Do you want to sue the court after the private equity fund burst?

If the manager and other institutions have violated the legal or contract agreement during the acquisition and operation of private equity funds, and investors cannot reach consensus on the follow -up disposal of private equity funds through negotiations and negotiations, investors, etc. Considering the lawsuit of civil lawsuits, the court sued the court to ask the relevant parties to bear the responsibility to safeguard their legitimate rights and interests. In this process, investors can consider which subjects to prosecute? Or which subject may need to be responsible for the loss of investors?
1. Private fund managers
The obligation of private equity fund managers mainly comes from derived The provisions of the fund contract and relevant laws and regulations such as the "Interim Measures for the Supervision and Management of Private Investment Fund". During the fundraising stage of private equity funds, the manager's obligation is mainly reflected in the appropriate management obligations of investors, including promoting private equity funds to qualified investors, not promising the capital and guaranteeing income, shall conduct risk assessment of investors and fully disclose investment risks. Essence During the investment operation stage of private equity funds, the manager's obligations are mainly reflected in the investment operation of fund property in accordance with the fund contract and laws and regulations. Wait.
Inned this, if the manager fails to fulfill the above obligations during the processing and investment operation of private equity funds and cause losses to investors, investors may ask the administrator to bear certain compensation liability.
2. Private equity fund sales institutions
private equity fund managers can sell themselves or commission sales institutions to sell private equity funds. In practice, more investors purchase private equity products through private equity fund sales institutions, and sales institutions and sales institutions from sales institutions. Relevant personnel have a direct connection. Therefore, when a private equity fund is redeemed, investors tend to contact the sales institution to understand the situation. So, can investors ask private equity sales agencies to bear the liability for their losses?
This sales institutions are not responsible for the investment management of private equity funds. Proper management. According to the "Interim Measures for the Supervision and Management of Private Investment Fund" and the "Administrative Measures for the Management of Private Equity Fund Raise", the appropriate management obligations of sales institutions include investor appropriateness matching, fund risk disclosure, and qualified investor confirmation. If the sales institution does not fulfill the above obligations during the private equity fund fundraising process, investors may ask the sales institution to bear the liability for investors within their fault.
3. The core obligation of private equity funds
The core obligations of private equity fund custodians lies in the security custody fund property and the corresponding funds in accordance with the instructions of the private equity fund manager. Regarding the manager's violations of laws and regulations and investment instructions agreed in the fund contract, fund contracts usually stipulate that private equity fund custodians shall refuse to implement and fulfill their obligations such as notifications and reports. However, the audit of the custodian's instructions of the manager is generally limited to the form of review according to the fund contract and related vouchers, and does not assume the duties of substantial review. Unless the custodian has obvious fault, it is generally difficult for investors to ask the custodian to bear the liability for compensation.
4, the responsible party of the underlying assets
In after the investment of the private equity fund expires, if the relevant responsible party of the underlying assets fails to fulfill its obligations to the private equity funds, such as the repurchase of the repurchase, the debtor's failure is not fulfilled Performing repayment obligations, etc., may cause private equity funds to be unable to pay on time. In these cases, if a private equity fund manager runs, loses contact, or managers are negligent in recovery of relevant responsible parties, it is likely to cause relevant assets to lose. So, can investors bypass the private equity fund manager to directly sue to require the underlying assets to fulfill the obligations such as repayment to safeguard the legitimate rights and interests of private equity funds and investors? As a limited partner, the fund manager is a partner of the executive affairs. Limited partners generally do not perform partnerships and must not represent partnerships outside the outside world. However, in accordance with Article 68 of the Partnership Enterprise Law, when the partners of the executive affairs are neglected to exercise their rights, limited partners may urge them to exercise their rights or file a lawsuit in their own name. Based on this, in the limited group fund, if the relevant responsible party of the underlying assets fails to fulfill the obligation to repay the private equity fund, the private equity fund manager will be appropriate to exercise the compensation right to the relevant parties. Investors can be a limited partner as a limited partner for being a limited partner for being a limited partner. The interests of partnerships filed a lawsuit in their own name.
For corporate private equity funds, investors are usually as shareholders of the company. According to Article 151 of the Company Law, others infringe on the company's rights and interests to the company. Shareholders and joint -stock Co., Ltd., more than one hundred and eighty consecutive days of separate or totaling shareholders who hold a total of more than one percent of the company's shares, can filed a lawsuit for the company's interests. However, when the situation is urgent and does not immediately file a lawsuit that will cause the company's interests to be difficult to make up, investors must follow a specific internal process before their prosecution in their own name, that is, request the board of directors or executive directors, supervisors or supervisors to file a lawsuit first. If the board of directors or executive directors, the board of supervisors, or the supervisor refuses to file a lawsuit, or fails to file a lawsuit within 30 days from the date of receipt of the request, investors may sue themselves.
For contractual private equity funds, it is relatively complicated. Unlike limited partnership and corporate private equity funds, contractual private equity funds do not have legal entities. Investors and managers mainly form a contractual relationship according to the fund contract. Whether an investor of a contractual private equity fund can bypass the manager to directly sue for third parties? The current laws and regulations still lack clear relevant regulations. Theoretically, there are two viewpoints of commissioned agents and trust relationships between the relationship between the contract and the manager of the contractual private equity fund. If investors and managers constitute the agency relationship, investors can claim the corresponding rights to third parties in accordance with Article 402 and 403 of the Contract Law as the client. And if investors and managers constitute a trust relationship, investors can exercise the right to revoke in accordance with the provisions of Article 22 of the Trust Law, that is, if the manager acts as a trustee to violate the trust's purpose, the trust property If the improper handling of the trust affairs causes the trust property to be lost, the client has the right to apply for the people's court to revoke the punishment bank as and have the right to request the trustee to restore the original state of the trust property or compensate; Those who accept the property shall be returned or compensated.
In conclusion
The reminder: In the face of the risk of thunderbolt in private equity funds, investors can choose a variety of ways to protect their legitimate rights and interests in accordance with the actual situation. But more importantly, before buying private equity products, investors should carefully understand the relevant risks, fully consider their own risk tolerance, and avoid blind investment to avoid unnecessary losses.