I parties to the fund relationship
The core three parties of private equity fund: investors, managers and custodians.
1. Fund investors: namely, fund share holders and fund property owners, whose rights and obligations are centered around "share holders" and "property owners";
2. fund manager: a person who wants to register with the fund industry association. The main responsibilities focus on fund management, investment decision-making and implementation, and information disclosure.
3. Fund custodian: For corporate and partnership funds, the custodian is not necessary, and there is no mandatory law; Trust (contract) fund is based on trust or agreement, which requires high security of funds, so it is necessary. The rights and obligations of fund custodians mainly focus on fund custody and fund entry.
Two. Fund market service organization
The parties providing services around the fund relationship include:
1. Fund management institution: See clearly that it is not a fund manager. The fund management institution is a third-party professional institution entrusted by the fund manager to specialize in fund management.
2. Fund sales organization: the fund can be sold by the fund manager himself or by an external organization, that is, the fund sales organization.
3. Fund share registration institution: China's private equity funds are not required to register with relevant institutions, so the registration of fund shares can be carried out by the fund manager himself or by entrusting a special fund share registration institution.
4. Law firms: The legal services of law firms can run through the whole life process of private equity funds, and the management of fund raising and investment returns everything. The filing of private fund managers is only a small part of the work of private lawyers.
5. Accounting firm: Although the work does not run through the whole process of the fund, it is also the professional value to read so many original vouchers and statements in the work of adjusting the valuation.
Third, the fund regulator.
The supervision of funds can be divided into broad sense and narrow sense. The broad sense of supervision includes four levels: government statutory supervision, self-discipline management of self-discipline institutions, self-control of funds, market service institutions and social supervision, while the narrow sense of supervision only refers to government statutory supervision. Generally speaking, regulatory agencies refer to government regulatory departments and self-regulatory agencies.
1. Government regulators
There is no doubt that it is the CSRC. Of course, because private equity funds are not directly oriented to public investors, the CSRC is not so strict, which reflects moderate supervision and prudent supervision, and relies more on the self-discipline management of self-regulatory institutions.
2. Self-discipline of self-regulatory agencies
As mentioned above, the fund industry association has played a great role in the self-discipline management of private equity funds, and both the registration of fund managers and the filing of fund products are implemented by the association. At the same time, the association also provides more comprehensive services for its members, which further embodies the superiority of self-discipline management.