合伙型私募基金“双GP”模式研究

Research on "Dual GP" Model of Partnership Form of Private Equity

"双GP"模式是有限合伙型私募基金的特殊架构,它为专业的投资机构提供一种良性的合作平台,也为PE资本和产业资本的结合提供了一种新思路。当前,该模式仍然是一个有待市场验证的新兴模式,监管机构的限制和要求尚不明朗,存在模式合规风险、有限合伙控制风险、费用分配等风险。为适应我国私募基金监管趋严的形势,双GP应尽可能全部取得管理人资格,完善合伙协议条款的设计,明确双GP的权责关系,在相互信任、共同认可的前提下促进私募基金的良好运作。

The ＂dual GP＂ model is a special framework for limited partnership of private equity. It provides a benign cooperation platform for professional investment institutions and also provides a new way for the integration of PE capital and industrial capital. At present, this model is still an emerging model to be verified by the market,the restrictions and requirements of regulatory agencies are not yet clear, and there are risks such as legal compliance risk, limited partner controlling risk, and expense allocation risk. In order to adapt to the increasingly stringent supervision of private equity funds in China, the dual GP should obtain the qualification of the private fund manager as much as possible, improve the design of the terms of the partnership agreement to clarify the rights and responsibilities of the dual GP, so that to promote the good operation of funds on the premise of mutual trust and mutual recognition.