上權益的LP 有召集權，那么在出現風險時， LP 之間可能因為無法聯系，導致很多救濟條款和權利只存在于紙面，而無法得到切實執(zhí)行。

Although the procedures and methods of convening meeting are generally agreed in LPA, there are still obstacles in practice. For example, the contact information of all parties is often not recorded in LPA, and not even each LP has the contact information of other LPs. Even if LPA regulates that the LP holding more than two-thirds of the interest has convening right, when risk occurs, many relief clauses and right may only exist on paper and can't be effectively implemented because LPs can't contact each other.

實務建議：

Practical Recommendations:

LPA 中如果不預留彼此的聯系方式，既不利于 LP 的維權，也不利于管理人更好的履行信義義務。

If the contact details are not recorded in LPA, it will not only go against the protection of LP's right, but also inhibit the Manager from fulfilling his fiduciary duties.

如果LP 彼此之間無法聯系，那么很多條款就會變成沉睡條款。

If LPs can't communicate with each other, then many clauses will become sleeping clauses.

以上是徐寶同律師團隊在處理私募基金糾紛案件中積累的實務經驗，如想獲取更有針對性的意見或相關資料，可以聯系徐寶同律師。

The above-mentioned is the practical experience about handling with the private-equity fund dispute cases accumulated by Xu Baotong’s legal team. If you want to get more targeted suggestions or relevant information, don't hesitate to contact lawyer Xu.

傳承律協“沒法不愛”的公益理念，用“極簡 無我”的態(tài)度傳遞“幫助律師扎根專業(yè)知識，與律師共同成長”的辦所理念。