Appleby - Using BVI Investment Funds in Asian Fund Finance and other Strategies

USING BVI INVESTMENT FUNDS IN ASIAN FUND FINANCE AND OTHER STRATEGIES

在亚洲基金融资和其他策略中使用 英属维尔京群岛投资基金

BVI – Asia Trade Mission & Roadshow 2024 (Beijing) 23 May 2024

KEY SPEAKERS 主要讲者

EASON HUANG (黄伟)

Partner | Shanghai

Registered Foreign Lawyer | Hong Kong

Tel: +852 2905 5769

Wechat: ApplebyEason2024

Email: ehuang@applebyglobal.com

LILY MIAO (苗蕾)

Partner | Hong Kong

Tel: +852 2905 5715

Wechat: perfume_baihe2011

Email: lmiao@applebyglobal.com

USING BVI INVESTMENT FUNDS IN ASIAN FUND FINANCE AND OTHER STRATEGIES 在亚洲基金融资和其他策略中使用英属维尔京群岛投资基金

WHAT WILL WE COVER?

讲座内容

• Private Equity in Asia - Setting the Scene 亚洲私募股权趋势

• Comparative Table of BVI Fund Structures 英属维尔京群岛基金结构对照表

• BVI Funds Structure for Asia Fund Managers 亚洲基金经理的英属维尔京群岛基金结构

• BVI Approved Manager 英属维尔京群岛获准管理人

• What is Fund Financing? 何为基金融资？

• Subscription line facilities - Structuring and Documentation 基金融资项目架构和文件

• Due Diligence 尽调

USING BVI INVESTMENT FUNDS IN ASIAN FUND FINANCE AND OTHER STRATEGIES 在亚洲基金融资和其他策略中使用英属维尔京群岛投资基金

PRIVATE EQUITY (CLOSE-ENDED FUNDS) OVERVIEW

私募股权（封闭式基金）概况

Use of BVI structures

英属维尔京群岛结构的使用

Increased use of BVI managers of foreign incorporated funds

更多地使用英属维尔京群岛的管理人为 外国注册基金管理人

BVI introduced new structures and updated its regulation

英属维尔京群岛采用了新的结构并更新 了其有限合伙条例

New alternative lenders and ESG focused funds

新的替代贷款人和专注于ESG的基金

BVI PARTNERSHIP

英属维尔京群岛合伙

BVI PARTNERSHIP

英属维尔京群岛合伙

MASTER FEEDER STRUCTURE

主馈线结构

MASTER FEEDER STRUCTURE

主馈线结构

MASTER FEEDER STRUCTURE

主馈线结构

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Restrictions on Investors 对投资者的 限制

Sophisticated private investors only 仅限资深 私人投资者

50 (unless invitations to subscribe or purchase interests are made on a private basis only, in which case there is no maximum 除非认购或购 买权益的邀请仅以非公开 方式发出，在这种情况下 无上限)

None (provided invitations to subscribe or purchase interests are made on a private basis only) 无（前提是认购或购买权益的邀请仅以非公开方 式发出）

Professional investors only 仅限专业投资者 None 无

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

营销文件

No offering document or term sheet required. 无需发行文件或条款说明书

Potential investors must be provided with a written warning indicating that, among other things, the fund is an incubator fund.

必须向潜在投资者提供 书面警告，表明该基金 是孵化基金。

Potential investors must be provided with a written warning indicating that, among other things, the fund is an approved fund.

必须向潜在投资者提 供书面警告，表明该 基金是核准基金 基金。

(except for exempted investors) 100,000

No offering document or term sheet required (though usually provided). 无需发行文件或条款说明书（尽管通常会提

Potential investors must be provided with a written warning indicating that, among other things, the fund is a private fund.

必须向潜在投资者提供书 面警告，表明该基金是私 募基金。

Potential investors must be provided with a written warning indicating that, among other things, the fund is a professional fund.

必须向潜在投资者提供书面警告， 表明该基金是专业基金。

Investors must provide a written acknowledgement that they have read, understood and accepted the warning.

投资者必须提供书面确认函，表明他们已阅读、理解并接受 警告。

Registered prospectus which meets content requirements listed in the Securities and Investment Business Act, the Mutual Fund Regulations and the Public Funds Code.

符合《证券与投资商业法》、《共同基 金条例》和《公共基金法》所列内容要 求的注册招股说明书。

Advertisements must indicate where the prospectus can be obtained and copies of advertisements must be provided to the FSC within 14 days of publication.

广告必须说明可从何处获得招股说明书， 副本必须在发布后 14 天内提供给金融 服务委员会。

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Reporting Requirements 报告要求

Account filing requirements 账户申

报要求

Additional material reporting or approval requirements

额外的重大报告或审批要

求

Unaudited financial statements to be submitted within 6 months of financial year end (unless extension or exemption is approved) 财政年度结束后6个月内提交的未经审计的财务报表（除非获

准延期或豁免）

Must submit annual report to confirm compliance with legislation. 必须提交年度报告以确

认是否符合法律规定。

Must submit semi-annual report detailing key details of fund (number of investors, NAV, AUM, aggregate subscriptions and redemptions and significant investor complaints). 必须提交半

年 报告，详细说明基金的关键细节

（投资者人数、资产净值、资产管理

规模、认购和赎回总额以及重大投资

者投诉）

Additional reporting obligations after certain events. 在某些事件发

生后有额外的报告义务

Must submit annual report to confirm compliance with legislation and key details of fund (number of investors, NAV, AUM, aggregate subscriptions and redemptions and significant investor complaints). 必须提交年度报

告，以确认基金遵守法规的情况 和关键细节（投资者人数、资产 净值、资产管理规模、认购和赎 回总额以及重大投资者投诉）

Additional reporting obligations after certain events. 在某些事件发生后有额 外的报告义务

Audited financial statements to be submitted within 6 months of financial year end (unless extension or exemption is approved) 财政年度结束后 6 个月内提交经审计的财务报表（除非获准延期或豁免）

Additional reporting obligations after certain events.

在某些事件发生后有额外的报告义务

Prior written approval required before appointment of directors and functionaries, and upon any amendment or supplement to the prospectus. 在任命董事和 工作人员以及对招股说明书 进行任何修订或补充之前， 必须事先获得书面批准

Additional reporting obligations prior to, upon and after certain events. 在某些事件发生之 前、之时和之后的额外报告 义务

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Valuation

2 (both individuals) Approval required for appointment of directors Public funds established as unit trusts must have a corporate trustee

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Functionaries 职能人员

Custodian required?

是否需要托管人？

Auditor required?

是否需要审计员？

Authorised representative in the BVI required?

No, but must have arrangements in place for the safekeeping and segregation of fund property 否， 但必须有保管和隔离基金财产的安排

是否需要 BVI的授权代表？ Yes 是 Yes 是

Independence of Functionaries

职能人员的独立性

Yes (unless an exemption is approved) 是（除非获准豁免）

Yes (unless an exemption is approved) Auditor must be approved by the FSC 是（除非获得豁免） 审核员必须获得 FSC 批准

Yes (unless the fund has significant management presence in the BVI) 是（除非该基金在BVI拥有重要的管理机构）

Must ensure that persons controlling fund’s investment function are independent from the persons controlling the valuation process, provided that if this cannot be achieved, any conflicts are identified and disclosed to investors.

必须确保控制基金投资职能的人员独立于控制估值过程的 人员，如果 无法做到这一点，则应查明并向投资者披露任 何冲突

Must ensure that manager (or other person responsible for investment function) is independent from administrator (or other person responsible for valuation process), provided that if this cannot be achieved, any conflicts are identified and disclosed to investors. 必须确保经理 人（或负责投资职能的其他人员）独立于管理人（或负责 估值程序的其他人员），但如果 无法做到这一点，则应查 明并向投资者披露任何冲突

Each functionary must be functionally independent. Public funds must establish a policy to identify and manage conflicts of interest. 每个工作人员的 职能必须独立。公共基金 必须制定政策来识别和管 理利益冲突

USING

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Timeline 时间表

Timeline to launch

启动时间表

Incubator Fund

May commence business after 2 business days from submitting application to FSC.

可在向 FSC 提交申请 2 个工作日后开展业务

Cannot commence business until FSC approval obtained.

在获得FSC批准之前不能 开展业务

May operate for 21 days prior to FSC approval, provided an application for recognition is submitted to the FSC within 14 days of commencing business.

可在获得FSC批准之前经

营 21 天，但必须在开始

营业后 14 天内向FSC提 交认可申请

Cannot commence business until FSC approval obtained.

在获得FSC批准之前不能开 展业务

Lifespan

生命周期 Two years (with possible 12 month extension with permission of FSC)

两年（经FSC许可，可延

期12个月）

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Anti-money Laundering Requirements

COMPARATIVE TABLE OF BVI FUND STRUCTURES

英属维尔京群岛基金结构对照表

Incubator Fund

Applicable Legislation 适用法律

Principal Relevant Legislation 主要相关法律

Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015

2015年《证券和投资业务（孵化和核准基金）条例》

Securities and Investment Business (Incubator and Approved Funds) (Amendment) Regulations, 2019

2019 年《证券投资业务（孵化和核准基金）（修

订）条例

Financial Services Commission Act

《金融服务委员会法》

Financial Services (Miscellaneous Exemptions) (Amendment) Regulations, 2019

2019年《金融服务（杂项豁免）（修订）规例》

Securities and Investment

Business Act 2010

2010年《证券和投资业务条例》

Mutual Fund Regulations

《共同基金条例》

Financial Services

Commission Act

《金融服务委员会法》

Financial Services

(Miscellaneous Exemptions) Regulations, 2010

2010年《金融服务（杂项豁免）

规例》

Private Investment Funds Regulations, 2019

2019年《私人投资基金条例》

Securities and Investment Business Act 2010

2010年《证券和投资业

务条例》

Mutual Fund Regulations

《共同基金条例》

Financial Services

Commission Act

《金融服务委员会法》

Financial Services

(Miscellaneous Exemptions)

Regulations, 2010 2010年《金融服务（杂

项豁免）规例》

Mutual Fund Regulations

《共同基金条例》

Public Funds Code

《公共基金法》

Financial Services

Commission Act

《金融服务委员会法》

Financial Services

(Miscellaneous Exemptions)

Regulations, 2010

2010年《金融服务（杂项 豁免）规例》

USING

BVI APPROVED MANAGER

英属维尔京群岛获准管理人

The Approved Manager regime was introduced following the enactment of the Investment Business (Approved Manager) Regulations, 2012 (Approved Manager Regulations) and the publication of the Approved Investment Managers Guidelines (Guidelines).

获准管理人制度是在《2012年投资业务（核准管理人）条例》（《获准管理人条例》）颁布和《获准 投资管理人指南》（《指南》）发布后引入的。

BVI APPROVED MANAGER

英属维尔京群岛获准管理人

The BVI operates a “regulation light” fund manager regime (the Approved Manager regime) for eligible investment managers or investment advisers who have or wish to have a BVI licence to carry out investment management or investment advisory services:

英属维尔京群岛对已获得或希望获得英属维尔京群岛许可证以开展投资管理或投资咨询服务的合格投 资经理或投资顾问实行“轻监管”基金管理人制度（获准管理人制度）：

1. for BVI open-ended and closed-ended funds, or to persons affiliated to such fund structures; or

为英属维尔京群岛开放式和封闭式基金，或与此类基金结构有关联的人员；或

BVI APPROVED MANAGER

英属维尔京群岛获准管理人

2. to recognised foreign funds which has certain characteristics of a private or professional fund (e.g. in relation to types or numbers of investors or minimum initial investment requirements) or to certain persons outside the BVI in a non-recognised jurisdiction; or 具有私人或专业基金某些特点的认可海外基金（例如与投资者类别或数量或最低初始投资要求有 关），或英属维尔京群岛以外非认可司法管辖区的某些人士；或

3. to such persons as the FSC may approve on a case-by-case basis (historically that has included client managed accounts)

FSC 可能根据具体情况批准的人员 （历史上包括客户管理账户）

BVI APPROVED MANAGER

英属维尔京群岛获准管理人

Eligible applicants for an application under the Approved Manager regime must: 根据核准管理人制度提出申请的合格申请人必须：

• be subject to the following caps: no more than US$400 million aggregate assets under management for open-ended funds, and no more than US$1 billion aggregate capital commitments for closed-ended funds. It is not clear what the applicable cap is for client portfolios or separately managed accounts, but we envisage that it would be similar to the amount for closed-ended funds 须符合以下上限：开放式基金管理的资产总额不超过 4 亿美元，封闭式基金的资本承诺总额不超过 10 亿美元。目前尚不清楚客户投资组合或独立管理账户的适用上限是多少，但我们预计与封闭式基 金的金额上限类似

BVI APPROVED MANAGER

英属维尔京群岛获准管理人

Economic Substance

经济实质

• There are advantages to the BVI Approved Manager regime when compared to other jurisdictions’ investment management regimes in the context of economic substance requirements.

与其他司法管辖区的投资管理制度相比，英属维尔京群岛的获准管理人制度在经济实质要求方面具 有优势。

USING

WHAT

IS

FUND FINANCING?

什么是基金融资？

Subscription financing

Net asset value financing

WHY USE FUND FINANCING?

为什么要使用基金融资？

Borrower perspective 借款人角度

• Faster access to cash

更快地获得现金

• Flexibility in managing investments and costs

管理投资和成本的灵活性

• Relatively low financing costs

较低的融资成本

• Improve competitiveness in bids/auction 提高投标/拍卖的竞争力

• Control profitability – IRR

控制盈利能力 内部收益率

Lender Perspective 贷款人角度

• Perceived low risk for lenders

感知到的贷款人风险较低

• Relationship building - cross selling opportunity

建立关系–交叉销售机会

• Short term commitment (2-5 years)

短期承诺（2-5年）

STRUCTURING AND DOCUMENTATION

结构和文件

General Partner 普通合伙人 (GP)

Entry into FA as GP

Lender

Entry into FA as Borrower

Revolving Loans

GP’s right to call for capital up to Capital Commitments 普通投资者要求出资达到出

LP’s obligation to fund Capital Contributions LP缴付出资的义务

Collateral Account of the Borrower

USING BVI INVESTMENT FUNDS IN ASIAN FUND FINANCE AND OTHER STRATEGIES

在亚洲基金融资和其他策略中使用英属维尔京群岛投资基金

BORROWING BASE

借款人借贷基数

Establishment of Borrowing Base

建立借贷基数

• Lenders’ analysis of Investor composition 贷款人对投资者构成的分析

• Identification of Included Investors 包含投资者的确定

• Application of Advance Rate to Included Investors 对包含投资者的预付利率的适用

• Applicability of Concentration Limits 集中度限制的适用性

Changes to Borrowing Base over time

借贷基数随时间变化的变化

• In the ordinary course, capital contributions made over time reduce capital commitments on a commensurate basis – therefore, Borrowing Base reduces over fund life.

在正常过程中，随着时间的推移投资人的资本贡献会相应 地减少投资人对基金的投资承诺

因此，借贷基数会相 应减少。

USING

在亚洲基金融资和其他策略中使用英属维尔京群岛投资基金

THE LOAN AGREEMENT: KEY NEGOTIATED TERMS

贷款协议：关键谈判条款

Types of Facilities

授信类型

• RCF

• Committed or uncommitted

已承诺或未承诺

• Drawdown restrictions (Borrowing Base)

提款限制（借款基数）

• Exclusion Events

除外事件

Information

covenants

信息承诺

• Borrowing Base Certificate

借款基础证书

• Capital Commitments

Report

出资承诺额报告

• Notification of potential transfers

出资承诺额报告

• Notification of investor defaults / Exclusion Events

投资人违约/除外事件通知

• Notification of new investors

新投资人通知

Undertakings

承诺

• Not to approve investor transfers / new investors without consent of lenders

未经贷款方同意不得批准投资人

转让/新投资人

• Compliance with Fund Documents

遵守基金文件

• Not to amend Fund Documents in manner adverse to lenders

不得以不利于贷款方的方式修订

基金文件

• Restriction on distributions during EoD (except ordinary expenses)

EoD期内的分配限制（正常费用

除外）

• Negative Pledge

消极保证

Mandatory prepayments

强制提前还款

• Change of control (usually relates to GP or Investment Manager (rather than partnership itself))

控制权变更（通常与普通合伙 人或投资经理有关（而非合伙 企业本身))

• In part if drawings exceed Borrowing Base

部分地，如果提款超出借款基 数

Events of Default

• Unlawfulness of Fund Documents

基金文件不合法

• Default by % of investors

%的投资人违约

USING BVI INVESTMENT FUNDS IN ASIAN FUND FINANCE AND OTHER STRATEGIES 在亚洲基金融资和其他策略中使用英属维尔京群岛投资基金

THE SECURITY PACKAGE

担保措施

Security over Borrower’s right to call on undrawn capital commitments

在借款人要求支付未提取的资本承诺额的权利上设立的担保

Power of attorney 授权委托书

Security over bank account into which capital calls are paid

缴付资本催缴款的银行帐户担保品

Security from Feeder Funds – Cascading security

支线基金提供的担保–级联担保

Delivery of LP notices (first in time, method, evidence of delivery, investor consent letters)

送达 LP通知（首位送达时间、方式、送达凭证、投资人同意函）

BANKABILITY OF THE LPA

合伙协议的银行适付性

Borrowing: purpose, limits, joint/several 借款： 目的、限制、共同/单独 01

Security: capital calls and bank account; crosscollateralization; cascading

Capital calls: repayment of debt without set-off

Overcall: Defaulting and Excused LPs

Excuse provisions

Key Person and Suspension

BANKABILITY OF THE LPA

DUE DILIGENCE: OTHER FUND DOCUMENTS

尽职调查：其他基金文件

Subscription Agreements

认购协议

Register of Limited Partnership Interests

有限合伙权益名册

Register of Charges

押记名册

Security filing

担保备案

BVI Limited Partnership Act

英属维尔京群岛有限合伙企业法

FUND FINANCE ISSUES – SIDE LETTERS

基金融资问题–补充函件

• MFN provisions 最惠国条款

• Prohibition of security 禁止担保

• Authorised signatories 授权签字人

• Confidentiality 保密

• No defence, counterclaim, offset

不得抗辩、反诉、抵销

• Submission to jurisdiction 接受管辖

Trend: Side letters are getting longer and more complex 趋势：补充函件越来越长，越来越复杂

SIDE LETTERS: OTHER MATERIAL TERMS

补充函件中其他需注意的重要条款

This is not an exhaustive list 这并非详尽无遗的清单

Q&A

问 问

These presentation slides are intended only to provide a summary of the subject matters covered. They do not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in these presentation slides without first obtaining specific professional advice.

这些演示文稿的目的仅在于提供所涉及主题的概要。 它们并不声 称是全面的或提供法律建议。 任何人在未事先获得具体的专业建 议之前，不应依赖这些演示文稿中的任何陈述。

MAY 2024

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Appleby

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