私募股权创投基金设置股权回购条款时应科学合理，退出目标综合多元 中基协发文引导耐心资本化解股权回购困局

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable equity buyback terms, emphasizing the need for long-term planning and resolution of conflicts of interest to support the growth of real enterprises [1][2]. Group 1: Industry Development - The private equity and venture capital industry in China has been steadily developing, acting as a representative of patient capital and contributing positively to high-quality economic development through its roles as incubators, accelerators, and promoters of technological innovation [2]. - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, serving as a risk buffer for private equity funds while incentivizing founders to focus on long-term value creation [2][3]. Group 2: Challenges and Issues - The issue of equity buybacks has become a focal point in the market, with some startup technology companies facing financial and developmental pressures due to triggered buybacks, leading to difficulties in exit strategies for private equity funds [3]. - The notice highlights that the buyback issue is a significant challenge for private equity funds, as enforcing buyback rights can lead to insolvency or bankruptcy for companies unable to meet these obligations [3][4]. Group 3: Guidelines and Recommendations - The notice requires private equity funds to set equity buyback terms that are scientifically reasonable and to avoid using buyback arrangements for non-private fund investment activities [3][4]. - It encourages fund managers to communicate effectively with investors and stakeholders when buyback conditions are triggered, and to assess external factors such as macroeconomic conditions and industry policies [4]. - Fund managers are advised to negotiate amicably with buyback obligors, potentially adjusting buyback targets, extending buyback periods, or lowering buyback rates to resolve conflicts and support the growth of real enterprises [4][5]. Group 4: Balancing Responsibilities - Fund managers must balance diligence and flexibility, ensuring that any measures taken to provide relief to companies are communicated transparently to investors to avoid potential legal or regulatory repercussions [5]. - Companies and their controlling shareholders should focus on improving core business operations and maintaining transparency to rebuild trust and restore buyback capabilities [6].