It is feasible for private equity funds to have no trustee. Private equity funds are generally managed by fund custodians, unless the parties agree not to set up a custodian in the fund contract. To raise private securities funds, a fund contract shall be formulated and signed, clearly stipulating the rights and obligations of all parties and related matters.

legal ground

Article 20 of the Interim Measures for the Supervision and Administration of Private Investment Funds

To raise private securities funds, a fund contract, articles of association or partnership agreement (hereinafter referred to as the fund contract) shall be formulated and signed. The fund contract shall comply with the provisions of Articles 93 and 94 of the Securities Investment Fund Law.

To raise other types of private equity funds, the fund contract shall refer to the provisions of Articles 93 and 94 of the Securities Investment Fund Law, and clearly stipulate the rights, obligations and related matters of each party.

Article 21

Unless otherwise agreed in the fund contract, the private placement fund shall be managed by the fund custodian.

If the fund contract stipulates not to manage private equity funds, the institutional measures and dispute settlement mechanism for ensuring the property safety of private equity funds shall be clearly defined in the fund contract.