On the Regulatory Framework for Private Fund

Private fund refers to the investment fund that is un-publicly collected from the investors of specific organization and wealthy individual investors.According to the investment object,private fund can be divided into pri- vate equity investment fund and private placement investment fund.The supervision of private fund can fall into super- vising the private fund itself and supervising the business counterparts of private fund.Based on the different supervi- sion goal and emphasis point,the supervision of private fund can be subdivided into previous supervision,regulation of market and aftermath supervision.Supervising private fund centers on three aspects:the first is limitation of investors; the second is supervising the information disclosure and advertisement propaganda;and the third is indirect supervi- sion.The focus of the three lies in protecting the investors,which is worth being referred to in constructing supervision system of private fund in China.