Это мастер-гайд по сборке private fund, VC/PE fund, hedge fund, private credit fund, real-estate fund, family-office pool, evergreen vehicle или deal platform. Он связывает два главных конструктора:
Существующий обзор документов и условий: Частные фонды.
Архитектура в одной строке
Investors → offering route → vehicle exclusion/product → fund domicile/form → manager licence → distribution permissions → tax/feeders/blockers → providers → documents → first close → operations.
Каждая стрелка — legal dependency. Нельзя заменить один слой другим:
- fund registration не даёт manager licence;
- manager licence не даёт public-offer exemption;
- tax exemption не даёт treaty access автоматически;
- umbrella не гарантирует segregation;
- professional-investor label одной страны не переносится в другую;
- outsourced compliance не переносит regulatory accountability.
Шаг 0. Сформулировать продукт без юридических ярлыков
До выбора формы заполните одну страницу:
| Поле | Что описать |
|---|---|
| Strategy | Что покупаем, как создаём value, holding period, exit |
| Assets | Private equity, securities, loans, real estate, derivatives, crypto, funds |
| Investors | Страны, типы, tax profile, ticket, institutional requirements |
| Capital | Target/hard cap, commitment или funded subscription, currency |
| Liquidity | Closed, open, evergreen, notice, gates, side pockets |
| Leverage | Fund borrowing, derivatives, portfolio debt, subscription/NAV facilities |
| Economics | Management fee, carry/performance fee, hurdle, catch-up, expenses |
| Team | Где реально работают decision-makers, IR, risk and operations |
| Distribution | Кто и где будет контактировать LP |
| Timeline | Anchor, first close, investment deadline, regulatory runway |
Юридическая структура должна обслуживать этот продукт, а не переписывать его задним числом под готовую shelf entity.
Шаг 1. Определить regulatory perimeter
Первый вопрос — fund ли это. Проверьте pooling, number of investors, defined investment policy, day-to-day control и management as a whole. Один актив не гарантирует SPV exclusion; десяток участников не исключает JV.
Используйте подробный тест: Где проходит граница фонда.
Результат шага
Одно из пяти заключений:
- regulated/registered private fund;
- exempt/sub-threshold fund;
- single-investor managed vehicle;
- genuine JV/club deal;
- single-asset SPV/syndicate.
К заключению приложите facts memo и ограничения, которые нельзя нарушить: no reinvestment, one investor only, active control, defined asset или manager AUM cap.
Шаг 2. Классифицировать инвесторов
Investor eligibility — не KYC checkbox, а structural input.
Категории, которые нельзя смешивать
- US accredited investor;
- US qualified purchaser;
- US qualified client для performance compensation;
- EU MiFID professional client;
- EU well-informed/qualifying investor product categories;
- UK professional, high-net-worth, sophisticated and elective categories;
- Singapore accredited/institutional investor;
- Hong Kong professional investor;
- DIFC/ADGM professional or qualified investor;
- Swiss qualified investor/client.
Один family office может подходить по одной категории и не проходить по другой. Feeder or nominee требует look-through analysis.
Investor matrix
| Investor fact | Structural consequence |
|---|---|
| US taxable | US partnership/feeder, K-1, ECI analysis |
| US tax-exempt | UBTI/blocker and leverage analysis |
| Non-US | Reg S, Cayman/non-US feeder, withholding and estate-tax issues |
| EU professional | EU AIFM passport or country NPPR |
| EU retail | UCITS/ELTIF/retail AIF product and distribution layer |
| Pension/insurance | Look-through, capital charges, custody, reporting and concentration |
| Sovereign/state entity | Immunity, sanctions, tax representations, side-letter governance |
| Family office/HNW | Status evidence, suitability, succession and source-of-wealth |
| Employee/GP | Separate feeder/carry, securities and tax treatment |
Подробно: Аккредитованный и квалифицированный инвестор.
Шаг 3. Построить distribution map
Для каждой страны заполните:
- investor category;
- offering exemption/product notification;
- manager/distributor permission;
- pre-marketing rule;
- legends and approved materials;
- local filing and fee;
- ongoing reporting;
- evidence owner.
EU passport, national NPPR, US Reg D/Reg S, UK financial promotion, Singapore restricted scheme и Hong Kong Type 1/9 — разные режимы. Полная карта: Маркетинг фонда без ошибок.
Критическое правило
Не добавляйте страну в fundraising CRM, пока legal route не утверждён. «Проверим на closing» слишком поздно: нарушение происходит в момент communication/offer.
Шаг 4. Классифицировать strategy и assets
| Strategy | Особый regulatory layer | Design consequence |
|---|---|---|
| VC/PE | Private fund/AIF, portfolio-company control, marketing | Closed-ended LP, calls, carry, AIVs |
| Hedge/public securities | Derivatives, shorting, market conduct, custody | Open-ended corporate/unit trust, PB, daily/monthly NAV |
| Private credit | Loan origination, servicing, usury/licensing, leverage | Origination-capable AIFM, loan admin, liquidity limits |
| Real estate | Property law, REIT/AIF, local tax and licensing | Asset SPVs, local debt, valuation and environmental DD |
| Infrastructure | Concessions, FDI/national security, long duration | Closed-ended LP, co-invest and project SPVs |
| Crypto | Token classification, custody, exchange, AML, market integrity | Specialist manager/custodian, wallet and valuation controls |
| Fund of funds | Look-through, secondaries, commitment management | Liquidity/cash planning, fee transparency |
| Retail/semi-liquid private markets | Product regulation, suitability, liquidity tools | ELTIF/LTAF/interval/tender-offer style structure |
Asset rules могут исключить «популярную» юрисдикцию. Например, loan origination требует отдельного AIFMD II analysis; US commodity interests могут включить CFTC/CPO; virtual assets меняют licence and custody scope в Hong Kong, Singapore, ADGM and Cayman.
Полная class-by-class карта: Активы фонда — от VC и private credit до derivatives, crypto и real estate.
Шаг 5. Выбрать liquidity architecture
Closed-ended drawdown
Commitments, capital calls, investment period, fixed term, recycling and distributions. Natural fit для LP.
Open-ended
Subscriptions/redemptions at NAV. Нужны dealing calendar, notice, gates, suspension, in-kind redemption, side pockets, liquidity stress testing and NAV-error policy.
Evergreen/semi-liquid
Private assets плюс periodic subscriptions and limited redemptions. Главная проблема — fairness между cohorts: valuation lag, cash drag, queues, tender caps and dilution.
Permanent capital
Investor не redeems from fund; exit через market, tender or asset sale. Board/minority governance and discount to NAV выходят на первый план.
Liquidity promise должна быть следствием asset liquidity, а не sales preference.
Шаг 6. Выбрать fund domicile и legal form
Сначала shortlist по mandatory gates:
- допустимы strategy/assets?
- допускается target investor class?
- есть нужный marketing route?
- compatible manager может управлять vehicle?
- доступны providers, banking and custody?
- устраивает tax classification and treaty position?
- LP принимает jurisdiction в DD?
Затем сравнивайте cost, timing and flexibility. Полная карта: Где учреждать фонд. Формы: LP, corporate, umbrella, cell и series.
Быстрый shortlist
- US venture/PE: Delaware LP; Cayman feeder для non-US/tax-exempt.
- Global hedge: Cayman master-feeder; US/UK/EU/Asia manager по team and investors.
- EU professional alternatives: Luxembourg RAIF/SCSp или Irish QIAIF/ICAV/ILP + authorised EU AIFM.
- EU retail liquid: Luxembourg/Ireland UCITS.
- EU long-term semi-liquid: ELTIF under authorised EU AIFM.
- Asia private wealth/family office: Singapore VCC + licensed manager; Hong Kong LPF + Type 9 for HK nexus.
- MENA institutional/private capital: ADGM or DIFC fund, либо Cayman/Lux vehicle with local manager/distribution.
- Fast professional private vehicle: Jersey JPF, Guernsey PIF, BVI/Cayman/Gibraltar depending strategy and investors.
Шаг 7. Выбрать manager domicile и licence model
Manager domicile следует месту реального decision-making, а не fund domicile. Вопросы:
- где живут and work portfolio decision-makers;
- кто подписывает trades and investment approvals;
- где находятся systems, records and risk;
- нужен ли EU passport, MiFID top-up, US RIA/ERA, Type 9, VCFM/LFMC;
- сколько products/AUM планируется;
- есть ли local senior people and capital;
- own licence или host.
Карта стран: Где учреждать управляющую компанию. Модель: Собственная лицензия или host.
Шаг 8. Собрать tax architecture
Tax analysis проходит на пяти уровнях:
- Fund: exemption, transparency, residence, returns.
- Manager: corporate tax, PE, VAT/GST, transfer pricing.
- Carry: character, vesting, employment and social taxes.
- Portfolio: withholding, local SPV, gains, interest limitation.
- Investor: ECI/UBTI, CFC/PFIC, reporting, treaty eligibility.
Инструменты
- feeder;
- blocker;
- parallel fund;
- AIV;
- holding/acquisition SPV;
- treaty-eligible platform with real substance;
- carry and co-invest vehicles.
Налоговая нейтральность fund domicile не означает treaty access к assets. Partnership transparency может быть преимуществом для одного LP и проблемой для другого. Моделируйте cash tax, compliance and exit, а не headline rate.
Полная five-layer модель: Налоговая архитектура фонда — feeder, blocker, parallel fund, AIV и carry.
Шаг 9. Спроектировать governance и conflicts
Минимальный governance map:
- sponsor / management company ownership;
- GP/board/trustee;
- AIFM/manager/adviser and delegation;
- investment committee;
- risk and valuation committees;
- LPAC and investor consents;
- key person and removal;
- conflicts and allocations;
- side-letter approval;
- continuation/secondaries;
- cyber, sanctions and incident escalation.
Reserved matters
Инвесторы обычно получают consent rights по term extensions, strategy changes, conflicts, related-party transactions, removal, successor fund and amendments. Но слишком широкие asset-level approvals могут превратить LPAC в de facto manager or create tax/perimeter issues.
Шаг 10. Выбрать providers
Нужны не «лучшие бренды», а stack, совместимый с exact product:
- administrator/transfer agent;
- depositary/trustee;
- custodian/prime broker;
- bank and payment rails;
- auditor with local sign-off;
- legal counsel in fund, manager, investor and asset jurisdictions;
- tax and FATCA/CRS;
- compliance/MLRO;
- valuation/pricing;
- distributor/placement agent;
- loan/property/crypto specialists.
Полная responsibility map: Операционный стек фонда.
Provider gating
Получите written feasibility and fee proposals до фиксации domicile. Если банки, admin или depositary не готовы к strategy, юридическая возможность vehicle бессмысленна.
Шаг 11. Документы
Constitutional and offering
- LPA, articles, trust deed или fund rules;
- PPM/offering memorandum/prospectus;
- subscription agreement;
- investment management/AIFM agreement;
- advisory/delegation agreement;
- GP/shareholder arrangements;
- side letters.
Policies
- valuation;
- conflicts;
- trade/investment allocation;
- expenses;
- liquidity;
- AML/KYC/sanctions;
- best execution and market conduct;
- MNPI/inside information;
- personal-account dealing;
- cyber/BCP/vendor risk;
- complaints and NAV errors;
- ESG disclosures where applicable.
Operations
- administration/TA;
- depositary/custody/PB;
- audit;
- banking/signatories;
- placement/distribution;
- data processing and privacy;
- insurance.
Terms consistency test
Каждый term должен совпадать в PPM, LPA, subscription, side letters, admin system and marketing deck. Особо проверяются fee base, carry waterfall, hurdle, recycling, expenses, liquidity, gates, key person and removal.
Шаг 12. First close
До подписки
- Vehicle formed and in good standing.
- Manager licence/host appointment effective.
- Fund registration/notification complete.
- Distribution route approved per investor.
- Providers live and accounts open.
- Final documents approved.
- KYC/tax/status evidence complete.
- Side letters entered in obligations matrix.
Closing mechanics
- execute subscription/LPA joinder;
- GP/board accepts investor;
- update register/capital accounts;
- issue closing notice;
- call capital or receive funded subscription;
- file Form D/local notices/registrations as applicable;
- activate reporting and MFN calendar.
Подробно об investor journey: Онбординг инвестора. О calls: Capital call.
После first close
First close — начало regulated life:
- investment and allocation controls;
- cash/NAV/capital accounts;
- board/AIFM/IC/LPAC meetings;
- investor reports;
- regulatory and tax filings;
- valuation and audit;
- side-letter compliance;
- portfolio monitoring;
- provider oversight;
- new-country marketing approvals;
- material-change notifications;
- key-person and succession.
Fund finance добавляет borrowing base and covenant systems: subscription lines и NAV facilities. Secondaries and continuation: fund secondaries.
Конструктор: входные данные
Скопируйте эту карточку и заполните без пропусков:
Investor perimeter
- Countries of residence/incorporation:
- Investor types/status:
- Retail permitted?:
- US persons / ERISA / tax-exempt:
- EU/UK/Swiss professional status:
- Singapore/HK/UAE nexus:
- Minimum and typical ticket:
- Anchor side-letter requirements:
Strategy and assets
- Asset classes:
- Geography:
- Listed/unlisted:
- Loans originated or acquired:
- Derivatives/commodities:
- Crypto/virtual assets:
- Control positions/board seats:
- Concentration and diversification:
Capital and liquidity
- Target/hard cap:
- Commitment or funded:
- Open/closed/evergreen:
- Term/investment period:
- Dealing frequency and notice:
- Gates/side pockets:
- Fund and portfolio leverage:
Manager
- Where decision-makers work:
- Current licences/registrations:
- Own licence or host:
- Need EU passport/MiFID/SMA:
- Number of funds and forecast AUM:
- Local substance available:
Tax and operations
- Fund tax target:
- Investor tax blockers:
- Treaty-sensitive assets:
- Carry recipients:
- Preferred providers:
- Banking/custody constraints:
- Reporting requirements:
- Formation and annual budget:
- First-close deadline:
Конструктор: порядок исключения
- Удалить jurisdictions, где strategy/product запрещены или требуют неподъёмной licence.
- Удалить vehicles, которые не принимают нужных investors.
- Удалить routes без законной distribution.
- Удалить structures без compatible manager.
- Удалить options без banking/custody/admin.
- Удалить tax outcomes с unacceptable leakage/reporting.
- Оставшиеся сравнить по institutional acceptance, control, cost, time and scalability.
Именно такой порядок защищает от «оптимизации» дешёвой, но неработающей структуры.
Готовые blueprints
1. US emerging VC manager
Delaware LP fund + Delaware GP + US ERA/state/SEC adviser route + Reg D; Cayman feeder, если non-US/tax-exempt base оправдывает cost. Portfolio SPVs/AIVs only where asset-specific.
2. Global hedge manager
Cayman master + US and Cayman feeders; manager where team sits; administrator, prime brokers, auditor and independent directors; Reg D/Reg S plus EU/UK/Asia country routes.
3. EU institutional PE/credit
Luxembourg RAIF/SCSp or Irish QIAIF/ILP/ICAV + Luxembourg/Ireland own or third-party AIFM + depositary/admin/auditor + AIFMD passport. For loan origination add AIFMD II design.
4. EU retail long-term assets
ELTIF vehicle in Luxembourg/Ireland/other EU domicile + authorised EU AIFM + retail distribution, PRIIPs, suitability and liquidity architecture.
5. Singapore family-office/private fund
VCC standalone or umbrella + VCFM/A-I LFMC/eligible manager + 13O/13U analysis + Singapore admin/audit/banking + restricted-scheme distribution where relevant.
6. Hong Kong/GBA private equity
Hong Kong LPF + Type 9 manager; Cayman parallel/feeder if international LP require it; Type 1/distribution analysis; profits-tax concession and substance review.
7. MENA private capital
ADGM QIF/Exempt Fund or DIFC QIF/Exempt-style route with local manager, external acceptable manager or Cayman/Lux fund plus local regulated distribution. Select based on Gulf LP requirements, team location and asset nexus.
8. Deal-by-deal platform
Named-asset SPV/Delaware series/Jersey JPF/BVI vehicle depending investors and scale; no blind pool or reinvestment; investor accepts each deal; programme-level adviser and offering analysis remains.
Бюджет: считать total architecture
Formation estimate должен включать:
- legal work across all jurisdictions;
- regulator/licence/notification fees;
- directors and substance;
- host/AIFM/ManCo;
- administrator/TA;
- depositary/custodian/PB;
- audit/tax/FATCA/CRS;
- compliance/MLRO;
- insurance and systems;
- banking and transaction fees;
- per-subfund/feeder/AIV cost;
- annual LP reporting;
- liquidation/migration reserve.
Дешёвый incorporation fee почти не коррелирует с total annual cost.
Institutional due diligence test
До запуска представьте, что anchor LP задаёт десять вопросов:
- Почему этот domicile, а не market standard?
- Кто regulated manager и где его people?
- Как manager контролирует delegate?
- Кто держит assets and cash?
- Как independently calculated NAV/valuation?
- Как распределяются deals and expenses?
- Как marketing complied in my country?
- Что произойдёт при key person, removal or host termination?
- Какие cyber/sanctions/BCP controls?
- Как я выйду, получу reports и защищу side-letter rights?
Если structure cannot answer concisely, она ещё не готова.
20 стоп-факторов
- Entity создана до perimeter memo.
- Fund domicile выбран по zero tax.
- Manager находится там, где нет team.
- Host называется licence rental.
- Adviser фактически принимает trades.
- Distribution начинается до country matrix.
- Accredited и qualified purchaser смешаны.
- Umbrella segregation assumed, not verified.
- Classes используются вместо compartments.
- Liquidity promise не соответствует assets.
- Side letters не внесены в operating system.
- Administrator не умеет strategy.
- Bank/custodian feasibility не подтверждена.
- Tax transparency не проверена у investors.
- Treaty position строится без substance.
- Shared compliance не имеет entity accountability.
- Placement agent нелицензирован или получает prohibited compensation.
- Track record принадлежит прежнему employer/platform.
- Host exit and fund migration не прописаны.
- Formation заканчивается на first close без operating calendar.
Следующие маршруты
- Для выбора manager: глобальная карта управляющих компаний.
- Для выбора vehicle: глобальная карта fund domiciles.
- Для формы: LP, corporate, contractual, unit trust, umbrella, cell и series.
- Для own/host: third-party AIFM, regulatory hosting и white label.
- Для operations: полный operating stack.
- Для документов и terms: частные фонды.