A Study On Fiduciary Obligation Of Managers Of Limited Partnership Private Equity Funds

Private equity funds have flourished in recent years.According to the latest data released by the China Securities Investment Funding Industry Association at the end of January 2018,the total size of private equity funds has reached 11.76 trillion yuan.There are 22,883 private equity fund managers registered.Private equity funds occupy an important position among them.Private equity funds have a variety of forms,including corporate,contractual,and partnerships.However,since the new Partnership Act was promulgated in 2006,limited partnership private equity has become the mainstream by virtue of its advantages and has strongly promoted private equity funds.development of.However,many problems have arisen in the course of its development.It is not uncommon for a fund manager to act as a manager of a fund to violate the obligations of the faith and harm the interests of the investor,such as illegally raising funds with a coat of private equity in a limited partnership.Privately misappropriation of fund assets,etc.How to solve the problems in practice requires us to regulate from the perspective of the fund manager.In recent years,China has also issued a series of laws and regulations to regulate the development of private equity funds.The "Securities Investment Fund Law" and "Interim Measures for the Supervision and Administration of Private Equity Funds" have provided a legal basis for regulating the behavior of fund managers..This article will mainly study the fiduciary obligations of limited partnership private equity fund managers from four aspects,and combine the theory and practice to seek ways to standardize fund managers' fiduciary duties.The first part is the theoretical basis of the fund manager's faith obligation,which mainly analyzes the basic philosophical relationship and its main content,and analyzes its concrete embodiment in the limited partnership private equity.The second part is the analysis of the status of the fund manager's faith obligations,Including the status of the legal norms of China's fund managers' duties and the typical performances of fund managers in breach of their faithful obligations in practice;the third part analyzes the causes of the lack of fund manager's faith obligations and possible adverse selection and moral hazards;The fourth part is based on the legal norms of China and the United States regarding thefiduciary obligations of the fund manager and draws on the effective experience of the United States.Based on this,it puts forward proposals to improve the fiduciary obligations of fund managers.