Private equity funds, and the whole sector, have slowed their pace of conducting relevant business since the release of the Guiding Opinions on Regulating Asset Management Business of Financial Institutions and its detailed supporting rules. Almost a year has passed since the new asset management regulations were put into effect, and the author will shed some light on their influence on PE fund
Capital raising. “Great difficulty in raising capital” has become a key phrase in the PE sector. The difficulty lies in the “dire shortage of capital” and investment compliance.
The new asset management regulations set a unified criterion for a qualified investor, making clear the divide between public offering and private offering, stipulating that equity products investing in unlisted companies should be closed-end and the product due date should be later than the date of equity exit, and placing a ban on multi-level nesting (over two layers).
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Weng Heqian is an associate at Zhong Lun Law Firm
10-11/F, Two IFC, 8 Century AvenuePudong New Area
Shanghai 200120, ChinaTel: +86 21 6061 3599Fax: +86 21 6061 3555E-mail:wengheqian@zhonglun.com
