According to Article 3 of the Guidelines for Private Equity Fund Contracts No.3 (Guidelines for Necessary Clauses of Partnership Agreements), the term "partnership fund" as mentioned in these Guidelines refers to a private equity fund in which an investor establishes a limited partnership enterprise in accordance with the People's Republic of China (PRC) Partnership Enterprise Law, and the general partner assumes unlimited joint and several liabilities for the partnership debts, and the fund manager is specifically responsible for the investment operation.