普通合伙人
General
Partner
担保
Guarantee
有限合伙人
Limited
Partner
有限合伙人制度
Limited
Partnership
投资
Investment
担保人
Guarantor
特殊目的实体
Special
Purpose
Entity
项目
Project
免条款尽可能延迟或避免登记。
《投资公司法》第3(c)(1)条和第3(c)(7)条规定了豁免登
记的实体类别，如：目前非上市且将来也不会上市的且
其发行在外的股票持有人未达到100人的公司，请注
意“实益所有权” (即间接所有权）也是考虑因素之一；
在其他法律项下受到监管的证券经纪人；非营利组
织。
根据《投资公司法》豁免条款，向注册投资公司投资的
资金也必须进行登记。所以，拟设立为“私募”基金的投
资资金也必须注意其投资类别。
此外，鉴于管理层可以向基金投资人提供投资建议，基
金的管理（通常以有限合伙企业的普通合伙人的形式
组建）可能会适用《投资顾问法》项下的投资顾问注册
规定。当管理的资产超过特定阈值时，通常会需要注
册。实际上，管理的资产金额低于2,500万美元的顾问
不得在美国证券交易委员会注册。
即使顾问适用一般美国证券交易委员会注册规定，也
可能适用特定豁免规定，比如风险投资基金顾问。若基
WWW.THECHINAINVESTOR.COM
As the monetary and opportunity costs associated with
registration is considerable, fund management tends to
rely on certain exemptions to delay or avoid registration
as long as possible. Sections 3(c)(1) and 3(c)(7) of the
ICA provide categories of entities exempted from the
registration requirement, such as: Companies who are not
and will not go public and whose outstanding shares are
not owned by 100 persons. Note that “beneficial ownership”
(i.e. indirect ownership) matters, too.; Securities brokers,
regulated under other laws; and nonprofit organizations.
Under the ICA exemptions, funds with investment in
registered investment companies may also need to be
registered. Therefore, funds that intend to stay “private”
must also need to be careful with the type of investments
they engage in. In addition, management of a fund
(typically organized as the general partner of a limited
partnership) may be subject to investment advisor
registration requirement under the IAA given that the
management could be offering investment advice to the
fund’s investors.
Registration is typically triggered when the asset under
management exceeds certain threshold. Indeed, advisors
with less than $25 million of assets under management are
actually prohibited from SEC registration. Even for advisors
42