A private equity fund (PE fund) using escrow services typically pools the capital of investors in the fund to a “fundraising account” before releasing it to an “escrow account” under management of the custodian. However, unlike escrow accounts, fundraising accounts have been attracting controversy about in whose name these accounts should be held.
CHEN MIN
邦信阳中建中汇律师事务所合伙人
Partner
Boss & Young
Pursuant to the Measures for the Administration of Fundraising Activities by Private Equity Funds issued by the Asset Management Association of China (AMAC) in April 2016, which require that “the fundraiser or accountable person as agreed in the relevant contract shall maintain an account used exclusively for fundraising and settlement activities of the PE fund”, the holder of the fundraising account should be the “fundraiser” or “accountable person as agreed in the relevant contract”.
Although neither the fundraising measures nor any other regulatory documents provide a definition about the “accountable person as agreed in the relevant contract”, it is undeniable that this provision allows the fundraising account to be held under the name of the fund manager or, as agreed, under the name of the PE fund partnership.
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Chen Min and Lu Xili are partners at Boss & Young
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