唐劲草：管理费应该要基本保证基金管理团队的正常运营，并应交由市场决定

Core Viewpoint - The new management regulations for government investment funds in Guangdong Province have sparked significant industry debate, particularly regarding the calculation and payment of management fees, which may disrupt existing practices and affect the interests of general partners (GPs) and limited partners (LPs) [1][2][4]. Summary by Sections Management Fee Calculation - The management fees for government investment funds are to be determined based on actual contributions or investment amounts, which deviates from the traditional market practice where fees are typically based on committed capital [2][3]. - The established norms in the private equity industry suggest that management fees should be set by market forces to ensure the operational viability of fund management teams [2][3]. Impact on Fund Operations - The new regulations may lead to inconsistencies in management fee standards across different LPs within the same fund, potentially creating conflicts of interest [1][2]. - If management fees are excessively low, it could hinder the normal operations of private equity funds, negatively impacting the industry's health and the ability of GPs to provide quality services [2][3]. Concerns Over Fee Payment Structure - The stipulation that management fees should primarily be paid from fund earnings or interest, with the possibility of prepayment from principal, raises concerns about the financial burden on GPs if funds do not generate returns [4][5]. - There is ambiguity regarding whether "earnings" refers to book profits or cash returns, which could impose significant pressure on GPs to prioritize short-term gains over long-term investments [4][5]. Broader Implications for the Industry - The implementation of such regulations in Guangdong could set a precedent for other regions, potentially leading to widespread changes in the private equity landscape [6]. - The survival of many small to medium-sized GPs may be jeopardized if management fees are reduced, as these fees are crucial for maintaining operational stability during challenging market conditions [6][7].