Research On The Internal Governance Of Private Equity Funds In The Limited Partnership

Private equity fund is a new product of the capital market, in recent years in the development of our country carry all before one. With the establishment of partnership system, the limited partnership private equity fund is the favorite of investors and managers because of its advantages, such as simple procedure, tax incentives, flexible operation mode and so on.Limited partnership private equity funds have two important roles, namely, limited partners and general partners. Among them, the limited partner is generally the fund’s investors, with their contribution to the fund’s external debt obligations, the specific issues of the fund have the right to participate; the general partner is generally the fund manager, only symbolic capital, the actual operation and management of partnership affairs, and the external debt burden of the fund.Limited partnership is a strong organization form, so the problem of the limited partnership private equity funds is particularly prominent. The reason, there is a general partner of the lack of fiduciary duty, limited partners excessive intervention in the general partner of execution of the partnership affairs, responsible for the lack of mechanism. On this basis, we should improve the internal mechanism of the limited partnership private equity funds, including the improvement of the restriction mechanism, the right mechanism and the responsibility mechanism. Improve the internal mechanism of limited partnership and limited partnership between the rights and obligations, to promote the development of limited partnership private equity funds more active.