私募基金: 结
构、注意事项
和监管环境
Private Funds:
Structure,
Considerations
and Regulatory
Environment
撰稿人 门汉斯
By Hansi Men
设立、安排和管理私募投资基金时需要考
虑的步骤 Steps to consider when establishing,
structuring and managing private
investment funds.
根据Merriam Webster词典定义，基金是指 “其本金
或利息被分配用于某一特定目标的一笔资金或其他资
源”。很多客户，特别是具有中国法律背景的客户，并不
认为向三个人募集资金与“基金”相关。事实上，美国法
律并未对“基金”进行明确定义。在美国政府和原告律
师的作用下，对于不具有经验的人士，基金业务具有较
高的风险性。 A fund, as defined in Merriam Webster, is “a sum of money
or other resources whose principal or interest is set apart
for a specific objective.” Many clients, especially those with
a Chinese legal background, would disagree that pooling
money from three people has anything to do with “fund.”
In fact, “fund” in not a clearly defined term under the U.S.
laws. The U.S. government and plaintiff lawyers make the
fund business almost dangerous to people with no prior
experience.
私募基金成立的条件 MAKING A FUND PRIVATE
私募基金是未登记投资资金的俗称。除非适用特定豁
免条款，投资资金应遵守联邦和州注册规定。在联邦层
面，
《投资公司法》
（“ICA”），
《投资顾问法》
（“IAA”）和
《证券交易法》(“SEA”）是最相关的法律。由于登记会
产生大量货币或机会成本，基金管理往往依据特定豁 Private funds is a colloquial term for unregistered investment
funds. Investment funds are subject to federal and state
registration requirements unless certain exemptions
apply. At the federal level, the Investment Company Act
(“ICA”), the Investment Advisors Act (“IAA”), and the
Securities Exchange Act (“SEA”) are the most relevant.
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