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 encouraging private equity and venture capital funds to set reasonable equity buyback terms, aiming to support the long-term development of real enterprises and address conflicts of interest [1][2]. Group 1: Regulatory Guidance - The notice emphasizes the need for private equity and venture capital funds to establish scientifically sound and reasonable buyback terms, avoiding misuse of buyback arrangements for non-compliant activities [3][4]. - It encourages fund managers to adopt a long-term investment philosophy and enhance their capabilities in value discovery and active management [3][4]. Group 2: Market Context - 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]. - The buyback issue has become a significant concern, with many startups facing financial pressure due to triggered buybacks, complicating exit strategies for private equity funds [3][4]. Group 3: Recommendations for Stakeholders - Fund managers are encouraged to communicate effectively with investors and stakeholders when buyback conditions are triggered, considering external factors such as macroeconomic conditions and industry policies [4][5]. - It is suggested that fund managers may negotiate adjustments to buyback terms, such as extending buyback periods or lowering buyback rates, to resolve conflicts amicably and support the growth of real enterprises [4][5]. Group 4: Long-term Vision - The notice aims to reshape the perception of the private equity industry and promote a healthy ecosystem for patient capital, emphasizing the importance of collaboration among fund managers, investors, and entrepreneurs [5][6]. - The core of equity investment lies in sharing risks and rewards, necessitating a commitment from all parties to foster trust and focus on long-term growth [6].