1.GP is the general partner, and it is very important that the general partner assumes unlimited joint and several liability. Managing partner: In a partnership, the legal role of the managing partner = the legal representative of the general enterprise. In a limited liability partnership, there may be more than one general partner. According to the provisions of Article 26 of the Partnership Enterprise Law, one or several partners may be entrusted to represent the partnership enterprise and carry out the partnership enterprise affairs according to the partnership agreement or the decisions of all partners. The asset management system of the fund industry association suggests that GP is also regarded as related if it is funded by the manager's senior management team and other key personnel.

2. Article 61 of the Partnership Enterprise Law stipulates: "A limited partnership shall be established by two or more partners, with no more than 50 partners; Except as otherwise provided by law. A limited partnership shall have at least one general partner. " Obviously, legislation has left enough living space for the dual GP funding model. First of all, the legal structure of double GP mode should be determined. On the whole level of limited partnership, there is no difference between double GP and single GP. In the private equity fund of limited partnership, the typical model is composed of one general partner (GP) and several limited partners (LP), and the general partner usually has multiple roles of managing partner and fund manager (namely "single GP and single manager" model). In fact, in the so-called dual GP mode, two GPs usually cooperate, and they enjoy the role of GP, but their internal division of labor is different.

3. The meeting of industry associations affirmed the dual GP model of private equity funds and put forward more specific requirements, as follows: there can only be one manager, but there can also be multiple GPs. When the entrusted management /GP is separated from the manager, there should be a relationship between the GP and the manager (this relationship can be employees or equity). For the relationship, AMAC's asset management system clearly requires the relationship standard between GP and manager. If the fund manager has a relationship with the general partner, upload the certificate of the relationship between the general partner and the fund manager.

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The two general partners of the partnership are registered private equity fund managers and actually fund managers. For this model, because the China Foundation has cancelled the filing entrance of double fund managers, it is no longer stated.