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汉坤律师事务所合伙人冉璐律师自2011年加入汉坤起就专注于私募投资基金行业。本次专访中,她与我们聊了聊对中国私募基金行业的观察,以及身为律师的应对策略和感悟。

私募基金行业趋势

据冉律师观察,过去的十年是私募基金业务在中国蓬勃发展的十年。她向ALB列举了私募基金近年来表现出的三大特点:首先,与LP类别相对应,私募基金的国有出资比例高;其次,募资期限边长,例如,在2016年前后, 平均一支私募基金首次关闭大概是3个月,且很多私募基金在1个月内就完成首次关闭,6-12个月内基本完成最终关闭;但近三年,比较普遍的情况是6-12个月完成首次关闭,18-24个月完成最终关闭;第三,募资结构变得更加复杂。冉律师坦言:近年来为了适应募资的需求,人民币基金采取平行结构、多平行结构、联接结构、伞形结构及前述结构的组合结构等都比较多。

 从大趋势来看,私募基金业务还会继续保持蓝海地位, 但冉律师同时也指出,随着《私募投资基金监督管理条例》纳入《国务院2021年度立法工作计划》,私募基金行业的监管自然会升级,其发展也将更加规范和稳健。同时,随着早期的私募基金陆续进入退出期,S基金和S交易对私募市场的流动性和延续性的价值越发明显。此外,QFIIQFLPQDLPQDIEQDII政策和额度被放开、中国配置愈加得到看重,私募基金行业已进入跨境资金配置的新时代,突显出境内外结合的特点。

冉律师还补充道:私募股权和私募证券都不再局限于自身传统优势,而是交叉互补,相互促进,螺旋上升。

 汉坤律师的顺势勇进

在上述背景下,冉律师带领团队时刻在工作中践行汉坤一脉相承的理念——Growing with clients(与客户一起成长);Legal mind, business sense (法律思维、商业意识)。

汉坤的私募基金团队深耕行业多年,我们在每一次内部培训、每一个具体的项目过程都践行这一原则, 不断夯实专业知识功底,通过对行业的深入研究以及与行业人士的互动培养商业思维,并勇于和客户携手开拓、创新。冉律师说。

 展望未来

聊及未来规划,冉律师希望打造一支业界顶尖的律师团队, 将汉坤建立为中国私募基金律师界的一面旗帜,不断吸引并大力培养优秀的法律人才。与此同时,随着汉坤四版VC/ PE基金募集项目数据报告和中国私募基金监管蓝皮书的发布,冉律师还希望借助汉坤的经验促进行业的良好发展。

受益于时代的进步,私募基金已成为中国经济活力不可或缺的重要一环,作为法律服务提供者,也应当躬逢其盛,不负韶光!冉律师坦言。


A leading team in the investment funds sector: An interview with Ran Lu, partner at Han Kun Law Offices

Ran Lu, a partner with Han Kun Law Offices, has focused her practice on investment funds formation and operation since joining the firm in 2011. In this interview, she shares with ALB her industry observations and her strategies as a lawyer.

Investment Funds Sector Trends

Ran believes that the past ten years have been a decade of vigorous development of the invest­ment funds sector in China. She tells ALB that three main features that have appeared in the past three years: first, for limited partnerships, the proportion of State-owned PE investments has been high. Secondly, fundraising periods have become longer. For example, around 2016, on average, the first closing of a PE fund took about three months (in fact, many PE funds com­pleted their first closing within one month), and it took about 6 to 12 months to reach the final closing. But, in the past three years, it has been quite common for the first closing to take 6 to 12 months, and 18 to 24 months to reach the final closing. And thirdly, fund-raising structures have become more complex.

 “In recent years, in order to meet fund-raising needs, RMB funds have commonly utilized the parallel fund structure, the multi-parallel fund structure, the connecting fund structure, the umbrella fund structure, and combinations of these structures,” Ran says.

 It is a major trend that the investment funds practice will continue to maintain its blue ocean status. However, Ran also points out that regulation of the investment funds sector will intensify and that this will cause the industry to develop in a more standardized and robust way, particularly with the Regulations on Supervision and Administration of Private Investment Funds having been included in the State Council’s 2021 Legislative Work Plan. Meanwhile, as early PE funds gradually enter their exit periods, the value of S funds and S transactions to the liquidity and continuity of the PE market will be more obvious. Additionally, the investment funds sector will enter a new era of cross-border capital allocation with the liberalisation of QFII, QFLP, QDLP, QDIE, QDII policies and quotas and the growing importance of allocating capital to the Chinese market.

 Ran also adds: “Private equity and private placements are no longer limited to their traditional advantages, rather, they complement each other and this synergy drives growth upward.”

Han Kun’s strategy

In the above context, Ran has been leading her team to implement Han Kun’s longstanding principles to their practice: “growing with clients” and “legal mind, business sense”.

“Having specialized in the investment funds sector for many years, we practice these principles in all our internal training programs as well as during each specific project, to continuously polish our professional skills. We develop business sense through in-depth research of the industry and interactions with industry insiders. In addition, we actively collaborate with our clients to develop and to innovate together,” Ran says.

Looking into the future

As for the future, Ran’s vision is to build a top-tier team in the sector to make Han Kun an iconic firm in the investment fund sector in China. They will continue to attract and coach outstanding talents and help them grow together with the firm. Furthermore, Han Kun has released the fourth edition of the Fund Formation Data Analysis Report and the China Private Equity Regulation Blue Book, by which Ran hopes to help promote robust development of the industry.

“As legal service providers in the sector, we ought to seize on the chance to live up to its prosperity and live up to its glory!” Ran says.