本书以具体的案例为依托，从中提炼实务问题和裁判观点，旨在系统研究私募基金争议解决领域的现状及问题，探析重大争议问题的法理基础与实践考量，以为从事私募基金交易的当事人提供更好的纠纷解决指引，为相关从业机构优化经营、降低风险提供参考素材。

本书具体内容分为七个主题：主题一“私募基金合同性质的司法认定”；主题二“私募基金募集阶段的法律争议”；主题三“管理人、托管人的义务与责任”；主题四“私募基金保底条款的效力及后果”；主题五“私募基金对外投资涉及的对赌效力及履行争议”；主题六“私募基金对外投资涉及的名股实债争议”；主题七“投资者退出私募基金的法律争议”。

近年来，随着经济的发展及居民投资理财意识的增强，社会投融资与居

民财富配置需求不断增长并呈现出多元化的态势，私募基金以其多样化、差

异化的产品、策略以及灵活的运作方式受到投资者青睐。在政策支持和资金

驱动下，私募基金行业蓬勃发展。与此同时，私募基金行业也暴露出许多问题。

这不仅对行业监管提出了新要求，也对该领域的争议解决提出了诸多新问题、

新挑战。面对各种实践与日益增长的纠纷，正确认定行业中各种样态、行为

的法律性质，合理界定当事人的权利义务与责任，准确评价行业常见交易安

排的效力与后果，逐渐成为该领域常见的实务难题，需要司法予以积极回应。

本书作者团队在办理私募基金领域案件过程中，深感有必要系统梳理私募基

金争议解决的实际现状和发展趋势，提出相关问题和解决办法，为从业人员

和投资者提供有益借鉴，以期引导投资者理性投资，促进相关从业机构优化

经营、降低风险，并为行业规范可持续发展贡献绵薄之力。

为便于读者更加有效地阅读和使用本书，笔者对本书的写作背景、写作

方法、主要内容等作如下简要说明。

一、本书写作背景：我国私募基金行业的高速发展呼唤更为有效

的争议解决规则供给

建设多元化融资体系和多层次资本市场是21世纪以来我国金融业发展的

战略方向。在我国经济从中高速发展迈向高质量发展的时代背景下，私募基

金在支持创业创新、推进供给侧结构性改革、提高直接融资比重、服务实体

经济和居民财富管理等方面发挥了重要作用。2013年，修订后的《证券投资

基金法》正式将私募基金纳入规范范畴，从立法层面确立了私募基金的合法

引 言



地位。2014年5月，国务院印发《关于进一步促进资本市场健康发展的若干

意见》，对发展私募基金作出战略部署。2014年8月，中国证监会公布施行

《私募监管暂行办法》，初步建立起私募基金运作监管的基本规则框架。

由此，我国私募基金步入高速发展阶段。截至2020年底，在基金业协

会登记的私募基金管理人2.46万家，备案私募基金9.68万只，管理基金规

a

模15.97万亿元。与2014年的私募基金规模1.4945万亿元b相比，6年间增

长近10倍。私募基金日益成为我国投融资体系和资本市场中的重要力量。

随着私募基金的蓬勃发展，侧重于监管的规范体系不断完善。2020年

12月30日，证监会公布《加强私募监管规定》，总结私募基金行业的监管

经验，重申和细化私募基金监管的底线要求，对加强和完善私募基金监管意

义重大。但应看到的是，私募基金行业的持续健康发展不仅需要监管规则的

不断完善，也对争议解决规则提出更大范围、更深层次的需求。与类型各异、

数量庞大的私募基金民商事纠纷相比，直接面向争议解决的立法和司法规则

供给明显滞后和不足。2017年，国务院法制办曾就《私募基金管理暂行条

例（征求意见稿）》公开征求意见，但一直未见实质性进展，而依托于证监

会的部门规章、规范性文件以及基金业协会的行业自律性规范等构建的监管

规范体系，不仅规范效力层级较低，在司法中存在适用困境，而且大多从金

融监管的角度作出规定，较少涉及私募基金中的民事权利义务关系，难以支

撑解决私募基金民商事纠纷的现实需求。与之相应的是，司法实践在处理不

少私募基金民商事争议问题时，均存在裁判标准不清晰、不统一甚至不适当

的情形。特别是，对私募基金合同性质、机构义务与责任、保底条款效力、

对赌协议等全局性、基础性的重要问题，司法实践也还不能提供稳定、一致、

可预期的裁判规则。这已经成为影响纠纷公正解决、制约行业发展的因素之

一。为此，本书旨在系统梳理私募基金争议解决领域的现状与问题，探析重

大争议问题的法理基础与实践考量，以为当事人提供更好指引。

a　数据来源：《中国证监会：〈关于加强私募投资基金监管的若干规定〉起草说明》。

b　数据来源：《中国证券基金业协会：私募基金行业年度数据》，https：//www.amac.org.cn/

researchstatistics/datastatistics/privategravefundindustrydata，最后访问日期：2021年1月11日。



引 言

IX

二、本书写作方法：以实务案例为基础，聚焦实务热点、难点

问题

目前，市场上专门从争议解决角度研究私募基金的成果不多。因此，

对私募基金纠纷解决涉及的问题进行系统梳理和研究，确有其必要性与现实

价值。

本书作者均供职于天同律师事务所。作为一家专注商事争议解决的律师

事务所，司法裁判是我们工作学习的宝藏。依托裁判文书公开带来的海量数

据，笔者详细检索、梳理近年来私募基金纠纷案例a，提炼实务问题和裁判

观点，总结具有普遍性、代表性的问题并将之纳入写作范围。通过梳理整合，

本书力求将当前司法实践中多发易发、矛盾突出、风险较大的纠纷类型充分

挖掘并呈现出来，从而展现司法实践的现状、问题与发展趋势。

在分析实践案例的过程中，笔者注意到，尽管监管层面对私募基金行业

的合规性要求日趋严格，但仍有一些投资者、从业机构及人员盲目追逐自身

利益，肆意突破行业合规底线。对此，本书通过梳理总结司法实践现状，特

别是有关民事责任的裁判情况，点明包括募集、投资、管理、退出等阶段在

内的私募基金全流程的行为底线，以提示投资者、从业机构及人员敬畏规则、

合规运作。

同时，私募基金具有专业性强、监管规则细碎等特点，对于从事私募基

金的各类机构而言，一些管理运作中的细节问题往往成为决定纠纷发生时责

任承担及分配的关键。因此，从裁判结果梳理总结民事责任分配的司法考量，

有助于从业机构与人员借鉴“前车之鉴”，从而更加全面细致、更有针对性

地从全流程、全要素改进优化合规运作。

三、本书主要内容：私募基金涉及的实务争议

私募基金所涉争议大体可以归为两类：一类是私募基金内部当事人之间

的争议，主要是投资者与管理人、托管人、销售机构等机构之间的争议；另

a　考虑到信托纠纷、资产管理计划纠纷与私募基金纠纷在相关法律问题上的相似之处，本书亦

引用了部分信托纠纷案例和资产管理计划纠纷案例。



X

私募基金法务实操指引

一类是私募基金作为对外投资的主体，与交易对手之间的争议，其中包括近

年来持续作为行业热点的对赌协议、“名股实债”等争议。

在讨论私募基金各种争议（尤其是基金内部争议）问题时，监管规则对

司法实践的影响是一个基础性议题。笔者理解，私募基金监管总体上指向防

范金融风险、服务实体经济和保护投资者权益三大目标。为实现监管目标，

各层次的规范确立了禁止资金池、禁止保底承诺与刚性兑付、合格投资者、

信息披露等一系列监管制度与规则。同时，相较于公募基金，私募基金具有

投资者准入门槛高、风险外溢范围相对较小等特点，故对私募基金的监管应

遵循适度监管原则，避免窒息市场活力。

监管目标和监管特点对私募基金争议解决实践具有两方面重大影响。一

方面，为形成监管合力，避免司法成为金融监管的真空地带，司法实践须与

监管规则及精神相协调，避免被监管层面负面评价的行为、利益反而被司法

肯定。另一方面，司法实践应当充分考量监管规则保护的法益与价值，合理

界定意思自治与公序良俗的范围，避免合同无效的泛化。在损失分配方面，

应当按照责任与义务相适应的原则，合理认定机构赔偿责任，既要依法保护

投资者合法权益，又要避免扼杀行业发展。

本书以私募基金“募集—投资—管理—退出”全周期为脉络，着眼于合

同性质、合同效力与责任分配三大关键问题，关注监管规则对争议解决的影

响，对私募基金内部和外部所涉热点争议的司法实践情况进行梳理分析，并

提出见解。本书主要内容如下：

私募基金合同性质的司法认定

私募基金合同的性质认定通常是解决争议时首要处理的焦点问题，合同

性质的认定在相当程度上决定了如何确定当事人的权利义务。本章将从理论

上分析私募基金合同的性质，梳理司法实践将名为私募基金合同的合同认定

为借贷、委托理财等其他类型合同的情形，归纳并探讨裁判机构认定私募基

金合同性质的各种考量因素。

私募基金募集阶段的法律争议

募集行为是否规范、合法直接关涉私募基金合同的效力和当事人责任。

本章对司法实践中私募基金募集阶段存在的共性问题进行观察分析，讨论管

理人登记与基金备案、合格投资者认定、基金份额代持和拆分等对合同效力、



引 言

当事人责任的影响，重点分析管理人、销售机构违反募集阶段义务的责任认

定，梳理募集失败相关争议问题的实践情况。

管理人、托管人的义务与责任

私募基金投资失败时，管理人、托管人的义务与责任是当事人博弈的核

心问题。本章总结归纳管理人常被追责的义务违反类型，分析管理人赔偿责

任的归责原则、因果关系、损失认定与计算等问题。围绕托管人责任这一热

点问题，探讨托管人的法律地位，梳理托管人违反监督义务的类型与实践认

定情况，并对托管人赔偿责任进行分析。

私募基金保底条款的效力及后果

保底条款是私募基金领域长期存在的常见交易安排，但司法实践对其效

力与后果一直没有形成共识。本章将重点讨论保底条款的界定，包括实践中

常见的事后保底条款和预期收益率、业绩比较基准约定是否构成保底；梳理

归纳司法实践认定保底条款有效或者无效的理由，讨论判定保底条款效力的

规范依据困境；梳理保底条款认定有效或无效的法律后果，介绍保底条款无

效对私募基金合同效力的影响。

私募基金对外投资涉及的对赌协议效力及履行争议

对赌协议是私募基金对外投资的常见交易安排。实践中，对赌协议的效

力认定，对赌条件的实现、补偿或回购金额的计算，权利请求期限是高发争

议事项。本章将结合投融资领域关于对赌协议的一般规则、典型案例，结合

私募基金的具体情况，对上述问题进行梳理分析，并就对赌协议的签署、发

生争议时的证据准备等问题提出建议。

私募基金对外投资涉及的“名股实债”争议

私募基金对外投资时采取的特定交易安排在实务中经常引发是否构成

“名股实债”的争议。本章将结合司法实践，探讨“名股实债”条款的性质

与效力，指出应当平衡意思自治与商事外观主义，综合投资目的、交易价格、

股东权义设置、收益分配、担保机制以及是否涉及第三人等因素认定其性质，

效力判断应以《民法典》关于合同效力的规定为基准，兼顾规范性质、公序

良俗等因素作出审慎认定。

投资者退出私募基金的法律争议

本章关注私募基金投资者从基金退出的问题，立足于实践中私募基金投



资者退出难的现实困境，分别就契约、合伙、公司三种类型私募基金中，投

资者常见的退出路径、退出条件及风险点进行梳理和分析，并就实践中出现

的优先清算权条款效力、清算和定损的关系等问题进行探讨。

为方便读者阅读和使用，本书每章开始处设置内容导览图，正文设置“法

规链接”“典型案例”“实务提示”等栏目，并整理了《私募投资基金重要

规范性文件目录》作为附录。

囿于作者水平和精力，本书难免有缺漏错误之处，敬请读者批评指正，

在此诚表感谢。



目 录

第一章　私募基金合同性质的司法认定 ······························································1

一、私募基金及私募基金合同的本质·······································································2

二、司法实践认定“私募基金合同”为借款合同的情形·······································6

（一）固定收益条款的表现形式 ····························································································7

（二）投资者与管理人之间的固定收益条款对合同性质、效力的影响 ··························10

（三）投资者之间的固定收益条款对合同性质、效力的影响 ··········································12

（四）其他可能影响“私募基金合同”被认定为借款合同的因素 ··································16

三、司法实践认定“私募基金合同”为委托理财合同的情形·····························19

（一）契约型私募基金合同与委托理财合同的区别 ··························································19

（二）司法实践认定“私募基金合同”为委托理财合同的常见情形 ······························21

四、司法实践对“私募基金合同”作出其他定性的情形·····································24

（一）投资者与“管理人”之间仅成立合伙关系，但不成立私募基金合同关系 ··········25

（二）私募基金先投资、后募资，募资行为不构成私募基金合同关系 ··························25

（三）投资者以签订基金合同的方式提供担保 ··································································26

第二章　私募基金募集阶段的法律争议 ···························································29

一、私募基金管理人未登记/私募基金未备案的法律后果 ·································30

（一）私募基金管理人未登记/私募基金未备案对基金合同效力的影响 ·······················32

（二）私募基金管理人未登记/私募基金未备案的其他法律后果 ···································41

二、适当性义务的实践认定·····················································································43

（一）注重实质审查募集机构是否履行适当性义务 ··························································45

（二）注重审查投资者的自主决策能力，并将投资者具备自主决策能力的证明

责任倒置于募集机构 ··············································································································49



私募基金法务实操指引

XIV

（三）违反或规避合格投资者规定对合同效力的影响 ······················································50

三、管理人违反募集阶段义务的法律责任·····························································61

（一）管理人在募集阶段的义务 ··························································································61

（二）管理人违反募集阶段义务的责任 ··············································································62

四、销售机构在募集阶段的法律责任·····································································68

（一）销售机构与投资者之间的责任承担 ··········································································69

（二）销售机构与管理人之间的责任划分 ··········································································74

五、募集失败的法律后果·························································································76

第三章　管理人、托管人的义务与责任 ···························································79

一、管理人违反义务的赔偿责任·············································································80

（一）管理人义务概述：规范来源与义务实质 ··································································80

（二）管理人违反义务的常见情形 ······················································································82

（三）管理人违反义务的赔偿责任 ······················································································95

二、托管人违反义务的赔偿责任···········································································100

（一）托管人在私募基金中的法律地位 ············································································100

（二）托管人违反监督义务的实务认定 ············································································104

（三）托管人违反义务的赔偿责任 ····················································································113

第四章　私募基金保底条款的效力及后果 ·····················································117

一、私募基金保底的认定·······················································································118

（一）基金损失发生后形成的金钱给付安排 ····································································119

（二）预期收益率、业绩比较基准约定 ············································································122

二、现行有关私募基金保底条款规则的梳理·······················································124

三、司法实践对私募基金保底条款效力的认定···················································132

（一）司法实践认定保底有效的主要理由 ········································································132

（二）司法实践认定保底无效的主要理由 ········································································138

四、私募基金保底的法律后果···············································································146

（一）认定保底有效时的法律后果 ····················································································146

（二）认定保底无效时的法律后果 ····················································································146



目 录

XV

第五章　私募基金对外投资涉及的对赌协议争议·········································151

一、私募基金对外投资涉及的对赌协议效力争议···············································152

（一）目标公司为股东对赌义务提供担保的效力 ····························································158

（二）“抽屉协议”“冻结条款”等对赌约定的效力 ····················································170

二、私募基金对外投资涉及的投资方与目标公司对赌履行争议·······················175

（一）投资方与目标公司对赌协议履行规则的发展 ························································175

（二）《九民会议纪要》规则下的对赌协议签署与履行 ················································178

三、私募基金对外投资涉及的投资方与股东对赌履行争议·······························189

（一）目标公司净利润为负值时，如何计算业绩补偿额 ················································189

（二）不同业绩补偿形式的阈值设置 ················································································191

（三）多个对赌义务主体之间的责任分担 ········································································195

（四）投资方能否同时主张现金补偿和股权回购 ····························································196

第六章　私募基金对外投资涉及的名股实债争议·········································199

一、名股实债的定义和交易结构···········································································200

（一）名股实债的定义 ········································································································200

（二）名股实债的交易结构 ································································································204

二、名股实债的性质·······························································································205

（一）名股实债性质之争的典型情形 ················································································205

（二）司法实践对名股实债性质的认定 ············································································207

（三）名股实债的性质分析 ································································································223

三、名股实债的效力·······························································································228

（一）关于名股实债的规范性文件 ····················································································228

（二）名股实债的效力分析 ································································································229

四、与名股实债有关的其他问题···········································································240

（一）股权收益权转让及回购交易的性质认定 ································································240

（二）名股实债的性质认定不影响仲裁条款的适用 ························································243

（三）法院可能按照民间借贷利率上限调整股权投资违约金 ········································244

（四）法院可能基于监管要求对债权投资的借贷利率进行调整 ····································246

（五）关于资本公积金的返还问题 ····················································································247



第七章　投资者退出私募基金的法律争议 ·····················································251

一、投资者退出私募基金主要途径·······································································252

二、司法实践中常见的私募基金退出争议···························································258

（一）关于退出条件是否成就的相关争议 ········································································258

（二）关于损失赔偿的相关争议 ························································································267

附录　私募投资基金重要规范性文件 ·····················································281

一、法律···················································································································281

二、行政法规···········································································································281

三、法规性文件·······································································································282

四、部门规章···········································································································282

五、规范性文件·······································································································283

（一）综合类 ························································································································283

（二）登记备案 ····················································································································283

（三）会计税收 ····················································································································284

（四）其他 ····························································································································284

六、自律规则···········································································································285

（一）综合类 ························································································································285

（二）管理人登记及资质管理 ····························································································286

（三）产品备案 ····················································································································287

（四）证券、期货公司资管业务 ························································································288

（五）基金服务业务 ············································································································289

（六）会员管理 ····················································································································289

（七）其他 ····························································································································290



从纠纷解决到风险防范，

募集——投资——管理——退出 全周期指引

天同所团队一一击破私募基金重点难点

朱华芳：天同律师事务所合伙人，国内仲裁业务负责人。中国国际经济贸易仲裁委员会、上海国际经济贸易仲裁委员会、深圳国际仲裁院等多家仲裁机构仲裁员，拥有二十多年的法律风险管控、处理境内及涉外商事诉讼和仲裁案件的经验。被《亚洲法律杂志》评为“2022年中国十五佳诉讼律师”，在《钱伯斯全球指南》《钱伯斯亚太指南》及《钱伯斯大中华区指南》榜单中连续多年入选“争议解决：仲裁”领先律师名录，并连续三年（2019-2021）被《商法》评为年度100位中国业务优秀律师（The A-List）。

郭佑宁：天同律师事务所资深出庭律师。多次代理**人民法院和各级法院的诉讼案件和国内各主要仲裁机构的案件，善于处理商事领域重大疑难复杂争议。服务的客户包括多家中央企业、大型金融机构、上市公司。能够准确理解和响应客户需求，提供全面深入的争议解决方案，广受客户信任与好评。2021年度获评LEGALBAND中国律界俊杰榜30强。