Port communicationHong Kong Xintong-Today I will introduce to you what are the legal forms of private equity funds，Let’s learn together! at this stage，Private equity funds mainly take the form of corporate、trust and contract。Whether it is a company or a trust，are subject to the maximum number of people，The number of shareholders or trust share holders shall not exceed 200。And contractual，If the funds are transferred and possessed, it is suspected of illegal fund-raising.，If the possession of funds is not transferred，It is difficult to guarantee the income of fund managers。
one、Corporate funds Corporate funds are established in accordance with the company law，A fund in the form of a company formed by raising funds through the issuance of shares，Investors who subscribe for fund shares are shareholders of the company，Enjoy investment income in accordance with the law based on the shares held by them。
It can be done by the company’s operating management body (such as the board of directors or executive director)、General manager, etc.) responsible for management，Both the fund and the manager are the company itself；Investors as company shareholders，The number of shareholders of a limited liability company is less than 50，The number of shareholders of a joint stock company is between 2 and less than 200；All shareholders signed the "Articles of Association" as the fund contract，Management of funds、Agreement on investment operations and other matters；The day-to-day management of the fund is handled by the operating management agency，The Articles of Association may stipulate that specific major matters shall be approved by the board of directors、Decisions are made in the form of shareholders (general meeting) etc.。
in practice，because of taxes、Management model and other factors，There are relatively few cases of establishing private equity funds in the form of a company。two、Limited partnership funds are limited partnerships established for the purpose of conducting investment activities.，Can be registered as a limited partnership private equity fund。
The fund manager is generally the general partner of a limited partnership., GP) and cannot be a natural person，Investors as Limited Partners, LP）；The number of partners is more than 2 (including at least 1 GP and LP) and less than 50；All partners sign the "Partnership Agreement" as the fund contract，Management of funds、Agreement on investment operations and other matters；The day-to-day management of the fund is handled by the GP，The "Partnership Agreement" can stipulate that specific major matters shall be passed through the partners' meeting、Investment decision-making committee and other forms of decision-making。
GP serves as fund manager，Private equity fund manager registration by GP，The registered manager will then register the partnership fund.；Separately entrust a professional fund management institution as the trustee to be specifically responsible for investment operations，The professional fund management institution should first register as a private equity fund manager，And it will perform the private equity fund registration procedures。
three、Trust funds Trust private equity funds need to entrust a trust institution to sell trust shares of funds，According to the provisions of trust law，The number of shares in a capital trust shall not exceed 200 shares。Trust sales are different from private placements，The buyer and the fund manager have been separated by the trust company，The entire trust scheme becomes investment funds，Trust company replaces purchaser(real investor)Exercise investor rights。in this mode，Adds a layer of legal relationship。
at the same time，Because of the intervention of trust institutions
cost
Increase，There is a loss in investors’ returns。Four、After the non-licensed contractual fund institution registers as a private equity fund manager with the Asset Management Association，with investors、How the custodian jointly signs the fund contract，Raising and establishing private equity funds。This type of private equity fund does not have a limited partnership、Companies and other legal entities，Relevant operating rules rely on the fund contract (contract) to stipulate。
According to the Fund Law and Trust Law，Contractual funds are subject to trust legal relationships，Investors are trust settlors and beneficiaries，The fund manager is the trust trustee。If you still want to know more about this aspect，Welcome to consult Hong Kong Xintong at any time!
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