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近年来,由于中国经济的持续和稳定增长,欧美资本市场经济危机下的缓慢复苏,又加上人民币升值的巨大潜力,境外机构参与人民币私墓基金的热情可谓持续高涨。随着中国私募领域相应法律法规的日趋完善,外资背景的人民币私募基金的架构模式呈现了多元化的趋势,其募资途径和方式、设立架构亦日趋灵活多样。境外机构参与中国私墓股权基金历史大致可追溯为三个阶段,即:外商投资创业投资企业(2005年)、外商发起之有限合伙基金(不涉境外融资)(2007年)和外商投资的合伙制基金(2010年)。以下逐一论述。
In recent years, due to the sustained and steady growth of China’s economy, the slow recovery under the economic crisis in European and American capital markets and the tremendous potential of RMB appreciation, the enthusiasm of overseas institutions to participate in the private funds of RMB funds is on the rise. With the corresponding improvement of corresponding laws and regulations in the field of private placement in China, the structure of RMB-denominated private equity funds in the background of foreign investment shows a diversified trend. The ways and means of fund-raising are also increasingly flexible and diversified. The history of overseas institutions participating in private private equity funds in China can be traced back to roughly three phases: foreign-invested venture capital firms (2005), foreign-funded limited partnership funds (excluding overseas financing) (2007) and foreign investment partnerships System Fund (2010). The following one by one discussion.