1、1国内外有限合伙协议的主要差别目录Limited Partnership Agreement - 有限合伙协议简单介绍 2有限合伙协议基本框架结构图 3Sample Limited Partnership Agreement (海外公司合伙协议模板) .4国内合伙协议案例模板 5国内外合伙协议的差别所在 6出资额 .6LOANS 贷款 7Management Authority and Powers 基金管理者权威与权力 .7Investment Polocy Guidelines 11解散与清算 12Advisory Board 13国外融资文件所包含的主要条款与填写习惯 .14房地产项目融
2、资资料清单 .172Limited Partnership Agreement - 有限合伙协议简单介绍私募股权投资基金的主要组织形式是有限合伙制，其中私人股权投资公司作为普通合伙人，基金整体作为有限合伙存在。基金主要从有限合伙人处募集款项，并由普通合伙人做出全部投资决策。基金在其存续周期中一般会做出 15项到 25项不同的投资，每项投资的金额一般不超过基金总金额的 10%。普通合伙人报酬的主要来源是基金管理费，另外还包括业绩佣金。一般情况下，普通合伙人可获得基金总额 2%到 4%的年度管理佣金以及 20%的基金利润。私人股权投资基金的投资回报率常超过 20%，如从事杠杆收购或早起投资则回报率
3、更高。国内外的有限合伙协议都详细列载了投资者（有限合伙人）与基金管理方（普通合伙人）之间的一种具有法律约束力的纽带关系。合作伙伴同意有限合伙协议中所列举的商业条款，有限合伙人可能不会参与到有限合伙企业的管理中，如果它这样做了，它将会失去它所承担的有限责任。同时，有限合伙协议明确指明了每个合伙人的权利与义务，并寻求多个层次的掌控；不光涉及到关键商业问题（如投资策略，利润共享，开支等） ，也囊括了详细的行政问题。3有限合伙协议基本框架结构图下图是关于合伙协议基本框架结构的一个简单介绍：从图中我们可以了解到有限合伙人（主要投资者）通过箭头 1指示向有限合伙企业提供资本或贷款，来资助合伙企业对目标公司
4、进行相应的投资活动（箭头 2）.作为回报，有限合伙人会得到应有的利益分配以及贷款的偿还(箭头 4)。通常来说，管理费用可能会被归类为有限合伙企业利润的份额（通常被称为优先支付的利润份额） 。Limited Partnership有限合伙企业Investors投资者Target Companies目标公司Manager基金管理者General Partner普通合伙人124354Sample Limited Partnership Agreement (海外公司合伙协议模板)CONTENTS（目录）Clause （款项）1. Definitions （定义）2. Compliance with
5、the Act, Name, Purpose, Commencement and Duration, PrincipalPlace Of Business And Co-Investment （遵守法律的声明，公司名称，经营范围，业务地点等）3. Capital Contributions （出资额）4. Loans （贷款）5. Rights And Duties Of The Manager （基金管理者的权利与义务）6. Investment Policy Guidelines （投资政策指导方针）7. Allocation Of Liabilities, Profits And Los
6、ses （责任分配，利益与亏损）8. Distributions 9. Assignment Of Interests （权益转让）10. Termination And Liquidation （终止与结算）11. Accounts, Reports And Auditors （会计，报告与审计）12. Meetings Of Limited Partners And The Advisory Board （有限合伙人与咨询委员会）13. ERISA Investors (ERISA的意思是美国雇员退休收入保障法)14. BHC Partners （阐述了符合条件的外资银行机构的要求）15.
7、 Miscellaneous （杂项补充）Schedule 1 COMMITMENTS OF LIMITED （附表1，有限合伙人承诺）Schedule 2 INVESTMENT FOCUS （附表 2，投资重点）5国内合伙协议案例模板目录1 定义2 有限合伙企业3 合伙人总认缴出资额及各合伙人认缴的出资额4 普通合伙人5 有限合伙人6 新有限合伙人入伙7 收益分配与亏损分担8 会计及报告9 合伙事务的执行10 权益转让11 解散和清算12 不可抗力13 争议解决14 其他附件一：合伙人名称/姓名、住所、认缴出资额清单通过对比国内外这两种合伙协议的模板，我们可以看出二者总体框架所陈述的内容都是
8、一致的，如果与国外资本有合作的情况，为了减少谈判中的阻力以方便对接，我们需要着重了解美国合伙人协议中的如下几方面差异内容：Capital Contribution (出资额方面的差异)；Loans (贷款)； Management Authority and Powers (管理中的权利与权威)；Investment Policy Guidelines ( 投资的政策性指导) ；Termination and Liquidation (解散与清算中的续约合伙关系)；Advisory Board (咨询委员会)。6国内外合伙协议的差别所在出资额 -（通过对比，差别不大）Increase in C
9、apital 出资额的增加The Manager may, at one or more subsequent Closings, admit Additional Limited Partners to the Partnership after the date hereof up to the Final Closing Date (with the exception of the SPV which may be admitted at any time).有限合伙人募集成功后，将不再接受新的有限合伙人入伙。但是可能会在公布的最后截止日期之前，承认，吸纳新的有限合伙人。 （特殊目的公
10、司/机构除外，它可以在任何时候被接纳）The Manager shall procure that the constitutional documents of each of the Partnerships regarding adjustments to be made on such Closings.基金管理公司将会敦促相应组织章程文件的落实以及适当修改。Where an Additional Limited Partner is admitted to the Partnership, such Partner shall be required to execute a for
11、m of application in such form as the Manager may require and such form of application shall be appended to this Agreement.当新的有限合伙人被吸纳到这种合作关系中，这些合伙人将会被要求执行相应的行为规范及申请表格因为基金管理公司会要求类似形式的行为，表格必须依附于合伙协议。Where an Additional Limited Partner is admitted to the Partnership, the amount of the Capital Contribut
12、ion of the Special Limited Partner shall be increased to reflect any resulting increase in the aggregate Capital Contributions of the Limited Partners in the Partnership, so that the Capital Contributions of the Special Limited Partner, shall always equal 20% of the total Capital Contributions of th
13、e Limited Partners and the Special Limited Partner.当新的有限合伙人入伙，总的出资额度将会提高来反应出合伙关系中他们对于总资本的贡献。因此这些特殊有限合伙人的出资额度应该始终等同于有限合伙人和特殊有限合伙人全部出资的20%。7LOANS 贷款-（国内合伙协议中很少涉及到这一部分）General Partner 普通合伙人The General Partner shall not be required to advance any Loan to the Partnership.普通合伙人不会被要求对其所处的合伙关系提供任何形式的贷款。Limi
14、ted Partners 有限合伙人The Loans to be made by each of the Limited Partners shall be advanced by each such Limited Partner as to 2.49% of its Commitment pursuant to a first Drawdown Notice issued on or around the Initial Closing Date for payment within twelve Business Days of the date of such notice。每一个有
15、限合伙人向合伙关系中所提供的贷款所要注意的内容。Management-（主要差别在于更详细的界定了基金管理者的职责，权利）Management Authority and Powers 基金管理者 权威与权力Subject to the terms of this Agreement (and subject to the powers and duties of the Custodian as set out in the Custody and Administration Agreement), the Manager shall have full power and authori
16、ty on behalf of the Partnership and with the power to bind the Partnership thereby and without prior consultation with any of the Limited Partners在遵守合伙协议中的条款（依据保管以及管理协议中所陈列的权利和职责），基金管理者有充分的权力和权威代表着合伙关系并且有权力承接这种合伙关系而不必另行协商有限合伙人。(a) to formulate the investment policy of the Partnership provided that i
17、n so doing the Manager shall have regard to the Offering Document, the purpose of the Partnership as set out and act 8in accordance with the investment policy guidelines of the Partnership；制定合伙企业的投资政策。基金管理者要参照合伙协议中所列述的合伙的目的，并且按照投资政策来开展日常工作(b) to locate, evaluate and negotiate investment opportunitie
18、s and to acquire, underwrite, hold, sell, exchange, convert or otherwise dispose of Investments or Temporary Investments for the account of the Partnership and to enter into investment agreements on behalf of the Partnership provided that in so doing the Manager shall procure that in respect of each
19、 Investee Company:定位，评估和洽谈投资机会与收购，包销，持有，出售，交换，转换或处置投资和短期投资；并代表合伙公司来签订投资协议(c) to monitor and where appropriate to appoint or remove directors to the boards of Investee Companies;监测，并在适当的情况下来委任或罢免投资公司董事会的董事(d) to receive on behalf of the Partnership Capital Contributions, Loans and any other payments
20、pursuant to the terms of this Agreement made by Limited Partners and to receive investment income and other monies arising from Investments;代表公司来接收合伙人的出资，贷款和其他任何本协议中所列举的有限合伙人的付款，获得投资收益和其他方面所产生的投资回馈。(e) as required or appropriate, to open, maintain and close bank accounts and custodian accounts for t
21、he Partnership or elsewhere and to draw cheques and other orders for the payment of monies;根据需要在适当的时候，开户，维护和关闭银行账户以及托管账户，并开具支票和其他需要支付的款项(f) to enter into, make and perform such contracts, agreements and other undertakings (or to require the General Partner acting on behalf of the Partnership to do t
22、he same) and to do all such other acts as it may deem necessary and advisable for or as may be incidental to the 9conduct of the business of the Partnership including the establishment of intermediate corporate investment vehicles of the Partnership through which Investments and short term or tempor
23、ary investments may be held;制定并且执行相关的合同，协议和承诺。因为这多于合伙企业来说可能是必要而且可取的。包括企业投资工作，途径的选择，来保证短期的或者临时的投资有进行的可能性。(g) to make loans provided that such loans shall only be made in connection with an Investment, for the avoidance of doubt that the making of any such loan would not cause a breach of the agreemen
24、t; to disburse payments of expenses payable by the Partnership including the expenses of acquiring and disposing of Investments to the extent that such expenses have not or will not be paid by any other person;确保企业所接受的贷款之运用于投资活动中，以免产生违反合伙协议的疑虑；发放相关费用包括收购，部署投资中所产生的各种费用。(h) To commence or defend any l
25、itigation relating to the Partnership or to any of the Partnership Assets;对有关于合伙企业或合伙资产的相关诉讼进行辩护(i) To enforce security and exercise liens, charges, seize collateral or pledged assets, appoint administrators, liquidators, receivers and reinsurers and generally to act to protect the Partnership Asset
26、s;安全的留置权，审核好抵押品或者质押资产，委任管理员，清算员等并采取措施来保护合伙资产(j) to hold the Partnership Assets and to maintain the Partnerships records and books of account at the Partnerships principal place of business and to allow any Limited Partner or Special Limited Partner or its representative access there to at any time d
27、uring normal business hours by prior arrangement for the purpose of inspecting or copying the same provided that such Limited Partner or Special Limited Partner shall reimburse to the Manager any expenses incurred by the Manager in connection with such inspection or copying;10看管好合伙企业资产，做好企业账户看管工作，允许
28、任何有限合伙人或它的代表在正常的业务时间进行事先安排好的检查工作；(k) To make payments and distributions to the Partners in accordance with the terms of this Agreement;按照本协议的条款来给合伙人支付，分派收益(l) To carry out periodic valuations of the Partnership Assets and to furnish such valuations to the Limited Partners and to the Special Limited
29、Partner in accordance with the agreement对合伙资产进行定期评估(m) To admit Additional Limited Partners and Substitute Limited Partners and any Substitute Special Limited Partner to the Partnership in accordance with the agreement;承认其他的有限合伙人(n) to engage employees, agents, lawyers, accountants, custodians, brok
30、ers, investment and financial advisers and consultants as it may deem necessary or advisable in relation to the affairs of the Partnership;聘请雇员，律师，会计师，托管人，投资和财务顾问以及咨询师(o) Generally to communicate with the Limited Partners and to report to the Limited Partners at such times as it shall think fit and
31、to represent the Partnership in all things;经常与有限合伙人进行沟通并且汇报公司运营情况(p) to provide reasonable assistance to enable the Limited Partners and the Special Limited Partner to claim any reliefs from taxation and to prepare tax returns in respect of their profits from the Partnership;提供合理的支持以使有限合伙人进行税务宽减，并准备
32、相关利润的纳税申报(q) to establish holding companies and/or intermediate vehicles (which need not be based in USA) for the purpose of effecting an investment in an Investee Company in circumstances where the use of such holding company and/or intermediate vehicle is in the Managers reasonable judgments in 11
33、the best interests of the Partnership including, without limitation, where the use of such holding company and/or intermediate vehicle may reasonably be regarded as protecting the limited liability status of the Limited Partners and/or mitigating any tax, regulatory or other liability arising in the
34、 context of such investment provided always that, for the avoidance of doubt, the indirect investment in the underlying Investee Company in relation to which any such holding companies建立控股公司来协助投资公司进行投资活动，这种情况使经过深思熟虑的，满足合伙企业的实现利益最大化；这种辅助功能包括，但不局限于，利用该控股公司来保护有限合伙人的有限责任地位/或者减轻税务，为免生疑问，通常情况下会间接投资于相关子公司的
35、任何控股公司；INVESTMENT POLICY GUIDELINES 投资的政策性指导（对于某些特定行业的投资计划标注了限制，国内合伙协议没有提到）(a) Adhere to the investment objectives and policy of the Partnership as set out in the Offering Document and shall have particular regard to the investment focus of the Partnership as set out in this Agreement. In particular
36、 investments will predominantly be made in Investee Companies based principally in and which are engaged in and/or - related activities. Such investments will be made either directly or indirectly through an intermediate vehicle or structure.遵循协议中的投资目标并着重考虑投资重点的合作伙伴关系；特定的投资将主要应用于（）和（）或（）相关活动，这些投资活动将
37、会直接或间接的实行；(b) the Manager will not make any Investment on behalf of the Partnership in any entity which, to its knowledge (having made reasonable enquiries of such entity), is focused upon operating in the tobacco industry, gambling services, waste incineration/toxic waste treatment, armaments/milit
38、ary equipment manufacture, construction of buildings for administrative activities/public administration itself, trade finance business, cold storage 12facilities, agricultural production or processing of agricultural and fisheries products provided that such prohibition shall not apply where any in
39、volvement in any such activity set out above forms an incidental or ancillary part of or does not form the focus of the operations conducted by such entity;在某些特定的行业不会进行投资，例如烟草行业，博彩业，有毒废物的处理行业等等；解散与清算- （主要差别在于国内协议中没有涉及到合伙续约的相关内容）Extension of Life of the Partnership 续约合伙关系Continuation of the Partnersh
40、ipIf the Agreement would otherwise be terminated，the Partnership and its business may be continued in the event that Limited Partners and Investors in the other Partnerships, by an Investor Special Consent elect to continue the Partnership and appointing a new general partner(s) and/or manager provi
41、ded that the investors in each of the other Partnerships do likewise. Such election must be obtained within forty five (45) days after all the Limited Partners have been notified of the event of termination, whereupon the General Partner or Manager shall cease to be the general partner or manager on
42、 the appointment of the new general partner or manager. 如果合作协议即将终止，有限合伙人和其他投资者可能会选择继续伙伴关系，并且新招募了一个普通合伙人。这种选择必须在有限合伙人被通知合伙项目中止的45天之内完成，因此，现有的普通合伙人将会被终止其权利当新的普通合伙人或基金管理人员被任命13Advisory Board 咨询委员会- （国内合伙协议中没有此方面的规定，可以用来借鉴参考。咨询委员会主要代表了有限合伙人的利益）Whilst the LPA may provide for there to be annual meeting en
43、abling investors to ask about their investments and question the manager, it may also provide for the constitution of an advisory board. The purpose of this board is to represent the interests of the limited partners. The advisory board may also advise on other matters such as potential conflicts of
44、 interest for the manager and its associated companies and valuations of portfolio investments. In order to protect the limited partners limited liability (they cannot take part in the “management” of the partnership business and, at the same time, retain their limited liability status), this board
45、will be specified to be supervisory only. (Indeed, in order to try to avoid infringement of the USA regulatory provisions and the Limited Partnerships Act, there may be an explicit provision that members of the board will not take part in the management of the partnership business.) In such circumst
46、ances, the advisory board would not be entitled to force the manager to follow its advice or decisions. The composition of the advisory board may be fixed by the LPA or the manager may be able to choose who is to sit on the board. Such boards are usually called the “Advisory Board” or “Investors” Ad
47、visory Committee”. The maximum number of members of the Advisory Board at any one time shall be five虽然有限公司合伙协议可以提供年度会议来给投资者解疑，但它也可以组成一个咨询委员会。目的就是代表有限合伙人的利益。这个咨询委员会也可以就其他问题，例如潜在的利益冲突，联营公司，投资组合估值进行指导。咨询委员会不能参与到合伙企业中的“管理”。为了保障有限合伙人的有限责任状态，这个委员会将只会形式监督职责。（事实上，为了尽量避免侵犯美国的监管规定和“有限责任合伙法”，这里有一个明确的规定，监管委员会将不
48、会参与到合伙企业的管理中去）。在这种情况下，咨询委员没有权迫使基金公司管理者接受他的建议或决定。委员会的组成构架可能在合伙协议中已经被指定了。这种委员会通常被称为咨询委员会或者是投资者咨询委员会。14国外融资文件所包含的主要条款与填写习惯一、 公司介绍 1 公司简介：内容包括公司成立的时间、注册资本金、公司宗旨与战略、主要产品等，2 公司现状公司的资本结构、净资产、总资产、或者其他有助于投资者认识你的公司的有关参考资料。如果是私营公司还应提供前几年经过审计的财务报告。如果经过审计请注明审计会计师事务所，如果未经审计也请注明。3 股东实力股东的背景也会对投资者产生重要的影响。如果股东中有大的企业
49、，或者公司本身就属于大型集团，那么对融资会产生很多好处。如果大股东能提供某种担保则更好。4 历史业绩对于开发企业而言，以前做过什么项目，经营业绩如何，如果一个企业的开发经验丰富，那么对于其执行能力就会得到承认。5 资信程度把银行提供的资信证明，工商、税务等部门评定的各种奖励，或者其他取得的荣誉，都可以写进去，而且要把相关资料作为附件列入。最好有证明的人员。6 董事会决议对于需要融资的项目，必须经过公司决策层的同意。这样才更加强了融资的可信程度二、项目分析1 项目的基本情况：位置、占地面积、建筑面积、物业类型、工程进度等，都是项目的基本情况2 项目来历15主要是是指项目的来龙去脉，项目的上家是谁，怎么得到的项目，是否有遗留问题，是如何解决的等情况。3 证件状况文件项目是否有相关的证件作为投资的保障;4 资金投入自有资金的数额，投入的比例、其他资金来源、垫资情况、等情况等，方便了解项目的资金状况。 5 市场定位指项目的市场定位，包括项目的类型、档次、项目的目标客户群等6 建造的过程和保证三、市场分析1 地方宏观经济分析如果项目受到地方经济的影响比较大。表征一个地区的经济发展的指标等数据和经济发展的定性说明等2 市场的分析市场的分析比较复杂，而且说明起来可繁
