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对冲基金和私募基金一直都被认为是两类不同的投资产品。但是,随着一些对冲基金逐渐将投资方向转向传统上由私募基金主导的领域,二者之间的界限正逐渐模糊。对冲基金市场上不断升格的竞争正导致一些基金顾问进入私募股权基金的领域。特别是一些对冲基金正延长锁定期致其期限超过两年,而这正是规则修订者过去用来定义私募基金的关键点。在这种情况下,证券交易委员会应重新评估“私募基金”的定义,并重新考虑该定义是否还是两种基金之间的区分点。证券交易委员会还应选择重新评估仅允许私募基金注册登记豁免的规定,并根据新修订的规则和投资者保护理论,将私募基金也纳入登记注册的范围。
Hedge funds and private equity funds have long been considered two different types of investment products. But as some hedge funds gradually shift their focus to areas traditionally dominated by private equity funds, the lines between the two are blurring. The escalating competition in the hedge fund market is leading some fund advisors into private equity funds. In particular, some hedge funds are extending the lock-up period for more than two years, which is the key point that rule revisions were used to define private equity funds in the past. In this case, the SEC should re-evaluate the definition of “private equity fund” and reconsider whether the definition is still the point of distinction between the two funds. The SEC should also choose to reevaluate the rules that only allow exemptions from registration of private equity funds and include private equity funds in the registry according to the newly revised rules and investor protection doctrine.