The Practical Dilemma and Response Path of Information Disclosure Mechanism of Private Equity Funds

Abstract

The information disclosure system serves as a vital safeguard for the development of the private fund industry. While this system is applicable in practice, numerous scenarios still require further refinement. This is particularly evident in the lack of differentiated disclosure obligations between various investor entities and different stages of fundraising, investment, management, and exit. Additionally, the overlapping regulatory supervision by multiple institutions has led to increased disclosure obligations, and the civil liability system for information disclosure defects remains inadequate, all of which require urgent reconsideration. Based on these considerations, the current information disclosure system should be adjusted to enhance protection for ordinary investors, implement differentiated disclosure requirements across various stages, reform the institutional and fund manager regulatory supervision system, and improve the civil liability system for information disclosure defects.