{"id":8580,"date":"2026-09-14T02:53:53","date_gmt":"2026-09-14T02:53:53","guid":{"rendered":"https:\/\/www.loebsmith.com\/?post_type=insight&#038;p=8580"},"modified":"2026-09-16T07:58:00","modified_gmt":"2026-09-16T07:58:00","slug":"hybrid-fund-in-the-cayman-islands","status":"publish","type":"insight","link":"https:\/\/www.loebsmith.com\/cn\/insight\/hybrid-fund-in-the-cayman-islands\/","title":{"rendered":"\u5f00\u66fc\u7fa4\u5c9b\u6df7\u5408\u578b\u57fa\u91d1"},"content":{"rendered":"<!-- News Detail Block1-->\n\n<section class=\"insight-detail\">\n  <div class=\"container mx-auto py-3 md:py-5 xl:py-12 4xl:py-[80px]\" id=\"\">\n      <div class=\"container-md mx-auto flex flex-col lg:flex-row lg:justify-between space-y-[80px] lg:space-y-0 w-full lg:gap-x-5\">\n          <div class=\"lg:flex-1 lg:basis-[69.768%] lg:max-w-[69.768%]\">\n                                          <div class=\"content flex flex-col\">\n                                    <div class=\"desc \">\n                    <p style=\"text-align: justify;\">\u6df7\u5408\u57fa\u91d1\uff08Hybrid Fund\uff09\u7ed3\u5408\u4e86\u5f00\u653e\u5f0f\u5bf9\u51b2\u57fa\u91d1\u548c\u5c01\u95ed\u5f0f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u7279\u5f81\u3002\u5f00\u653e\u5f0f\u57fa\u91d1\u5141\u8bb8\u6295\u8d44\u8005\u6309\u51c0\u8d44\u4ea7\u503c\u5b9a\u671f\u8d4e\u56de\uff0c\u5176\u6295\u8d44\u91cd\u70b9\u901a\u5e38\u4e3a\u6d41\u52a8\u6027\u8f83\u9ad8\u7684\u8d44\u4ea7\u7ec4\u5408\u3002\u5c01\u95ed\u5f0f\u57fa\u91d1\u5219\u5728\u56fa\u5b9a\u671f\u9650\u5185\u9501\u5b9a\u8d44\u672c\uff0c\u91cd\u70b9\u6295\u8d44\u4e8e\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u7b56\u7565\uff08\u4f8b\u5982\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u548c\u79c1\u4eba\u4fe1\u8d37\u57fa\u91d1\uff09\uff0c\u5176\u6301\u6709\u7684\u8d44\u4ea7\u65e0\u6cd5\u5728\u4e0d\u906d\u53d7\u91cd\u5927\u4ef7\u503c\u635f\u5931\u7684\u60c5\u51b5\u4e0b\u5feb\u901f\u51fa\u552e\u3002<\/p>\n<p style=\"text-align: justify;\">\u6df7\u5408\u57fa\u91d1\u4ecb\u4e8e\u4e24\u8005\u4e4b\u95f4\u3002\u968f\u7740\u5bf9\u51b2\u57fa\u91d1\u548c\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u6a21\u5f0f\u4e4b\u95f4\u754c\u9650\u9010\u6e10\u6a21\u7cca\uff0c\u8fd9\u4e00\u7c7b\u522b\u4e5f\u4e0d\u65ad\u6269\u5c55\u3002\u4f20\u7edf\u4e0a\uff0c\u6df7\u5408\u57fa\u91d1\u901a\u5e38\u8bbe\u6709\u521d\u59cb\u9501\u5b9a\u671f\uff0c\u5e76\u7ed3\u5408\u6709\u9650\u7684\u6301\u7eed\u8d4e\u56de\u6743\uff0c\u540c\u65f6\u901a\u8fc7\u4fa7\u888b\u673a\u5236\uff08Side Pockets\uff09\u3001\u8d4e\u56de\u95f8\u95e8\uff08Gates\uff09\u3001\u6682\u505c\u8d4e\u56de\uff08Suspensions\uff09\u4ee5\u53ca\u5b9e\u7269\u8d4e\u56de\uff08Redemptions in Kind\uff09\u7b49\u5b89\u6392\u63d0\u4f9b\u652f\u6301\u3002<\/p>\n<p style=\"text-align: justify;\">\u5e38\u9752\u57fa\u91d1\uff08Evergreen Funds\uff09\u5df2\u53d1\u5c55\u6210\u4e3a\u4e00\u4e2a\u72ec\u7acb\u7684\u5b50\u7c7b\u522b\u3002\u8fd9\u7c7b\u57fa\u91d1\u4e3a\u6c38\u4e45\u5b58\u7eed\u3001\u5f00\u653e\u5f0f\u6295\u8d44\u8f7d\u4f53\uff0c\u4f46\u501f\u9274\u4e86\u5c01\u95ed\u5f0f\u57fa\u91d1\u7684\u7279\u5f81\uff0c\u4f8b\u5982\u8d44\u672c\u8c03\u7528\uff08Capital Calls\uff09\u548c\u6e05\u7b97\u8d26\u6237\uff08Liquidating Accounts\uff09\u673a\u5236\uff0c\u4ee5\u6ee1\u8db3\u6295\u8d44\u8005\u8d4e\u56de\u9700\u6c42\u3002\u5ef6\u7eed\u57fa\u91d1\uff08Continuation Vehicles\uff09\u4ee5\u53ca\u666e\u901a\u5408\u4f19\u4eba\u4e3b\u5bfc\u7684\u4e8c\u7ea7\u4ea4\u6613\uff08GP-led Secondaries\uff09\u5219\u6784\u6210\u53e6\u4e00\u79cd\u53d8\u4f53\uff0c\u5728\u540c\u4e00\u8f7d\u4f53\u4e2d\u878d\u5408\u4e86\u4e00\u7ea7\u5e02\u573a\u627f\u8bfa\u3001\u4e8c\u7ea7\u5e02\u573a\u6536\u8d2d\u4ee5\u53ca\u8054\u5408\u6295\u8d44\u6743\u5229\u3002<\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                              <div class=\"content flex flex-col\">\n                  \n                    <h2 class=\" text-black leading-[1.3] heading2-sm \">\u4e3b\u8981\u4f18\u52bf\u4e0e\u52a3\u52bf<\/h2>\n                                    <div class=\"desc mt-2.5 lg:mt-3 4xl:mt-5\">\n                    <p style=\"text-align: justify;\"><strong>\u4f18\u52bf<\/strong><\/p>\n<p style=\"text-align: justify;\">\u6df7\u5408\u57fa\u91d1\u80fd\u591f\u5728\u540c\u4e00\u6295\u8d44\u8f7d\u4f53\u5185\uff08\u4f8b\u5982\u5f00\u66fc\u7fa4\u5c9b\u7684\u5206\u9694\u6295\u8d44\u7ec4\u5408\u516c\u53f8\uff08Segregated Portfolio Company\uff0cSPC\uff09\uff09\u7075\u6d3b\u5730\u628a\u63e1\u66f4\u5e7f\u6cdb\u7684\u6295\u8d44\u673a\u4f1a\u3002\u5176\u4e3b\u8981\u4f18\u52bf\u5305\u62ec\uff1a<\/p>\n<ol style=\"text-align: justify;\">\n<li>\u901a\u8fc7\u4fa7\u888b\u673a\u5236\u3001\u8d4e\u56de\u95f8\u95e8\u6216\u5e38\u9752\u57fa\u91d1\u4e2d\u7684\u6e05\u7b97\u8d26\u6237\u6a21\u5f0f\uff0c\u4f7f\u8d4e\u56de\u6761\u6b3e\u4e0e\u5e95\u5c42\u8d44\u4ea7\u6d41\u52a8\u6027\u66f4\u52a0\u5339\u914d\uff1b<\/li>\n<li>\u517c\u5177\u5b9a\u671f\u6d41\u52a8\u6027\u548c\u957f\u671f\u9501\u5b9a\u8d44\u672c\u57fa\u7840\uff0c\u4ece\u800c\u63d0\u5347\u5bf9\u6295\u8d44\u8005\u7684\u5438\u5f15\u529b\uff1b<\/li>\n<li>\u6301\u7eed\u52df\u96c6\u8d44\u91d1\uff0c\u76f8\u8f83\u4e8e\u56fa\u5b9a\u671f\u9650\u7684\u8ba4\u7f34\u51fa\u8d44\u578b\uff08drawdown\uff09\u57fa\u91d1\uff0c\u6709\u52a9\u4e8e\u5e73\u6ed1\u8d44\u91d1\u6d41\u5165\uff1b<\/li>\n<li>\u901a\u8fc7\u8d4e\u56de\u95f8\u95e8\u53ca\u8d4e\u56de\u9650\u5236\u673a\u5236\uff0c\u964d\u4f4e\u6295\u8d44\u8005\u96c6\u4e2d\u8d4e\u56de\u6240\u5f15\u53d1\u7684\u201c\u6324\u5151\u98ce\u9669\u201d\uff08Run on the Fund\uff09\u3002<\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>\u52a3<\/strong><strong>\u52bf<\/strong><\/p>\n<p style=\"text-align: justify;\">\u4e0e\u7eaf\u5f00\u653e\u5f0f\u6216\u7eaf\u5c01\u95ed\u5f0f\u57fa\u91d1\u76f8\u6bd4\uff0c\u6df7\u5408\u57fa\u91d1\u5728\u6cd5\u5f8b\u548c\u884c\u653f\u7ba1\u7406\u65b9\u9762\u66f4\u52a0\u590d\u6742\u3002\u5bf9\u4e8e\u5e38\u9752\u57fa\u91d1\u7ed3\u6784\u800c\u8a00\uff0c\u7531\u4e8e\u6301\u7eed\u5b58\u5728\u8ba4\u8d2d\u548c\u8d4e\u56de\u6d3b\u52a8\uff0c\u8fd9\u79cd\u590d\u6742\u6027\u5c24\u4e3a\u7a81\u51fa\u3002<\/p>\n<p style=\"text-align: justify;\">\u6b64\u5916\uff0c\u4fa7\u888b\u673a\u5236\u548c\u8d4e\u56de\u95f8\u95e8\u6709\u65f6\u4f1a\u5f15\u8d77\u6f5c\u5728\u6295\u8d44\u8005\u7684\u987e\u8651\uff0c\u62c5\u5fc3\u8fd9\u4e9b\u5de5\u5177\u53ef\u80fd\u88ab\u7528\u4e8e\u63a9\u76d6\u57fa\u91d1\u4e1a\u7ee9\u4e0d\u4f73\u3002\u5176\u4ed6\u7f3a\u70b9\u8fd8\u5305\u62ec\uff1a\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u7684\u4f30\u503c\u66f4\u52a0\u56f0\u96be\uff0c\u4ee5\u53ca\u666e\u901a\u5408\u4f19\u4eba\u4e3b\u5bfc\u7684\u5ef6\u7eed\u57fa\u91d1\u4ea4\u6613\u4e2d\u56fa\u6709\u7684\u5229\u76ca\u51b2\u7a81\u95ee\u9898\u3002<\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                              <div class=\"content flex flex-col\">\n                  \n                    <h2 class=\" text-black leading-[1.3] heading2-sm \">\u7ed3\u6784\u8bbe\u8ba1\u6311\u6218<\/h2>\n                                    <div class=\"desc mt-2.5 lg:mt-3 4xl:mt-5\">\n                    <p style=\"text-align: justify;\"><strong>\u8d4e\u56de\u673a\u5236<\/strong><\/p>\n<p style=\"text-align: justify;\">\u9501\u5b9a\u671f\u4e0e\u901a\u77e5\u671f\u3001\u8d4e\u56de\u95f8\u95e8\u6bd4\u4f8b\u3001\u4fa7\u888b\u89e6\u53d1\u6761\u4ef6\uff0c\u6216\uff08\u5c31\u5e38\u9752\u57fa\u91d1\u800c\u8a00\uff09\u6e05\u7b97\u8d26\u6237\u7684\u5206\u914d\u987a\u5e8f\uff08waterfall\uff09\u4e4b\u95f4\u7684\u76f8\u4e92\u5173\u7cfb\uff0c\u5fc5\u987b\u5728\u57fa\u91d1\u53d1\u552e\u5907\u5fd8\u5f55\u53ca\u7ae0\u7a0b\u6587\u4ef6\u4e2d\u8fdb\u884c\u7cbe\u786e\u89c4\u5b9a\u3002\u4efb\u4f55\u8868\u8ff0\u4e0a\u7684\u6a21\u7cca\u90fd\u5f80\u5f80\u6210\u4e3a\u6295\u8d44\u8005\u4e89\u8bae\u7684\u5e38\u89c1\u6765\u6e90\u3002<\/p>\n<p style=\"text-align: justify;\"><strong>\u4fa7\u888b\u548c\u6e05\u7b97\u8d26\u6237\u7ba1\u7406<\/strong><\/p>\n<p style=\"text-align: justify;\">\u5728\u6295\u8d44\u8005\u6301\u7eed\u8ba4\u8d2d\u548c\u8d4e\u56de\u8fc7\u7a0b\u4e2d\uff0c\u5982\u4f55\u516c\u5e73\u5206\u914d\u4fa7\u888b\u6743\u76ca\u3001\u6301\u7eed\u8bc4\u4f30\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u4ef7\u503c\uff0c\u4ee5\u53ca\u968f\u7740\u8d44\u4ea7\u9010\u6b65\u53d8\u73b0\u800c\u89e3\u9664\u4fa7\u888b\u5b89\u6392\u6216\u7ba1\u7406\u5e38\u9752\u57fa\u91d1\u7684\u6e05\u7b97\u8d26\u6237\uff0c\u90fd\u662f\u957f\u671f\u5b58\u5728\u7684\u8fd0\u8425\u7ba1\u7406\u8d1f\u62c5\u3002<\/p>\n<p style=\"text-align: justify;\"><strong>\u5ef6\u7eed\u57fa\u91d1\u7684\u5229\u76ca\u51b2\u7a81<\/strong><\/p>\n<p style=\"text-align: justify;\">\u666e\u901a\u5408\u4f19\u4eba\u4e3b\u5bfc\u7684\u4ea4\u6613\u4f1a\u5e26\u6765\u4fa7\u888b\u673a\u5236\u6240\u4e0d\u5b58\u5728\u7684\u95ee\u9898\uff0c\u4f8b\u5982\uff1a\u9700\u8981\u5bf9\u6eda\u5b58\u81f3\u65b0\u57fa\u91d1\u7684\u8d44\u4ea7\u8fdb\u884c\u72ec\u7acb\u4f30\u503c\uff1b\u786e\u4fdd\u6295\u8d44\u8005\u5728\u73b0\u91d1\u9000\u51fa\u548c\u7ee7\u7eed\u6eda\u5b58\u6295\u8d44\u4e4b\u95f4\u62e5\u6709\u516c\u5e73\u7684\u9009\u62e9\u7a0b\u5e8f\uff1b\u660e\u786e\u539f\u57fa\u91d1\u4e0e\u5ef6\u7eed\u57fa\u91d1\u4e4b\u95f4\u5404\u9879\u8d39\u7528\u53ca\u4e1a\u7ee9\u62a5\u916c\uff08Carried Interest\uff09\u7684\u5206\u914d\u65b9\u5f0f\u3002<\/p>\n<p style=\"text-align: justify;\"><strong>\u4f30\u503c\u3001\u80fd\u529b\u8f6c\u578b\u4e0e\u8d39\u7528\u5b89\u6392<\/strong><\/p>\n<p style=\"text-align: justify;\">\u4e60\u60ef\u4e8e\u6295\u8d44\u6d41\u52a8\u6027\u5f3a\u3001\u6613\u4e8e\u5b9a\u4ef7\u7684\u8bc1\u5238\u7684\u57fa\u91d1\u7ba1\u7406\u4eba\uff0c\u9700\u8981\u9002\u5e94\u5bf9\u975e\u6d41\u52a8\u6027\u8d44\u4ea7\u8fdb\u884c\u300c\u6295\u8d44\u2014\u4e3b\u52a8\u7ba1\u7406\u2014\u9000\u51fa\u300d\u5168\u7a0b\u7ba1\u7406\u7684\u6a21\u5f0f\uff0c\u901a\u5e38\u8fd8\u9700\u8981\u8058\u8bf7\u72ec\u7acb\u4f30\u503c\u4e13\u5bb6\u3002\u6b64\u5916\uff0c\u5f53\u6295\u8d44\u8005\u4f9d\u636e\u4e0d\u540c\u6761\u6b3e\u6301\u6709\u57fa\u91d1\u6743\u76ca\u65f6\uff0c\u534f\u8c03\u6536\u8d39\u57fa\u7840\u3001\u9ad8\u6c34\u4f4d\u7ebf\uff08High-water Marks\uff09\u3001\u95e8\u69db\u6536\u76ca\u7387\uff08Hurdle Rates\uff09\u4ee5\u53ca\u57fa\u4e8e\u8d44\u4ea7\u5b9e\u73b0\u9000\u51fa\u7684\u4e1a\u7ee9\u62a5\u916c\u7ed3\u6784\uff0c\u4e5f\u4f1a\u53d8\u5f97\u5341\u5206\u590d\u6742\u3002<\/p>\n<p style=\"text-align: justify;\"><strong>\u5f00\u66fc\u7fa4\u5c9b\u76d1\u7ba1\u5408\u89c4\uff1aMFA <\/strong><strong>\u4e0e PFA<\/strong><\/p>\n<p style=\"text-align: justify;\">\u6df7\u5408\u57fa\u91d1\u9002\u7528\u4f55\u79cd\u76d1\u7ba1\u5236\u5ea6\uff0c\u4e3b\u8981\u53d6\u51b3\u4e8e\u6295\u8d44\u8005\u662f\u5426\u62e5\u6709\u53ef\u6267\u884c\u7684\u8d4e\u56de\u6743\u3002\u5373\u4f7f\u8d4e\u56de\u6743\u53d7\u5230\u9501\u5b9a\u671f\u3001\u8d4e\u56de\u95f8\u95e8\u6216\u6e05\u7b97\u8d26\u6237\u652f\u4ed8\u5b89\u6392\u7684\u4e25\u683c\u9650\u5236\uff0c\u53ea\u8981\u6295\u8d44\u8005\u4ecd\u4eab\u6709\u81ea\u4e3b\u63d0\u51fa\u8d4e\u56de\u8bf7\u6c42\u7684\u6743\u5229\uff0c\u57fa\u91d1\u901a\u5e38\u5e94\u6839\u636e\u300a\u5171\u540c\u57fa\u91d1\u6cd5\u300b\uff08Mutual Funds Act\uff0cMFA\uff09\u6ce8\u518c\u4e3a\u5f00\u653e\u5f0f\u5171\u540c\u57fa\u91d1\u3002\u5982\u679c\u6295\u8d44\u8005\u4e0d\u4eab\u6709\u81ea\u4e3b\u8d4e\u56de\u6743\uff0c\u5219\u57fa\u91d1\u901a\u5e38\u5e94\u6839\u636e\u300a\u79c1\u52df\u57fa\u91d1\u6cd5\u300b\uff08Private Funds Act\uff0cPFA\uff09\u6ce8\u518c\u4e3a\u5c01\u95ed\u5f0f\u79c1\u52df\u57fa\u91d1\u3002\u8bbe\u6709\u5b9a\u671f\u8d4e\u56de\u7a97\u53e3\u5e76\u91c7\u7528\u4fa7\u888b\u673a\u5236\u7684\u6df7\u5408\u57fa\u91d1\uff0c\u901a\u5e38\u4ecd\u5c5e\u4e8e MFA \u6ce8\u518c\u57fa\u91d1\u3002<\/p>\n<p style=\"text-align: justify;\">\u5bf9\u4e8e\u5e38\u9752\u57fa\u91d1\u800c\u8a00\uff0c\u76d1\u7ba1\u5b9a\u6027\u9700\u8981\u7ed3\u5408\u5177\u4f53\u4e8b\u5b9e\u60c5\u51b5\u5206\u6790\uff0c\u5c24\u5176\u53d6\u51b3\u4e8e\u6e05\u7b97\u8d26\u6237\u673a\u5236\u662f\u5426\u4fdd\u7559\u4e86\u53ef\u6267\u884c\u7684\u8d4e\u56de\u6743\u3002\u901a\u5e38\u800c\u8a00\uff0c\u63d0\u4f9b\u4e0d\u53ef\u8d4e\u56de\u6295\u8d44\u6743\u76ca\u7684\u6295\u8d44\u5de5\u5177\uff0c\u4f8b\u5982\u8ba4\u7f34\u51fa\u8d44\u578b\uff08drawdown\uff09\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u4ee5\u53ca\u5ef6\u7eed\u57fa\u91d1\uff0c\u5c06\u6839\u636e PFA \u8fdb\u884c\u6ce8\u518c\uff0c\u4e14\u5404\u81ea\u987b\u5c65\u884c\u72ec\u7acb\u7684\u5ba1\u8ba1\u8981\u6c42\uff0c\u4ee5\u53ca\uff08\u5c31 PFA \u57fa\u91d1\u800c\u8a00\uff09\u4f30\u503c\u548c\u6258\u7ba1\u8981\u6c42\u3002<\/p>\n<p style=\"text-align: justify;\"><strong>\u516c\u53f8\u6cbb\u7406\u4e0e\u6295\u8d44\u8005\u5173\u7cfb<\/strong><\/p>\n<p style=\"text-align: justify;\">\u5982\u4eca\uff0c\u673a\u6784\u6295\u8d44\u8005\u666e\u904d\u671f\u671b\u57fa\u91d1\u6216\u666e\u901a\u5408\u4f19\u4eba\u8463\u4e8b\u4f1a\u4e2d\u81f3\u5c11\u6709\u4e00\u81f3\u4e24\u540d\u771f\u6b63\u72ec\u7acb\u7684\u8463\u4e8b\uff0c\u4ee5\u52a0\u5f3a\u516c\u53f8\u6cbb\u7406\u3001\u98ce\u9669\u7ba1\u7406\u53ca\u6709\u6548\u76d1\u7763\u3002\u8fd9\u4e9b\u72ec\u7acb\u8463\u4e8b\u4e0d\u4ec5\u9700\u8981\u76d1\u7763\u65e5\u5e38\u7684\u8d4e\u56de\u95f8\u95e8\u548c\u4fa7\u888b\u51b3\u7b56\uff0c\u8fd8\u9700\u5bf9\u6d89\u53ca\u66f4\u9ad8\u5229\u76ca\u51b2\u7a81\u98ce\u9669\u7684\u666e\u901a\u5408\u4f19\u4eba\u4e3b\u5bfc\u4e8c\u7ea7\u4ea4\u6613\u53ca\u5ef6\u7eed\u57fa\u91d1\u4ea4\u6613\u8fdb\u884c\u76d1\u7763\u3002<\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                              <div class=\"content flex flex-col\">\n                  \n                    <h2 class=\" text-black leading-[1.3] heading2-sm \">\u7ed3\u8bba<\/h2>\n                                    <div class=\"desc mt-2.5 lg:mt-3 4xl:mt-5\">\n                    <p style=\"text-align: justify;\">\u5f00\u66fc\u7fa4\u5c9b\u6838\u5fc3\u7684\u6d41\u52a8\u6027\u7ba1\u7406\u5de5\u5177\uff0c\u5305\u62ec\u4fa7\u888b\u673a\u5236\u3001\u9501\u5b9a\u671f\u5b89\u6392\u3001\u8d4e\u56de\u95f8\u95e8\u4ee5\u53ca\u5b9e\u7269\u8d4e\u56de\uff0c\u4ecd\u7136\u662f\u6df7\u5408\u57fa\u91d1\u7ed3\u6784\u8bbe\u8ba1\u7684\u6838\u5fc3\u7ec4\u6210\u90e8\u5206\u3002<\/p>\n<p style=\"text-align: justify;\">\u56f4\u7ed5\u8fd9\u4e9b\u5de5\u5177\u53d1\u5c55\u51fa\u7684\u4ea7\u54c1\u5f62\u6001\u4e5f\u4e0d\u65ad\u6269\u5c55\u3002\u5982\u4eca\uff0c\u5e38\u9752\u57fa\u91d1\u3001\u57fa\u4e8e SPC \u7684\u57fa\u91d1\u5e73\u53f0\u4ee5\u53ca\u5ef6\u7eed\u57fa\u91d1\u5de5\u5177\uff0c\u5747\u5df2\u6210\u4e3a\u5f00\u66fc\u57fa\u91d1\u5e02\u573a\u4e2d\u6210\u719f\u5b9a\u578b\u7684\u5e38\u89c1\u7ed3\u6784\u3002<\/p>\n<p>\u672c\u6587\u7248\u6743\u5f52<a href=\"http:\/\/www.loebsmith.com\"><strong><span style=\"color: #333399;\"><em> Loeb Smith Attorneys<\/em><\/span><\/strong><\/a> \u6240\u6709\u3002<\/p>\n<p style=\"text-align: justify;\"><em>\u672c\u6587\u9996\u53d1\u4e8e\u300a\u4e9a\u6d32\u5546\u6cd5\u6742\u5fd7\u300b\uff08Asia Business Law Journal<\/em><em>\uff09\uff0c\u53ef\u5728\u6b64\u5904\u67e5\u9605\uff1a<span style=\"color: #333399;\"><strong><a style=\"color: #333399;\" href=\"https:\/\/law.asia\/hybrid-fund-structures\/\" target=\"_blank\" rel=\"noopener\">\u5f00\u66fc\u7fa4\u5c9b\u7684\u6df7\u5408\u578b\u57fa\u91d1 | Law.asia<\/a><\/strong>\u3002<\/span><\/em><\/p>\n<p style=\"text-align: justify;\">\u672c\u6587\u5185\u5bb9\u4e0d\u5e94\u88ab\u89c6\u4e3a\u5177\u4f53\u6cd5\u5f8b\u610f\u89c1\u6216\u6cd5\u5f8b\u610f\u89c1\u4e66\u7684\u66ff\u4ee3\u3002\u5982\u9700\u8fdb\u4e00\u6b65\u4fe1\u606f\u6216\u9488\u5bf9\u5177\u4f53\u60c5\u51b5\u7684\u6cd5\u5f8b\u5efa\u8bae\uff0c\u8bf7\u8054\u7cfb\uff1a<\/p>\n<p style=\"text-align: justify;\"><em>E: <\/em><a href=\"mailto:vanisha.harjani@loebsmith.com\"><em>vanisha.harjani@loebsmith.com<\/em><\/a><br \/>\n<em>E: <\/em><a href=\"mailto:frost.wu@loebsmith.com\"><em>frost.wu@loebsmith.com<\/em><\/a><br \/>\n<em>E: <\/em><a href=\"mailto:yuri.zhang@loebsmith.com\"><em>yuri.zhang@loebsmith.com<\/em><\/a><\/p>\n                  <\/div>\n                  \n                                  <\/div>\n                                    <\/div>\n          \n          <aside class=\" flex flex-col gap-7 lg:flex-1 xl:basis-[24.42%] xl:max-w-[24.42%]\">\n              \n              <div class=\" bg-[#FAFAFA] p-7 px-5 4xl:px-7 \">\n                <div class=\" flex space-x-2.5\">\n                  <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/share.png\" alt=\"Share\" class=\"size-max\" \/>\n                  <h2 class=\"text-[#6C6C6C] heading5 uppercase tracking-[0.4px]\">Share<\/h2>\n                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class=\"bg-center object-contain bg-cover w-full h-full\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/loebsmith-cross.png\" alt=\"popup close\">\n                            <\/div>\n                        <\/div>\n    \n                    <\/div>\n                  <\/div>\n\n                  <button id=\"copy-link\" class=\" flex p-5 border border-[#CECECE] hover:border-[#292c46] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/copy.png\" alt=\"copy link\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] heading6 font-bold block\">Copy link<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"copy link\" class=\"size-max\" \/>\n                  <\/button>\n\n                  <button id=\"share-email\" class=\" flex p-5 border border-[#CECECE] hover:border-[#292c46] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/box.png\" alt=\"email\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] block heading6 font-bold\">Email<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"email\" class=\"size-max\" \/>\n                  <\/button>\n                  <button id=\"share-linkedin\" class=\" flex p-5 border border-[#CECECE] hover:border-[#202449] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/link.png\" alt=\"linkedin\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] block heading6 font-bold\">Linkedin<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"linkedin\" class=\"size-max\" \/>\n                  <\/button>\n                  <button id=\"share-wechat\" class=\" flex p-5 border border-[#CECECE] hover:border-[#292c46] rounded-tr-lg rounded-bl-lg justify-between items-center hover:bg-[#F6FAFF]\">\n                    <div class=\" flex items-center space-x-2.5 lg:space-x-3 4xl:space-x-5\">\n                      <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/WeChat.png\" alt=\"wechat\" class=\"size-max\" \/>\n                      <span class=\"text-[#0A0A0A] block heading6 font-bold\">WeChat<\/span>\n                    <\/div>\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/right.png\" alt=\"wechat\" class=\"size-max\" \/>\n                  <\/button>\n                <\/div>\n              <\/div>\n                \n              \n                              <div class=\" bg-[#FAFAFA] p-7 px-5 4xl:px-7\">\n                  <div class=\" flex space-x-2.5\">\n                    <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/themes\/loeb-smith\/public\/images\/home\/people.png\" alt=\"Author\" class=\"size-max\" \/>\n                    <h2 class=\"text-[#6C6C6C] heading5 uppercase tracking-[0.4px]\">Author<\/h2>\n                  <\/div>\n\n                  <div class=\" mt-7 flex flex-col space-y-4\">\n                                            <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/vanisha-harjani\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/Vs-Photo_2.jpg\" alt=\"||||||\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold leading-normal block\">Vanisha Harjani \u54c8\u5609\u59ae<\/span>\n                          <\/div>\n                        <\/a>\n                                              <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/frost-wu\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/06-Frost-Wu.jpg\" alt=\"Frost Wu\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold leading-normal block\">Frost Wu \u5434\u971c<\/span>\n                          <\/div>\n                        <\/a>\n                                              <a href=\"https:\/\/www.loebsmith.com\/cn\/people\/yuri-zhang\/\">\n                          <div class=\" flex space-x-3 items-center\">\n                            <img decoding=\"async\" src=\"https:\/\/www.loebsmith.com\/wp-content\/uploads\/2025\/09\/Yuri-photo.jpg\" alt=\"|||\" class=\"size-8 4xl:size-12 rounded-full\" \/>\n                            <span class=\"text-[#3B3B3B] heading6 font-bold leading-normal block\">Yuri Zhang \u5f20\u715c\u5a49<\/span>\n                          <\/div>\n                        <\/a>\n                                        <\/div>\n                <\/div>\n              \n          <\/aside>\n      <\/div>\n  <\/div> \n<\/section>\n\n<div id=\"share-wechat-qr\" class=\"font-secondary text-black-200 fixed text-center bg-[#f7f7f7] z-50 top-[-1000px] left-0 opacity-0 [&#038;.open]:top-0 [&#038;.open]:right-0 [&#038;.open]:bottom-0 [&#038;.open]:left-0 [&#038;.open]:opacity-100 transition-opacity duration-300\">\n    <p class=\"title font-bold icon-text my-8\">Share to WeChat<\/p>\n    <p class=\"sub-title heading4 my-6\">&#8220;Scan QR Code&#8221; in WeChat and tap <span class=\"text-white bg-[#888] px-[6px] rounded-sm inline-block leading-6\">\u00b7\u00b7\u00b7<\/span> to share.<\/p>\n    <!-- START Kaya QR Code Generator --><div class=\"wpkqcg_qrcode_wrapper\"><input type=\"hidden\" id=\"wpkqcg_qrcode_outputimg_956aaa87a2d781940_ecclevel\" value=\"L\" \/><input type=\"hidden\" id=\"wpkqcg_qrcode_outputimg_956aaa87a2d781940_size\" value=\"256\" \/><input type=\"hidden\" 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Fund\uff09\u7ed3\u5408\u4e86\u5f00\u653e\u5f0f\u5bf9\u51b2\u57fa\u91d1\u548c\u5c01\u95ed\u5f0f\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7684\u7279\u5f81\u3002\u5f00\u653e\u5f0f\u57fa\u91d1\u5141\u8bb8\u6295\u8d44\u8005\u6309\u51c0\u8d44\u4ea7\u503c\u5b9a\u671f\u8d4e\u56de\uff0c\u5176\u6295\u8d44\u91cd\u70b9\u901a\u5e38\u4e3a\u6d41\u52a8\u6027\u8f83\u9ad8\u7684\u8d44\u4ea7\u7ec4\u5408\u3002\u5c01\u95ed\u5f0f\u57fa\u91d1\u5219\u5728\u56fa\u5b9a\u671f\u9650\u5185\u9501\u5b9a\u8d44\u672c\uff0c\u91cd\u70b9\u6295\u8d44\u4e8e\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u7b56\u7565\uff08\u4f8b\u5982\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u548c\u79c1\u4eba\u4fe1\u8d37\u57fa\u91d1\uff09\uff0c\u5176\u6301\u6709\u7684\u8d44\u4ea7\u65e0\u6cd5\u5728\u4e0d\u906d\u53d7\u91cd\u5927\u4ef7\u503c\u635f\u5931\u7684\u60c5\u51b5\u4e0b\u5feb\u901f\u51fa\u552e\u3002<\/p>\n","protected":false},"featured_media":5984,"template":"","meta":{"_acf_changed":false},"calendar-year":[388],"location":[296],"people-expertise":[310,317,332],"class_list":["post-8580","insight","type-insight","status-publish","has-post-thumbnail","hentry","calendar-year-388","location-cayman-islands","people-expertise-investment-funds","people-expertise-governance-regulatory-and-compliance","people-expertise-private-equity-and-venture-capital"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/insight\/8580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/types\/insight"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/media\/5984"}],"wp:attachment":[{"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/media?parent=8580"}],"wp:term":[{"taxonomy":"calendar-year","embeddable":true,"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/calendar-year?post=8580"},{"taxonomy":"location","embeddable":true,"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/location?post=8580"},{"taxonomy":"people-expertise","embeddable":true,"href":"https:\/\/www.loebsmith.com\/cn\/wp-json\/wp\/v2\/people-expertise?post=8580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}