Port communication在股权众1筹平台设立一项契约型私募股权投资基1金的步骤
Require
as follows: 1 证1券投资基1金业协会关于领投人登记和基11金备案制度 根据《私募投资基1金监督管理暂行办法》第五条规定，设立私募基1金管理机构和发行私募基1金不设行政审批，Allow all types of issuers to issue products in compliance with laws and regulations，向累计不超过法律规定数量的合格投资者发行私募基1金。
但私募基1金管理人必须按照《私募投资基1金管理人登记和基1金备案办法（试行）》和《私募投资基1金监督管理暂行办法》第二章等法律法规的相关规定，完成管理人的登记和基1金的备案工作，即向基1金业协会申请登记并成为该协会会员，且在基1金募集完毕后，向基1金业协会办理备案手续，In addition, relevant information about managers and their employees must be updated regularly，报送所管理私募基1金的投资运作情况和年度财务报告等。
股权众1筹平台上的领投人向跟投人发行契约型私募股权投资基1金前，同样需要在基1金业协会官网上办理基1金管理人的登记手续；基1金募集完成后，领投人应向基1金业协会登记备案该契约型股权投资基1金。
2 领投人必须满足合格投资者的条件 根据《私募投资基1金监督管理暂行办法》第十二条的规定，Qualified investors are：Have corresponding risk identification capabilities and risk-taking capabilities，投资于单只私募基1金的金额不低于100万元且符合下列相关标准的单位和个人： Units with net assets of not less than 10 million yuan； Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the past three years is not less than 500,000 yuan。
《私募股权众1筹融资管理办法（试行）（征求意见稿）》第十四条规定：私募股权众1筹融资的投资者是指符合下列条件之一的单位或个人： 《私募投资基1金监督管理暂行办法》规定的合格投资者； 投资单个融资项目的低金额不低于100万元人民币的单位或个人； 社会保障基1金、企业年金等养老基1金，慈1善基1金等社会公益基1金，以及依法设立并在中国证1券投资基1金业协会备案的投资计划； Units with net assets of not less than RMB 10 million； 金融资产不低于300万元人民币或近三年个人年均收入不低于50万元人民币的个人，In addition to being unable to provide relevant property, the above-mentioned individuals、In addition to proof of income，It should also be able to identify、Judge and bear corresponding investment risks； 证1券业协会规定的其他投资者。
领投人作为单项私募股权投资基1金的主要投资者，These conditions should be met。
3 关于跟投人的合格投资资格 由于《私募投资基1金监督管理暂行办法》的监管对象主要是以投资组合为核心内涵的传统基1金模式，Therefore, when defining standards for qualified investors,，没有兼顾股权众1筹领域”领投+跟投”模式的特殊性，No differential treatment for qualified investors。
《私募股权众1筹融资管理办法（试行）（征求意见稿）》在此问题上简单套用现行做法，There is no distinction between the qualification standards for lead investors and follow-up investors.，This creates a real dilemma where standards are not only too high but also unreasonable，It is really a shortcoming in the technical aspects of supervision and legislation.。
but in practice，将领投人与跟投人的合格标准进行分类已经成为各股权众1筹平台的普遍做法，And this distinction is not limited to differences in financial status，It’s about the business philosophy of each platform、management mode、Target object and other parameters，制定符合自身定1位的合格投资者标准。
This approach obviously has a greater potential for violation of regulations，A relatively realistic choice is，在合格领投人的标准设定上坚持遵照《私募投资基1金监督管理暂行办法》和《私募股权众1筹融资管理办法（试行）（征求意见稿）》中关于合格投资者的规定，In setting the standards for qualified investors, we should appropriately incorporate the reasonable focus parameters of each platform.，In order to achieve the purpose of balancing practical effects and regulatory principles。
4 领投人与跟投人签订投资协议 仅需通过投资协议中的约定就能确定各方法律关系，是契约型投资模式的大
Advantages
，therefore，The investment agreement signed by the lead investor and all follow-up investors has become a top priority.。投资协议的具体内容需要参照《基1金法》第九十三条以及《信1托法》的有关规定。
Through such a contract，The rights and obligations between the lead investor and follow-up investors are clarified，契约型基1金得以合法诞生，investment decision、Post-investment management and exit mechanisms are determined，The principles and methods of benefit distribution are reflected，Lead investor management
cost
It can also be agreed，It is worth mentioning here that，契约型私募基1金通常都采用类似承包的方式支付给领投人一笔固定的年度管理
cost
，If the lead investor’s annual management
cost
exceed this amount，Investors will not pay additional。
Such an important legal document，Only by treating every detail carefully，To ensure that the entire investment plan is implemented legally and compliantly。
5 Lead investor、跟投人与股权众1筹平台签订托管协议 通常情况下，The custody agreement exists in the form of custody clauses in the investment agreement，That is, the investment agreement is led by the investor、跟投人和股权众1筹平台共同签订，The scope of the platform’s rights and obligations as a custodian is directly listed in the investment agreement.；Of course, it can also be obtained with the consent of the investors in the individual contract-type investment plan.，The lead investor and the platform sign a separate custody agreement。
After signing the custody agreement，平台应以单项契约型基1金名义开立独立核算的银行及证1券账户并进行托管，且与其他基1金财产账户相独立。
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