中基协发布提示 鼓励私募股权创投基金设置多元退出目标 严禁明股实债

Core Insights - The China Securities Investment Fund Industry Association has issued a guideline encouraging private equity and venture capital funds to set reasonable equity buyback terms, emphasizing long-term investment and value creation [1][2][3] Group 1: Guidelines for Private Equity and Venture Capital Funds - The guideline encourages fund managers to adopt a long-term investment philosophy and enhance their capabilities in value discovery, active management, and valuation [1][2] - Funds are advised to ensure that buyback arrangements are scientifically reasonable and do not engage in non-private fund investment activities such as disguised debt [1][2] - The guideline emphasizes the importance of communication among fund managers, investors, and buyback obligors, especially in assessing external factors like macroeconomic conditions [2][3] Group 2: Impact on Investment Relationships - A healthy development of the private equity and venture capital industry relies on positive investment and financing relationships, avoiding zero-sum strategies that could damage trust between entrepreneurs and investors [3][4] - The guideline encourages funds to negotiate amicably with buyback obligors, considering adjustments to buyback targets and terms to support struggling enterprises [3][4] - The focus is on guiding capital to play the role of "investor" and "partner," sharing the risks and rewards of enterprise growth [4]