On The Rights Protection Of Limited Partners Of Private Equity Investment Fund In China

Withthe rapid development of China’s economy and society,limited partnership private equity investment funds(hereinafter referred to as "partnership private equity investment funds")have gradually become an important force in the capital market,playing an active role in supporting scientific and technological innovation.The partnership private equity investment fund is a private investment fund that exists as an organization of limited partnership and mainly invests in the equity of unlisted enterprises.At the same time of its rapid development,the risks of the industry gradually emerged,and the cases of investors’ rights and interests were frequently reported.The partnership private equity investment fund is an exotic product in China.Due to the short history of development,the imperfect legal system and other factors,the limited partners’ rights structure system,rights supervision system and rights relief mechanism are not perfect,including limited scope of rights,impeded exercise of rights,and insufficient protection of rights.How to effectively protect the rights of limited partners in private equity investment funds and promote the healthy development of private equity investment fund industry is an urgent problem to be solved.By focusing on the common problems in practice,sorting out the existing legal system,in-depth analysis of the problems existing in the protection of limited partners’ rights of private equity funds in China,and using the comparative method,drawing on the experience of the United States in the protection of limited partners’rights,this thesis puts forward the improvement of the protection of limited partners’rights of private equity funds in China.First,optimize the structure of the rights system of private equity fund limited partners,appropriately expand the management rights of limited partners based on the existing rights,increase the scope of access to the right to know of limited partners,and clarify the way to exercise the right to know,Secondly,strengthen the supervision of the rights of private equity fund limited partners,build a sound legal supervision system,strengthen the external credit supervision mechanism,and enhance the synergy between financial supervision and financial justice.Thirdly,improve the path of right relief for limited partners of private equity investment funds,improve the right relief for limited partners of private equity investment funds by reducing the cost of rights protection,stipulating the way to bear the responsibility,and refining the elements for the exercise of derivative litigation rights.Finally,we should continue to improve the supporting system for the rights of limited partners of private equity investment funds,establish the fiduciary obligations of General partner of private equity funds,improve the trusteeship system of private equity funds,clarify the positioning of custodians,and strengthen the responsibilities of custodians.