如何快速看懂一份私募基金合同？How to quickly view a private-equity fund contract?
投资人在买一只私募基金的时候，必须看一看私募基金的合同。不过，私募基金合同很长，一般比较难一字一句地看完，而且有些东西我们并不是很理解。那么，如何比较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?
徐宝同律师团队根据办理私募基金纠纷案件的经验，总结了私募基金合同审核的一些建议，希望对私募基金投资者能有所帮助。
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、基金架构
Ⅰ. Fund Structure
在实践中，目前主要使用的基金结构有两种，一种是管理人和GP的统一结构，另一种是管理人和 GP分开的架构。
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、合一架构（United Structure）
合一架构，目前监管部门比较喜欢这种架构，因为管理人与GP权责统一，可以更好地履行管理人的信义义务。
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无限连带责任以及《合伙企业法》的其他限制等诸多因素，从管理人风险控制的角度来看，一般经验丰富的管理人极少选择这种模式。
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、分离架构(Separate Structure)
GP和管理人合一架构中，无论从管理人信义义务还是LPA中GP所负的合同义务， LP的追责都指向同一法律主体；反之，在 GP和管理人分离结构中， GP可能只是一个 SPV，当 LP根据 LPA追究 GP责任时，即使胜诉，承担赔偿责任的仅仅是一种有限责任公司形式的 SPV，它是否能承担相应的赔偿责任存在不确定性。
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.
另一种观点是，GP和管理人员分离的结构减少了发生风险时管理人的压力，这当然是好事，但对于 LP补救措施来说，却意味着更难追偿。
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、其他架构
3. Other Structure
如果是双GP、三 GP、Master-Feeder、上市公司 +PE 之类更加复杂的结构， LP 的潜在风险将更大。
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”的典型架构中，已经有若干类似基金爆雷。如果基金的退出策略中的“亮点”是上市公司 / 大股东出具的回购担保，那么基本上可以判断该等架构可能存在较大风险。因为私募基金的本质应该是通过IPO 或者并购等方式退出。在中国市场上常见的回购或者回购 + 担保模式大部分属于带有融资性的安排。
For example, in the typical structure of “listed 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.
我们注意到，市场上爆雷的基金案例中，相当一部分其结构中都有类似的上市公司/ 大股东或其关联方出具的回购担保或差额补偿，很多 LP 只看到了这一点，而忽视了基金整体架构的风险以及退出路径的可行性。
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.
实务建议：
Practical Suggestions about structure:
1、越复杂的结构越需要谨慎判断，因为复杂的结构将导致资金流向、合同权利、责任承担、救济途径等诸多因素产生变化。
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、任何复杂的结构都必须有清晰的责任承担主体以及退出路径安排，否则就意味着这个基金的投资者退出风险加大。
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、合伙人会议
Ⅱ. Partner Meeting
1、会议组成
1. Composition of the Meeting
合伙人会议、投决会及顾问委员会通常为有限合伙型私募基金常设的三会。但是，值得注意的是，与公司中的股东会、董事会等机构不一样，前述三会均不是法律规定的必备内部机构。
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、会议召开
2. The procedure for calling
合伙人会议一般分为年度合伙人会议及临时合伙人会议。年度合伙人会议通常在合伙协议中有约定固定的召开期限，临时合伙人会议一般由GP自主决定或经持有一定比例的合伙权益的 LP 提议召开。
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 对召集权和提案权并不重视。而一旦基金运行出现问题，需要通过合伙人会议来决策的时候，如果 LP 没有召集权，那么将处于极为被动的地位。
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.
实务建议：
Practical Suggestion about partner meeting:
1、签署 LPA 前须讨论会议召集权条款，可参照《公司法》中对于股东会召开的程序规定。
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、投后管理中须关注会议召集在实践中是否存在障碍。
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时须第一时间与专业顾问讨论召集权的行使。
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
年度会议和临时会议的会议通知一般以书面为主，包括但不限于传真、电子邮件等其他合理的通讯方式。通知内容一般包括：会议时间、地点（如为现场会议）、会议议程和相关资料、联系人和联系方式。会议通知一般会依据合伙协议约定，提前向合伙人发出。
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.
尽管LPA 中通常会约定会议召开程序和方式，但是实践中仍然存在障碍， 譬如，LPA 中经常不约定各方的联系方式，并不是每个 LP 都有其他 LP 的联系方式，如果 LPA 约定持有三分之二以上权益的LP 有召集权，那么在出现风险时， LP 之间可能因为无法联系，导致很多救济条款和权利只存在于纸面，而无法得到切实执行。
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.
实务建议：
Practical Recommendations:
LPA 中如果不预留彼此的联系方式，既不利于 LP 的维权，也不利于管理人更好的履行信义义务。
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 彼此之间无法联系，那么很多条款就会变成沉睡条款。
If LPs can't communicate with each other, then many clauses will become sleeping clauses.
以上是徐宝同律师团队在处理私募基金纠纷案件中积累的实务经验，如想获取更有针对性的意见或相关资料，可以联系徐宝同律师。
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.
传承律协“没法不爱”的公益理念，用“极简 无我”的态度传递“帮助律师扎根专业知识，与律师共同成长”的办所理念。