私募股權投資基金籌資法制之比較研究

Abstract

私募股權投資基金源自於美國，並在全球熱烈發展，而近幾年來亞洲各國已為大型私募股權投資基金鎖定的投資地區，臺灣亦是受關注的焦點之一。然觀諸我國法制現況，似並不利於外資及本土私募股權投資基金之發展，故本文擬針對實務上私募股權投資基金如何進行籌資操作，比較法上相關規範為何，尤其是針對－有限合夥契約的核心條款為何、在實務上契約簽訂時的考量重點何在，以及我國有限合夥法草案中與之相關之內容，有何值得修改之處，進行研究。 本文於先對私募股權投資基金之概念、發展歷史、類型、特性與作用、操作流程以及風險進行介紹。接著對於私募股權投資基金的組織類型進行簡介，並對有限合夥制的私募股權投資基金為何能成為市場上主流進行解釋。接著於第四章中對各國就私募股權投資基金募集的法制規範進行研究，並正式於第五章中探討私募股權投資基金的實務議題，包括如何發起、募集、設立及其具體相關細節，並對有限合夥契約的核心條款內容進行分析研究。最後，本文於第六章將焦點拉到我國有限合夥法草案與私募股權投資基金募集有關的相關條文上進行比較研究，並提出改進建議，期待我國本土私募股權投資基金未來能蓬勃發展，最後總結全文而為結論。

關鍵字： 私募股權投資基金、籌資募集、有限合夥協議

Private equity investment fund is originated in the United States, and has been well-developed worldwide. In the recent years, Asia has become targeted by major private equity investment funds as a significant area of investment, which includes Taiwan. However, observing local legal system, it seems not favored for development of foreign and local private equity investment funds in Taiwan. Therefore, the thesis will focus on comparing relevant regulations in terms of how private equity investment funds raise their capital, especially in core covenants of limited liability partnership contracts, considerations of signing such contracts in practice, and corresponding regulations in draft limited liability partnership law of Taiwan. The thesis will first introduce the concept, history, types, features and utility, process and risks of private equity investment fund. Then the thesis will briefly illustrate the organization types of private equity investment fund, and explains the reason that limited-liability private equity investment fund becomes the mainstream. In Chapter 4, the thesis compares laws of raising capital of private equity investment funds in different countries, and will discuss practical issues such as how to start, raise fund, establish a private equity investment fund in Chapter 5. And then, Chapter 6 will focus on relative articles in draft of limited liability partnership law of Taiwan, and proposes recommendation of improvements in expecting well development of private equity investment funds in Taiwan. At last, a conclusion will be provided. Keywords: Private Equity Fund, Fund-Raising, Limited Partnership Agreement