文/北京国枫（成都）律师事务所 李铃 前言： 由于大部分早期设立的私募基金的存续期仅为5至7年，近年来，这些私募基金陆续进入了"清算倒计时"。在诸多因素影响下，很多基金并不一定能够及时退出所 投项目、顺利完成清算注销。随着私募基金行业监管趋严，清算程序的合法合规性要求已成为基金管理人、投资者及监管机构共同关注的重要问题。那么在基金 迟延清算的情况下，私募基金管理人将面临怎样的法律后果？承担怎样的法律责任呢？本文拟通过探寻私募基金清算期限的相关规定及合同约定，分析导致私募 基金迟延清算的原因，并浅析不同迟延清算情形下基金管理人可能承担的法律责任，以期给广大私募基金管理人和基金投资者提供有益参考。 一、 私募基金清算期限 （一）法律法规规定 1. 合伙制私募基金清算期限的法律规定 根据《中华人民共和国合伙企业法》（以下简称《合伙企业法》），第八十六条规定：合伙企业解散应当由清算人进行清算，清算人由全体合伙人担任；经全体合 伙人过半数同意，可以自合伙企业 解散事由出现后十五日内 指定一个或者数个合伙人，或者委托第三人担任清算人。自合伙企业 解散事由出现之日起十五日内 未 确定清算人的，合伙人或者其他利害关系人可以申 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月份美国关税冲击后，中国A股市场整体表现强劲，呈现出典型的"慢牛"特征，沪指多次突破并刷新近十年新高，8月20日上证指数最高触及 3767点，继续刷新创2015年以来的新高，"牛市"一词更加深入人心。那么，如果有牛市，如何通过私募基金紧跟布局这轮行情？ 首先，需要明确的一个观点是： 在强劲的牛市（尤其是普涨行情）中，最大的风险不是亏损，而是 "踏空"，即跑输大盘。 一般来说，在牛市环 境下，不同私募策略的表现和"性价比"会存在差异。比如主观多头策略受益于精选个股、集中持仓等优势在普涨行情中极具收益弹性；量化多头 在获取市场上涨的贝塔收益的同时，还能通过量化模型追求稳定的阿尔法收益。 | 私募策略 | 牛市行情下的优势 | 适合投资者 | | --- | --- | --- | | 主观多杀 | 最直接受益于牛市的策略,基金经理通过深度研究与 | 风险承受能力强,追 | | | 精选个股,重仓看好的行业赛道,在普涨行情中有望获 | 求极高回报的激进型 | | | 得极高弹性。 | 投资者 | | 重化多头 | "牛市 Beta + Alpha" ...

近期，A股一路上行势如破竹，上证指数更是创下10年新高，市场赚钱效应显著，汇聚诸多高手的私募基金趁势再度加仓。 私募排排网最新数据显示，截至2025年8月15日，股票私募仓位指数升至74.86%，百亿私募仓位指数更是大幅攀升至82.29%，创下年内单周最大加仓幅度。 值得注意的是，增量资金正通过认购私募产品积极进场。7月新备案私募基金数量为1689只，新备案规模达1074.27亿元，单月备案规模创下近4年新高，上一次单月 新备案超过千亿元还是2021年12月。其中，新备案私募证券基金792.81亿元，这意味着大量资金都是购买的股票私募产品进场。 百亿私募大举加仓 作为市场重要的机构投资者，私募仓位变动往往被视作风向标。随着市场信心的回暖以及赚钱效应显著，私募基金不断加仓。 私募排排网数据显示，截至2025年8月15日，股票私募仓位指数为74.86%，较前一周上涨0.64%，这已经是该指数连续第二周上涨，表明股票私募加仓意愿显著增 强。 其中，百亿私募大幅加仓。截至2025年8月15日，百亿私募仓位指数为82.29%，较前一周大幅上涨8.16%，创下年内单周最大加仓。同时，经过这次加仓之后，百亿 私募仓位指数时 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 7月股商强势上涨，股市方面，上证指数单月涨幅达3.74%，站上3600点（8月最新已站上3780点），深证成指涨幅为5.20%，创业板指上涨 8.14%；商品市场方面，南华商品指数月度上涨3.80%，工业品指数上涨4.86%，黑色指数涨幅达8.52%。 如此行情也点燃了投资者信心，私募证券基金产品迎来备案高峰，私募排排网数据显示，7月完成备案的私募证券基金产品数量创出近27个月以 来新高，且备案产品以股票策略、多资产策略、期货及衍生品策略为主。 实际上，当前现有的私募产品同样以这三大策略为主，私募排排网数据显示，截至2025年7月底，以符合排名规则的私募产品数量计共有4425 只， 股票策略、期货及衍生品策略、多资产策略产品数量居前 ，分别为2737只、617只、602只，三大策略产品合计3956只， 占私募产品总数 接近 9成！ 私募排排网数据显示，截至2025年7月底， 符合排名规则的股票策略产品在 3只及以上且有业绩展示的头部私募 合计61家，旗下股票策略产品 共552只，产品规模合计约为875.38亿元。 今年来旗下股票策略产品收益均值前 ...

经查，深圳泛盈捷资产管理有限公司在从事私募基金业务活动中，存在从事与私募基金管理无关业务的 情形，违反了《关于加强私募投资基金监管的若干规定》（证监会公告〔2020〕71号，以下简称《若干 规定》）第四条以及《私募投资基金监督管理暂行办法》（证监会令第105号，以下简称《私募管理办 法》）第四条第一款的相关规定。 依据《若干规定》第十三条第一款以及《私募管理办法》第三十三条的规定，深圳证监局决定对深圳泛 盈捷资产管理有限公司采取出具警示函的行政监管措施。 8月21日，深圳证监局网站发布关于对深圳泛盈捷资产管理有限公司采取出具警示函措施的决定。 公开资料显示，深圳泛盈捷资产管理有限公司于2007年在深圳注册成立，注册资本为人民币3000万元， 控股股东为泛华财富投资管理（深圳）有限公司。 来源：读创财经 ...

Core Viewpoint - The A-share market has experienced significant fluctuations over the past five years, with a notable decline in risk appetite due to multiple factors such as the Russia-Ukraine conflict, global interest rate hikes, and recurring pandemic issues. However, a recent policy initiative on September 24 has led to a surge in market liquidity and a series of active themes, resulting in major stock indices reaching new highs recently [2]. Group 1: Private Fund Performance - Among private fund managers, only a small portion have successfully navigated the market fluctuations over the past five years, with 121 managers achieving top rankings across 1, 3, and 5-year periods, yielding average returns of 38.65%, 42.11%, and 70.27% respectively [2][3]. - In the top-tier private fund category (over 5 billion), mid-tier (10-50 billion), and small-tier (0-10 billion), 29 managers ranked in the top 50% across all periods, accounting for 23.97% of the total [2][3]. Group 2: Top Managers in Tiered Private Funds - In the top-tier private funds, 8 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, representing 20.51% of the group [4][5]. - All 8 top-tier managers belong to firms with over 10 billion in assets, with subjective private fund managers dominating the top three positions [5][8]. Group 3: Mid-Tier Private Fund Managers - In mid-tier private funds, 7 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, making up 29.17% of this category [9][12]. - The majority of these managers are from firms with 20-50 billion in assets, with subjective private fund managers being the most prevalent [9][12]. Group 4: Small-Tier Private Fund Managers - In small-tier private funds, 14 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, accounting for 24.14% of this group [13][15]. - Most of these managers are from firms with 0-5 billion in assets, with subjective private fund managers dominating the rankings [13][15].

8月21日，江苏证监局发布公告，雷信私募投资基金(南京)有限公司在风险测评中，存在提示、暗示、 诱导、误导等对测试人员进行干扰行为违反了相关规定。江苏证监局决定对其采取出具警示函的行政监 管措施。 天眼查信息显示，雷信私募投资基金（南京）有限公司成立于2021年1月27日，注册地在江苏南京。 来源：读创财经 ...

Core Insights - In July, the number of newly registered private equity funds and product filings reached a record high for the year, indicating a strong growth trend in the private equity sector [2][4]. Group 1: Registration and Filings - In July, 22 new private equity fund managers were registered, marking the highest monthly figure for the year. This includes 6 private securities investment funds and 16 private equity and venture capital funds [2]. - The total number of registered private fund managers reached 19,700 by the end of July, with 11,785 in private equity and venture capital, 7,722 in private securities investment, and 187 in other private investment funds [2]. - A total of 1,698 new products were filed in July, also a record for the year, with a total filing scale of 107.43 billion yuan [4]. Group 2: Product Types and Strategies - The majority of the newly filed products in July were stock strategy products, totaling 887, which accounted for 68.34% of the total filings [5]. - Quantitative funds gained significant attention, with 620 quantitative private securities products filed in July, representing 47.76% of the total filings [5]. - Among the quantitative stock strategy products, 321 were filed under the quantitative long strategy, making up 67.15% of that category [5]. Group 3: Fund Scale and Growth - The total number of existing private funds reached 139,430 by the end of July, with a total scale of 20.68 trillion yuan, showing continuous growth for seven consecutive months [5]. - Among the 676 private securities managers with filed products, the distribution by scale was as follows: 357 managers with 0-500 million yuan, 86 with 500 million-1 billion yuan, and 48 with over 10 billion yuan [6].

Core Viewpoint - The article discusses the performance and ranking of private equity firms in major Chinese cities, highlighting the concentration of firms in first-tier cities and their average returns for the first seven months of the year [1][3]. Group 1: Overview of Private Equity Firms - A total of 571 private equity firms with three or more performance-displaying products are listed on the platform, with over 70% located in "Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou" [1]. - The average returns for private equity products from January to July in these cities are as follows: Shanghai 13.63%, Shenzhen 16.41%, Beijing 14.69%, Hangzhou 17.60%, and Guangzhou 22.70% [3]. Group 2: Shanghai Private Equity Rankings - In Shanghai, 174 private equity firms are recorded, with an average return of 13.63% for the year [4]. - The top three firms in Shanghai by return are 微方基金, 同犇投资, and 龙航资产, with their respective returns being undisclosed due to regulatory requirements [4][5]. Group 3: Shenzhen Private Equity Rankings - Shenzhen has 97 private equity firms, with an average return of 16.41% [11]. - The top three firms in Shenzhen are 富延资本, 能敬投资控股, and 榕树投资, with their returns also undisclosed [11][12]. Group 4: Beijing Private Equity Rankings - Beijing has 78 private equity firms, with an average return of 14.69% [17]. - The top three firms in Beijing are 北京禧悦私募, 北恒基金, and 盛天投资, with their returns undisclosed [17][20]. Group 5: Hangzhou Private Equity Rankings - Hangzhou has 42 private equity firms, with an average return of 17.60% [24]. - The top three firms in Hangzhou are 浩坤昇发资产, 杭州博衍私募, and 云起量化, with their returns undisclosed [24][29]. Group 6: Guangzhou Private Equity Rankings - Guangzhou has 33 private equity firms, with an average return of 22.70% [30]. - The top three firms in Guangzhou are 沁昇基金, 三和创赢, and 泽元投资, with their returns undisclosed [30][35]. Group 7: Other Regions Private Equity Rankings - Other regions have 147 private equity firms, with an average return of 15.31% [36]. - The top three firms in these regions are 滨利投资, 路远私募, and 持赢私募, with their returns undisclosed [36][40].

Company Overview - Hunan Wantai Huari Investment Management Co., Ltd. was established in March 2009, with a registered capital of 10 million yuan and a current management scale exceeding 1.4 billion yuan [4][6] - The company combines value investing and trend investing tailored to the Chinese capital market, focusing on risk control and sustainable long-term returns, with over 90% of clients achieving positive returns [4][13] Development History - The company launched its first trust asset management product in 2009 and became a member of the China Securities Association in 2013 [5] - It obtained private securities fund management qualifications in 2014 and became a member of the Asset Management Association of China in 2017 [5][6] Core Team - The core team consists of members from leading firms such as CICC, GF Securities, and Zhuque Fund, each with over 16 years of experience in their respective research fields [6][12] - The investment and research teams work closely together, ensuring efficient transformation of research into actionable investment strategies [10][12] Investment Philosophy & Strategies - The investment philosophy emphasizes risk control, with a focus on macroeconomic and policy analysis to identify growth sectors while maintaining a balanced approach to risk and return [9][10] - Key strategies include careful stock selection based on growth trajectories and intrinsic value assessments, with a focus on long-term sustainable growth [9][10] Market Outlook - The company is optimistic about a slow bull market characterized by a decline in domestic risk-free rates and a favorable environment for equities [12][14] - The anticipated return of capital to A-shares due to U.S. interest rate cuts and a weaker dollar is expected to drive market growth [12][14] - The economic landscape is shifting from a "negative beta" to a "zero beta" environment, indicating potential for structural market growth despite overall economic weakness [14][15] Core Advantages - The company prioritizes client interests and adopts a long-term investment approach, ensuring a high degree of alignment between management and investor interests [13] - A stable team structure and effective internal collaboration enhance research capabilities and investment decision-making efficiency [13][12]