Research On The Exit Mechanism Of Private Equity Funds Investor Share

China’s private equity investment fund was born in 1986.After more than 30 years of development,it has become an important part of the domestic financial market today.In recent years,due to the downturn of the macro economy and the rapidly changing risks in the capital market,coupled with multiple factors such as lack of legislation,legal obstacles to the exercise of rights,fund managers’ own moral risks,insufficient ability to perform their duties,and imbalances in the fund control system,investors in the fund have It is difficult to withdraw shares,that is,the investment principal cannot be recovered,and then investment enthusiasm declines,which has brought many adverse effects on the private equity fund market.The smooth exit of fund investors provides a circular source of power for the healthy development of private equity funds,so it is necessary to unblock the exit mechanism and channels for investors.From the perspective of investors,this article studies the legal mechanism of investor share withdrawal,systematically fills in the legal research on private equity investment fund investor share withdrawal methods,withdrawal rights,and exit path protection,and straightens out private equity funds,private equity funds,and private equity funds.The internal and external legal relationship between fund managers,investors and underlying investment targets solves the current practice of investors’ share exit difficulties and frequent private equity fund exit disputes,and promotes the cyclical fundraising and healthy development of private equity funds.From the perspective of macro legislation,this thesis recommends that relevant regulatory departments introduce special legislation on private equity investment funds from the level of laws and regulations,unify the standards of qualified investors,and improve the legal provisions on investor exit mechanisms;at the micro level,government departments should encourage and support the development of S funds and cultivate secondary Share transfer market investors,improve the establishment of a fund share trading platform and supporting systems.When resolving fund exit disputes,the judiciary should give priority to applying the "Securities Investment Fund Law" and other fund-specific laws.When there is no clear legal basis,they can interpret the law in conjunction with the purpose of financial legislation;judicial practice should pay attention to the relief methods for investors to withdraw,and clarify The path for exercising the right of claim when an investor of an open-ended limited partnership private equity fund withdraws from the fund shares by means of withdrawal protects the investor’s legal rights to realize the rights and interests of the withdrawal of the investor’s share through derivative litigation and the exercise of the right of withdrawal.