私募基金保底条款效力认定的困境与纾解

The Dilemma and Solution of the Validity of the Minimum Guarantee Clause of Private Fund

金融领域的发展目标是建设多元化投融资体系和多层次资本市场,私募投资基金因能实现差异化、多样化配置财富而备受投资者青睐。然而,该领域监管体系还不够细化完善,缺乏足够位阶的法律做支撑,存在规制有效性不足的问题;司法实践中对于保底条款效力认定的裁判标准也不清晰、不统一。未来应更注重私募资金领域的特殊性,在司法谦抑的基础上,从保护投资者入手,尝试借助信托法中受托人的信义义务制度,重新审视私募基金保底条款的效力认定问题。

The development goal of the financial field is to build a diversified investment and financing system and a multi-level capital market,and private equity funds are favored by investors because they can achieve differentiation and diversified allocation of wealth.However,the regulatory system in this field is not detailed and perfect enough,lacking sufficient legal support,and there is a problem of insufficient effectiveness of regulation;In judicial practice,the criteria for determining the validity of the guarantee clause are not clear and uniform.In the future,we should pay more attention to the particularity of the field,start with the protection of investors on the basis of judicial modesty and try to re-examine the validity of the guarantee clause of private equity funds with the help of the fiduciary duty system of trustees in Trust Law.