有限合伙型私募股权投资基金内部治理的异化和重构

The Alienation and Reconstruction of the Internal Governance in Private Equity Funds Based on Limited Partnership

基于独特的组织形式制度优势,有限合伙制在我国私募股权投资基金领域正在得到更广泛的适用,但实践中由于公司制法人作为普通合伙人常态化等因素,有限合伙型私募股权投资基金的内部治理出现了一定程度的异化,对其经营管理的运行带来了消极影响。破解异化的路径,在于确立普通合伙人的信义义务,明确普通合伙人无限责任的实现渠道,实现普通合伙人和有限合伙人权利义务的微妙平衡。

Based on the systematic advantage of its organizational form, limited partnership is being more and more popular in the field of private equity funds. In practice, however, the corporation always acts as general partner, which leads to alienation of the internal management and makes a negative impact on the operation in the private equity funds. The way to break the alienation can be concluded as follows： formulating the fiduciary duties of general partners; establishing the way for the general partners to bear unlimited liability; and achieving the delicate balance of rights and obligations between the general partners and limited ones.