作者:张毅  杜宏晖  胡夏 金杜律师事务所证券上海办公室 

根据2012年4月多家媒体的报道,国家发展和改革委员会(“发改委”)出台了相关政策,将人民币基金中,普通合伙人(GP)是外商投资企业(“FIE GP”),有限合伙人(LP)是境内投资者(不含在中国境内设立的外商投资企业)的人民币基金(“FIE GP 基金”)认定为外国投资者,这就意味着FIE GP基金进行项目投资时,应完成外商投资审批程序,从外界看来,应该是指取得商务部或地方商务部门(“商务部门”)的审批。

鉴于国际私募股权投资(PE)机构在设计其境内人民币基金架构时通常是采用FIE GP基金的形式,上述消息引起了极大的关注。如果外资PE机构的人民币基金在进行项目投资时都被认定为是境外基金,将来再以FIE GP基金的形式募集新的人民币基金的可能性将大大降低。通过解读发改委对发布的相关文件和其他监管部门披露的信息,笔者认为,对市场上对于上述消息的影响存在一定的误解。

Continue Reading 发改委关于外商投资企业作为普通合伙人的人民币基金的答复

By Zhang Yi, Alan Du and Hu Xia  King & Wood Mallesons’ Corporate Group Shanghai Office

Recently, it was reported by various media sources that the National Development Reform Commission (NDRC) had issued certain policies requiring an RMB fund (the ‘FIE GP Fund’) with a foreign invested enterprise (the ‘FIE’) acting as the general partner (the ‘FIE GP’) and domestic investors (exclusive of FIEs established in China) acting as limited partners to be regarded as a foreign investor. Being defined as a foreign investor means that the portfolio investments of such a FIE GP Fund shall be subject to foreign investment approvals, which are read by the public as referring to the approvals from the Ministry of Commerce or its local counterpart (MOFCOM).

International private equity firms often structure their RMB funds in the form of FIE GP Funds, as a result this news caused great concern among them because their RMB funds will be defined as offshore funds in regard to making portfolio investments and as a result there will probably be little chance of raising new RMB funds in the form of FIE GP Funds.
Continue Reading NDRC reply on RMB Fund with FIE GP