{"id":710500,"date":"2026-08-05T11:31:40","date_gmt":"2026-08-05T03:31:40","guid":{"rendered":"https:\/\/law.asia\/?p=710500"},"modified":"2026-08-31T12:03:48","modified_gmt":"2026-08-31T04:03:48","slug":"hybrid-fund-structures","status":"publish","type":"post","link":"https:\/\/law-asia.visibleone.dev\/ja\/hybrid-fund-structures\/","title":{"rendered":"\u30b1\u30a4\u30de\u30f3\u8af8\u5cf6\u306b\u304a\u3051\u308b\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9"},"content":{"rendered":"<p style=\"text-align: justify;\">\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u3001\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3068\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\uff08PE\uff09\u69cb\u9020\u306e\u7279\u5fb4\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30d5\u30a1\u30f3\u30c9\u306e\u3053\u3068\u3067\u3059\u3002\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u57fa\u6e96\u4fa1\u984d\uff08NAV\uff09\u3067\u306e\u5b9a\u671f\u7684\u306a\u511f\u9084\u3092\u8a8d\u3081\u3001\u6d41\u52d5\u6027\u306e\u9ad8\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3078\u306e\u6295\u8cc7\u306b\u91cd\u70b9\u3092\u7f6e\u304d\u307e\u3059\u3002\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u4e00\u5b9a\u671f\u9593\u8cc7\u672c\u3092\u56fa\u5b9a\u3057\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u6226\u7565\uff08\u4f8b\uff1aPE\u30d5\u30a1\u30f3\u30c9\u3084\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\uff09\u306b\u57fa\u3065\u3044\u305f\u6295\u8cc7\u306b\u91cd\u70b9\u3092\u7f6e\u304d\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8cc7\u7523\u306f\u3001\u5927\u304d\u306a\u4fa1\u5024\u6bc0\u640d\u304c\u306a\u304f\u3001\u77ed\u671f\u9593\u3067\u58f2\u5374\u3057\u306b\u304f\u3044\u3082\u306e\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<figure id=\"attachment_704745\" aria-describedby=\"caption-attachment-704745\" style=\"width: 200px\" class=\"wp-caption alignright\"><a style=\"text-decoration: underline;\" href=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2026\/08\/Vanisha-Harjani.jpg\"><img decoding=\"async\" class=\"size-full wp-image-704745\" src=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2026\/08\/Vanisha-Harjani.jpg\" alt=\"Vanisha Harjani\" width=\"200\" height=\"250\" \/><\/a><figcaption id=\"caption-attachment-704745\" class=\"wp-caption-text\"><strong>Vanisha Harjani<\/strong><br \/>\u30d1\u30fc\u30c8\u30ca\u30fc<br \/>Loeb Smith Attorneys<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u4e21\u8005\u306e\u4e2d\u9593\u306b\u4f4d\u7f6e\u3057\u3066\u304a\u308a\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3068PE\u306e\u30e2\u30c7\u30eb\u306e\u5883\u754c\u304c\u66d6\u6627\u306b\u306a\u308b\u306b\u3057\u305f\u304c\u3063\u3066\u3001\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u610f\u5473\u3059\u308b\u3068\u3053\u308d\u306f\u62e1\u5927\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u4f1d\u7d71\u7684\u306b\u306f\u3001\u5f53\u521d\u306e\u30ed\u30c3\u30af\u30a4\u30f3\u671f\u9593\u306b\u9650\u5b9a\u7684\u306a\u7d99\u7d9a\u7684\u511f\u9084\u6a29\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u3001\u30b2\u30fc\u30c8\u3001\u511f\u9084\u505c\u6b62\u3001\u73fe\u7269\u511f\u9084\u306b\u3088\u3063\u3066\u88dc\u5b8c\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<p style=\"text-align: justify;\">\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u660e\u78ba\u306a\u30b5\u30d6\u30ab\u30c6\u30b4\u30ea\u30fc\u3068\u3057\u3066\u767b\u5834\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u6052\u4e45\u7684\u306a\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u30d3\u30fc\u30af\u30eb\u3067\u3042\u308a\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30b3\u30fc\u30eb\u3084\u6e05\u7b97\u53e3\u5ea7\u306a\u3069\u3001\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u306e\u7279\u5fb4\u3092\u53d6\u308a\u5165\u308c\u3001\u6642\u9593\u3092\u304b\u3051\u3066\u511f\u9084\u306b\u5bfe\u5fdc\u3057\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u30b3\u30f3\u30c6\u30a3\u30cb\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u30fb\u30d3\u30fc\u30af\u30eb\u3084GP\u4e3b\u5c0e\uff08\u30bc\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u4e3b\u5c0e\uff09\u306e\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u53d6\u5f15\u304d\u306f\u3001\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3001\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u8cfc\u5165\u3001\u5171\u540c\u6295\u8cc7\u6a29\u30921\u3064\u306e\u30d3\u30fc\u30af\u30eb\u3067\u7d44\u307f\u5408\u308f\u305b\u308b\u8ffd\u52a0\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #37977b;\"><strong>\u4e3b\u306a\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\">Benefits. \u30e1\u30ea\u30c3\u30c8\u3000\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u30011\u3064\u306e\u30d3\u30fc\u30af\u30eb\uff08\u4f8b\uff1a\u30b1\u30a4\u30de\u30f3\u8af8\u5cf6\u306e\u533a\u5206\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4f1a\u793e\uff08SPC\uff09\uff09\u306e\u67a0\u5185\u3067\u3001\u3088\u308a\u5e45\u5e83\u3044\u6a5f\u4f1a\u3092\u8ffd\u6c42\u3067\u304d\u308b\u67d4\u8edf\u6027\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u4ee5\u4e0b\u306e\u70b9\u3067\u3082\u5229\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol style=\"text-align: justify;\">\n<li>\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u3084\u30b2\u30fc\u30c8\u3001\u307e\u305f\u306f\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u578b\u306e\u73fe\u91d1\u5316\u306e\u30e2\u30c7\u30eb\u306b\u3088\u3063\u3066\u3001\u511f\u9084\u6761\u4ef6\u3068\u57fa\u790e\u8cc7\u7523\u306e\u6d41\u52d5\u6027\u306e\u6574\u5408\u6027\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/li>\n<li>\u5b9a\u671f\u7684\u306a\u6d41\u52d5\u6027\u3068\u9577\u671f\u30ed\u30c3\u30af\u30a4\u30f3\u306e\u57fa\u76e4\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u3078\u306e\u8a34\u6c42\u529b\u304c\u5e83\u304c\u308a\u307e\u3059\u3002<\/li>\n<li>\u671f\u9650\u4ed8\u304d\u306e\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u3068\u6bd4\u3079\u3066\u3001\u7d99\u7d9a\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u304c\u53ef\u80fd\u3068\u306a\u308a\u3001\u8cc7\u91d1\u6d41\u5165\u304c\u5e73\u6e96\u5316\u3055\u308c\u307e\u3059\u3002<\/li>\n<li>\u30b2\u30fc\u30c8\u3084\u511f\u9084\u5236\u9650\u306b\u3088\u308a\u3001\u300c\u30d5\u30a1\u30f3\u30c9\u53d6\u308a\u4ed8\u3051\u300d\u30ea\u30b9\u30af\u304c\u4f4e\u6e1b\u3057\u307e\u3059\u3002<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\u30c7\u30e1\u30ea\u30c3\u30c8\uff1a\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u307e\u305f\u306f\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u306e\u30d3\u30fc\u30af\u30eb\u3088\u308a\u3082\u3001\u6cd5\u7684\u304a\u3088\u3073\u4e8b\u52d9\u7684\u306a\u8907\u96d1\u6027\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u7d99\u7d9a\u7684\u306a\u7533\u8fbc\u307f\u304a\u3088\u3073\u511f\u9084\u304c\u884c\u308f\u308c\u308b\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u69cb\u9020\u3067\u306f\u7279\u306b\u9855\u8457\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u69cb\u9020\u306b\u304a\u3051\u308b\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u3084\u30b2\u30fc\u30c8\u306e\u5229\u7528\u306f\u3001\u3068\u304d\u306b\u3001\u3053\u308c\u3089\u306e\u624b\u6bb5\u304c\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u4e0d\u632f\u3092\u8986\u3044\u96a0\u3057\u5f97\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u61f8\u5ff5\u3092\u898b\u8fbc\u307f\u6295\u8cc7\u5bb6\u306b\u62b1\u304b\u305b\u307e\u3059\u3002\u305d\u306e\u4ed6\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u4fdd\u6709\u8cc7\u7523\u306e\u8a55\u4fa1\u304c\u96e3\u3057\u3044\u3053\u3068\u3001\u306a\u3089\u3073\u306bGP\u4e3b\u5c0e\u306e\u30b3\u30f3\u30c6\u30a3\u30cb\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u53d6\u5f15\u306b\u5185\u5728\u3059\u308b\u5229\u76ca\u76f8\u53cd\u3082\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u3057\u3066\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #37977b;\"><strong>\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u4e0a\u306e\u8ab2\u984c<\/strong><\/span><\/h2>\n<figure id=\"attachment_704749\" aria-describedby=\"caption-attachment-704749\" style=\"width: 200px\" class=\"wp-caption alignright\"><a style=\"text-decoration: underline;\" href=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2026\/08\/Yuri-Zhang.jpg\"><img decoding=\"async\" class=\"size-full wp-image-704749\" src=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2026\/08\/Yuri-Zhang.jpg\" alt=\"Yuri Zhang\" width=\"200\" height=\"250\" \/><\/a><figcaption id=\"caption-attachment-704749\" class=\"wp-caption-text\"><strong>Yuri Zhang<\/strong><br \/>\u30a2\u30bd\u30b7\u30a8\u30a4\u30c8<br \/>Loeb Smith Attorneys<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">\u511f\u9084\u30e1\u30ab\u30cb\u30af\u30b9\u3002\u30ed\u30c3\u30af\u30a4\u30f3\u3068\u901a\u77e5\u671f\u9593\u3001\u30b2\u30fc\u30c8\u5272\u5408\u3001\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u306e\u30c8\u30ea\u30ac\u30fc\u3001\u307e\u305f\u306f\uff08\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u5834\u5408\uff09\u6e05\u7b97\u53e3\u5ea7\u306e\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb\u306e\u76f8\u4e92\u4f5c\u7528\u306f\u3001\u30aa\u30d5\u30a1\u30ea\u30f3\u30b0\u30fb\u30e1\u30e2\u30e9\u30f3\u30c0\u30e0\u304a\u3088\u3073\u57fa\u672c\u66f8\u985e\u306b\u6b63\u78ba\u306b\u8a18\u8f09\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u66d6\u6627\u3055\u306f\u3001\u6295\u8cc7\u5bb6\u7d1b\u4e89\u306e\u983b\u51fa\u539f\u56e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p style=\"text-align: justify;\">\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u304a\u3088\u3073\u6e05\u7b97\u53e3\u5ea7\u306e\u904b\u7528\u3002\u6295\u8cc7\u5bb6\u306e\u7533\u8fbc\u307f\u304a\u3088\u3073\u511f\u9084\u306b\u5fdc\u3058\u3066\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u6301\u5206\u3092\u516c\u5e73\u306b\u914d\u5206\u3059\u308b\u3053\u3068\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u4fdd\u6709\u8cc7\u7523\u3092\u7d99\u7d9a\u7684\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3001\u306a\u3089\u3073\u306b\u8cc7\u7523\u306e\u5b9f\u73fe\u306b\u4f34\u3044\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u3092\u89e3\u6d88\u3059\u308b\u3053\u3068\u3001\u307e\u305f\u306f\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u578b\u306e\u6e05\u7b97\u53e3\u5ea7\u3092\u7ba1\u7406\u3059\u308b\u3053\u3068\u306f\u3001\u3044\u305a\u308c\u3082\u7d99\u7d9a\u7684\u306a\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u8ca0\u62c5\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p style=\"text-align: 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style=\"text-align: justify;\">\u8a55\u4fa1\u3001\u4f53\u5236\u518d\u69cb\u7bc9\u304a\u3088\u3073\u5831\u916c\u3002\u6d41\u52d5\u6027\u304c\u9ad8\u304f\u4fa1\u683c\u304c\u4ed8\u304d\u3084\u3059\u3044\u8a3c\u5238\u306b\u6163\u308c\u305f\u904b\u7528\u8005\u306f\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u8cc7\u7523\u306b\u3064\u3044\u3066\u3001\u4fdd\u6709\u304b\u3089\u30a8\u30b0\u30b8\u30c3\u30c8\u307e\u3067\u3092\u898b\u636e\u3048\u305f\u6295\u8cc7\u3078\u9069\u5fdc\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u72ec\u7acb\u3057\u305f\u8a55\u4fa1\u5c02\u9580\u5bb6\u3092\u8d77\u7528\u3059\u308b\u3053\u3068\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u5bb6\u304c\u7570\u306a\u308b\u6761\u4ef6\u3067\u6301\u5206\u3092\u4fdd\u6709\u3059\u308b\u72b6\u6cc1\u3067\u306f\u3001\u30d5\u30a3\u30fc\u30fb\u30d9\u30fc\u30b9\u3001\u30cf\u30a4\u30fb\u30a6\u30a9\u30fc\u30bf\u30fc\u30de\u30fc\u30af\u3001\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3001\u5b9f\u73fe\u30d9\u30fc\u30b9\u306e\u6210\u529f\u5831\u916c\u3092\u8abf\u6574\u3059\u308b\u3053\u3068\u3082\u8907\u96d1\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p style=\"text-align: justify;\">MFA v PFA. \u30b1\u30a4\u30de\u30f3\u8af8\u5cf6\u306e\u898f\u5236\u5bfe\u5fdc\uff1aMFA\u3068PFA\u3002\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u898f\u5236\u4e0a\u306e\u53d6\u6271\u3044\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u5f37\u5236\u57f7\u884c\u53ef\u80fd\u306a\u511f\u9084\u6a29\u3092\u6709\u3059\u308b\u304b\u3069\u3046\u304b\u306b\u3088\u3063\u3066\u6c7a\u307e\u308a\u307e\u3059\u3002\u30ed\u30c3\u30af\u30a4\u30f3\u3001\u30b2\u30fc\u30c8\u3001\u307e\u305f\u306f\u6e05\u7b97\u53e3\u5ea7\u306b\u3088\u308b\u652f\u6255\u3044\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u5236\u9650\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u3067\u3042\u3063\u3066\u3082\u3001\u6295\u8cc7\u5bb6\u304c\u81ea\u5df1\u306e\u610f\u601d\u3067\u511f\u9084\u3067\u304d\u308b\u6a29\u5229\u3092\u4ed8\u4e0e\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u30de\u30cd\u30fc\u30d5\u30a1\u30f3\u30c9\u6cd5 \uff08MFA\uff09\u306b\u57fa\u3065\u304f\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u306e\u30df\u30e5\u30fc\u30c1\u30e5\u30a2\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\u3068\u3057\u3066\u767b\u9332\u3059\u3079\u304d\u3067\u3059\u3002<\/p>\n<figure id=\"attachment_704753\" aria-describedby=\"caption-attachment-704753\" style=\"width: 200px\" class=\"wp-caption alignright\"><a href=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2026\/08\/Frost-Wu.jpg\"><img decoding=\"async\" class=\"size-full wp-image-704753\" src=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2026\/08\/Frost-Wu.jpg\" alt=\"Frost Wu\" width=\"200\" height=\"250\" \/><\/a><figcaption id=\"caption-attachment-704753\" class=\"wp-caption-text\"><strong>Frost Wu<\/strong><br \/>\u30a2\u30bd\u30b7\u30a8\u30a4\u30c8<br \/>Loeb Smith Attorneys<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">\u6295\u8cc7\u5bb6\u304c\u81ea\u5df1\u306e\u610f\u601d\u3067\u511f\u9084\u3059\u308b\u6a29\u5229\u3092\u6b20\u304f\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30d5\u30a1\u30f3\u30c9\u6cd5 \uff08PFA\uff09\u306b\u57fa\u3065\u304f\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u3068\u3057\u3066\u767b\u9332\u3059\u3079\u304d\u3067\u3059\u3002\u5b9a\u671f\u7684\u306a\u511f\u9084\u30a6\u30a3\u30f3\u30c9\u30a6\u3068\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u3092\u5099\u3048\u308b\u4f1d\u7d71\u7684\u306a\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u901a\u5e38\u3001MFA\u767b\u9332\u306e\u307e\u307e\u3067\u3059\u3002<\/p>\n<p style=\"text-align: justify;\">\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u306b\u9069\u7528\u3055\u308c\u308b\u898f\u5236\u4e0a\u306e\u67a0\u7d44\u307f\u306f\u3001\u6e05\u7b97\u53e3\u5ea7\u304c\u5f37\u5236\u57f7\u884c\u53ef\u80fd\u306a\u511f\u9084\u6a29\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u306b\u5de6\u53f3\u3055\u308c\u308b\u305f\u3081\u3001\u4e8b\u6848\u4f9d\u5b58\u3068\u306a\u308a\u307e\u3059\u3002\u901a\u5e38\u3001\u511f\u9084\u4e0d\u53ef\u306e\u6295\u8cc7\u6301\u5206\u3092\u63d0\u4f9b\u3059\u308b\u30d3\u30fc\u30af\u30eb\uff08\u4f8b\uff1a\u30c9\u30ed\u30fc\u30c0\u30a6\u30f3\u578bPE\u30d5\u30a1\u30f3\u30c9\u3084\u30b3\u30f3\u30c6\u30a3\u30cb\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u30fb\u30d3\u30fc\u30af\u30eb\uff09\u306fPFA\u306b\u57fa\u3065\u304d\u767b\u9332\u3055\u308c\u3001\u305d\u308c\u305e\u308c\u72ec\u81ea\u306e\u76e3\u67fb\u3092\u53d7\u3051\u3001\uff08PFA\u30d5\u30a1\u30f3\u30c9\u306b\u3064\u3044\u3066\u306f\uff09\u8a55\u4fa1\u304a\u3088\u3073\u30ab\u30b9\u30c8\u30c7\u30a3\u8981\u4ef6\u3082\u9069\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<p style=\"text-align: justify;\">\u30ac\u30d0\u30ca\u30f3\u30b9\u304a\u3088\u3073\u6295\u8cc7\u5bb6\u5bfe\u5fdc\u3002\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u73fe\u5728\u3001\u826f\u597d\u306a\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u304a\u3088\u3073\u5b9f\u52b9\u7684\u306a\u76e3\u7763\u306e\u89b3\u70b9\u304b\u3089\u3001\u30d5\u30a1\u30f3\u30c9\u307e\u305f\u306fGP\u306e\u30dc\u30fc\u30c9\u306b\u5c11\u306a\u304f\u3068\u30821\u540d\u304b\u30892\u540d\u306e\u771f\u306b\u72ec\u7acb\u3057\u305f\u53d6\u7de0\u5f79\u304c\u5c31\u4efb\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u65e5\u5e38\u7684\u306a\u30b2\u30fc\u30c8\u304a\u3088\u3073\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u306b\u95a2\u3059\u308b\u5224\u65ad\u306e\u307f\u306a\u3089\u305a\u3001\u3088\u308a\u5f37\u3044\u5229\u76ca\u76f8\u53cd\u3092\u4f34\u3046GP\u4e3b\u5c0e\u306e\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u53d6\u5f15\u304a\u3088\u3073\u30b3\u30f3\u30c6\u30a3\u30cb\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u53d6\u5f15\u3082\u76e3\u7763\u3057\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #37977b;\"><strong>\u30b1\u30a4\u30de\u30f3\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u69cb\u7bc9\u30c4\u30fc\u30eb\u30ad\u30c3\u30c8\u306e\u62e1\u5927<\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\">\u30b1\u30a4\u30de\u30f3\u306b\u304a\u3051\u308b\u4e3b\u8981\u306a\u6d41\u52d5\u6027\u7ba1\u7406\u624b\u6bb5\u3001\u3059\u306a\u308f\u3061\u30b5\u30a4\u30c9\u30dd\u30b1\u30c3\u30c8\u3001\u30ed\u30c3\u30af\u30a4\u30f3\u3001\u30b2\u30fc\u30c8\u304a\u3088\u3073\u73fe\u7269\u511f\u9084\u306f\u3001\u5f15\u304d\u7d9a\u304d\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30ea\u30f3\u30b0\u306b\u304a\u3051\u308b\u4e2d\u6838\u8981\u7d20\u3067\u3059\u3002\u3053\u308c\u3089\u3092\u53d6\u308a\u5dfb\u304f\u9078\u629e\u80a2\u3082\u62e1\u5927\u3057\u3066\u304a\u308a\u3001\u30a8\u30d0\u30fc\u30b0\u30ea\u30fc\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u3001SPC\u30d9\u30fc\u30b9\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3001\u30b3\u30f3\u30c6\u30a3\u30cb\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u30fb\u30d3\u30fc\u30af\u30eb\u306f\u3001\u73fe\u5728\u3067\u306f\u3053\u306e\u5206\u91ce\u306e\u78ba\u7acb\u3057\u305f\u7279\u5fb4\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808080;\"><strong>Vanisha Harjani\u306f\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308a\u3001Yuri Zhang\u304a\u3088\u3073Frost Wu\u306f\u9999\u6e2f\u306eLoeb Smith Attorneys\u306b\u6240\u5c5e\u3059\u308b\u30a2\u30bd\u30b7\u30a8\u30a4\u30c8\u3067\u3059\u3002<\/strong><\/span><\/p>\n<section class=\"format-info\">\n<p style=\"text-align: justify;\"><strong><img decoding=\"async\" class=\"size-medium wp-image-213685 aligncenter\" src=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2021\/01\/LOGO-LOEB-SMITH-blue-1-300x73.png\" alt=\"loeb smith cayman\" width=\"300\" height=\"73\" srcset=\"https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2021\/01\/LOGO-LOEB-SMITH-blue-1-300x73.png 300w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2021\/01\/LOGO-LOEB-SMITH-blue-1-768x186.png 768w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2021\/01\/LOGO-LOEB-SMITH-blue-1-696x169.png 696w, https:\/\/law-asia.visibleone.dev\/wp-content\/uploads\/2021\/01\/LOGO-LOEB-SMITH-blue-1.png 950w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>LOEB SMITH ATTORNEYS<\/strong><br \/>\nRoom 306, 3\/F Printing House<br \/>\n6 Duddell Street<br \/>\nCentral, Hong Kong<br \/>\nwww.loebsmith.com<br \/>\n<strong>Contact details:<\/strong><br \/>\nT: +852 3583 5000<br \/>\nE: <a href=\"mailto:vanisha.harjani@loebsmith.com\">vanisha.harjani@loebsmith.com<\/a><\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u30fb\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u3001\u30aa\u30fc\u30d7\u30f3\u30a8\u30f3\u30c9\u578b\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9<\/p>\n","protected":false},"author":17,"featured_media":710900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","meta-author":"","footnotes":""},"categories":[8404,8530],"tags":[164219,194652,194650,194651,167126,190450,194648,22390,194647,151097,194649],"class_list":["post-710500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-jp-1","category-correspondent-jp","tag-frost-wu-ja","tag-loeb-smith-ja","tag-mfa","tag-pfa","tag-vanisha-harjani-ja","tag-yuri-zhang-ja","tag-194648","tag-22390","tag-194647","tag-151097","tag-194649"],"acf":[],"yoast_head":"<!-- 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