{"id":5750,"date":"2026-07-07T07:59:04","date_gmt":"2026-07-07T07:59:04","guid":{"rendered":"https:\/\/titus.com.hk\/?p=5750"},"modified":"2026-07-15T06:39:45","modified_gmt":"2026-07-15T06:39:45","slug":"ofc-vs-lpf-hong-kong-fund-structure-zh","status":"publish","type":"post","link":"https:\/\/titus.com.hk\/zh\/ofc-vs-lpf-hong-kong-fund-structure-zh\/","title":{"rendered":"OFC \u8207 LPF\uff1a\u9999\u6e2f\u57fa\u91d1\u67b6\u69cb\u600e\u6a23\u9078\uff1f"},"content":{"rendered":"\n<h2 id=\"quick-answer-ofc-or-lpf\">\u7c21\u77ed\u7b54\u6848\uff1a\u9078 OFC \u9084\u662f LPF\uff1f<\/h2>\n<p>\u5927\u90e8\u5206\u958b\u653e\u5f0f\u3001\u4ee5\u8cb7\u8ce3\u8b49\u5238\u70ba\u4e3b\u7684\u7b56\u7565\u2014\u2014\u5c0d\u6c96\u57fa\u91d1\u3001\u591a\u5143\u8cc7\u7522\u57fa\u91d1\uff0c\u4ee5\u81f3\u96f6\u552e\u985e\u7522\u54c1\u2014\u2014\u9999\u6e2f\u7684\u57fa\u91d1\u7d93\u7406\u6703\u9078\u958b\u653e\u5f0f\u57fa\u91d1\u578b\u516c\u53f8\uff08OFC\uff09\uff0c\u9019\u662f\u4e00\u7a2e\u8cc7\u672c\u53ef\u8b8a\u7684\u516c\u53f8\u67b6\u69cb\u3002\u81f3\u65bc\u6709\u8cc7\u672c\u627f\u64d4\u548c\u63d0\u53d6\uff08drawdown\uff09\u7684\u5c01\u9589\u5f0f\u79c1\u52df\u80a1\u6b0a\u53ca\u5275\u6295\u7b56\u7565\uff0c\u6709\u9650\u5408\u5925\u57fa\u91d1\uff08LPF\uff09\u901a\u5e38\u66f4\u70ba\u5408\u9069\u3002\u5169\u8005\u90fd\u53ef\u4eab\u9999\u6e2f\u7684\u57fa\u91d1\u5229\u5f97\u7a05\u5bec\u514d\uff0c\u4e5f\u90fd\u80fd\u70ba\u958b\u66fc\u5de5\u5177\u63d0\u4f9b\u4e00\u500b\u53ef\u4fe1\u7684\u5728\u5cb8\u66ff\u4ee3\u65b9\u6848\u3002\u8a73\u898b\u6211\u5011\u7684<a href=\"https:\/\/titus.com.hk\/investment-funds\/\">\u6295\u8cc7\u57fa\u91d1\u670d\u52d9<\/a>\u3002<\/p>\n<h2 id=\"what-is-the-difference-between-an-ofc-and-an-lpf\">OFC \u8207 LPF \u6709\u4f55\u5206\u5225\uff1f<\/h2>\n<p>\u5169\u5957\u5236\u5ea6\u89e3\u6c7a\u7684\u662f\u4e0d\u540c\u7684\u554f\u984c\u3002OFC \u662f\u4ee5\u9999\u6e2f\u6709\u9650\u516c\u53f8\u5f62\u5f0f\u8a2d\u7acb\u7684\u6295\u8cc7\u57fa\u91d1\uff0c\u80a1\u672c\u53ef\u8b8a\uff0c\u6295\u8cc7\u8005\u9032\u51fa\u6642\u4fbf\u53ef\u76f8\u61c9\u767c\u884c\u53ca\u8d16\u56de\u80a1\u4efd\u3002\u9019\u7a2e\u958b\u653e\u5f0f\u7684\u9748\u6d3b\u6027\uff0c\u4ee4\u5b83\u6210\u70ba\u6d41\u52d5\u6027\u9ad8\u3001\u53ef\u4ea4\u6613\u7b56\u7565\u7684\u5929\u7136\u9078\u64c7\u3002OFC \u4ee5\u8b49\u76e3\u6703\u70ba\u4e3b\u8981\u76e3\u7ba1\u6a5f\u69cb\uff0c\u4e26\u5728\u516c\u53f8\u8a3b\u518a\u8655\u8a3b\u518a\u6210\u7acb\uff1b\u6b64\u5236\u5ea6\u65bc 2018 \u5e74 7 \u6708 30 \u65e5\u751f\u6548\u3002\u8a73\u898b\u6211\u5011\u7684<a href=\"https:\/\/titus.com.hk\/the-open-ended-fund-company-ofc-in-hong-kong-what-you-need-to-know\/\">\u958b\u653e\u5f0f\u57fa\u91d1\u578b\u516c\u53f8\uff08OFC\uff09\u5b8c\u6574\u6307\u5357<\/a>\u3002<\/p>\n<p>LPF \u5247\u662f\u6839\u64da\u300a\u6709\u9650\u5408\u5925\u57fa\u91d1\u689d\u4f8b\u300b\uff08\u7b2c637\u7ae0\uff09\u8a2d\u7acb\u7684\u6709\u9650\u5408\u5925\u57fa\u91d1\uff0c\u8a72\u689d\u4f8b\u65bc 2020 \u5e74 8 \u6708 31 \u65e5\u751f\u6548\u3002\u57fa\u91d1\u8a2d\u6709\u4e00\u540d\u666e\u901a\u5408\u5925\u4eba\uff08GP\uff09\uff0c\u5c0d\u57fa\u91d1\u50b5\u52d9\u8ca0\u7121\u9650\u8cac\u4efb\uff1b\u53e6\u6709\u81f3\u5c11\u4e00\u540d\u6709\u9650\u5408\u5925\u4eba\uff08LP\uff09\uff0c\u5176\u8cac\u4efb\u4ee5\u51fa\u8cc7\u627f\u64d4\u70ba\u4e0a\u9650\u3002\u9019\u5957\u67b6\u69cb\u6b63\u597d\u5c0d\u61c9\u5168\u7403\u79c1\u52df\u80a1\u6b0a\u53ca\u5275\u6295\u7684\u6a21\u5f0f\uff1a\u8cc7\u672c\u627f\u64d4\u3001\u63d0\u53d6\uff08drawdown\uff09\u8207\u7011\u5e03\u5f0f\u5206\u6d3e\u3002\u8a73\u898b\u6211\u5011\u7684<a href=\"https:\/\/titus.com.hk\/the-limited-partnership-fund-lpf-in-hong-kong-a-complete-guide\/\">\u9999\u6e2f\u6709\u9650\u5408\u5925\u57fa\u91d1\uff08LPF\uff09\u5b8c\u6574\u6307\u5357<\/a>\u3002<\/p>\n<p>\u4e00\u8a00\u4ee5\u853d\u4e4b\uff1aOFC \u662f\u70ba\u6d41\u52d5\u6027\u7b56\u7565\u800c\u8a2d\u7684\u958b\u653e\u5f0f\u516c\u53f8\u5de5\u5177\uff1bLPF \u5247\u662f\u70ba\u79c1\u4eba\u8cc7\u672c\u800c\u8a2d\u7684\u5c01\u9589\u5f0f\u5408\u5925\u67b6\u69cb\u3002<\/p>\n<h2 id=\"how-is-an-ofc-structured\">OFC \u7684\u67b6\u69cb\u662f\u600e\u6a23\u7684\uff1f<\/h2>\n<p>OFC \u672c\u8eab\u662f\u7368\u7acb\u6cd5\u4eba\uff0c\u5927\u81f4\u4e0a\u9808\u5177\u5099\u4ee5\u4e0b\u689d\u4ef6\uff1a<\/p>\n<ul>\n<li>\u8463\u4e8b\u6703\u81f3\u5c11\u7531\u5169\u540d\u81ea\u7136\u4eba\u8463\u4e8b\u7d44\u6210\uff0c\u7576\u4e2d\u81f3\u5c11\u4e00\u540d\u70ba\u7368\u7acb\u8463\u4e8b\uff08\u7368\u7acb\u8463\u4e8b\u4e0d\u5f97\u70ba\u4fdd\u7ba1\u4eba\u7684\u8463\u4e8b\u6216\u50f1\u54e1\uff09\u3002<\/li>\n<li>\u4e00\u540d\u7372\u8b49\u76e3\u6703\u767c\u724c\u6216\u8a3b\u518a\u3001\u53ef\u5f9e\u4e8b\u7b2c9\u985e\u53d7\u898f\u7ba1\u6d3b\u52d5\uff08\u8cc7\u7522\u7ba1\u7406\uff09\u7684\u6295\u8cc7\u7d93\u7406\u3002\u9019\u662f\u786c\u6027\u8981\u6c42\u2014\u2014OFC \u82e5\u7121\u7b2c9\u985e\u7d93\u7406\uff0c\u4e0d\u5f97\u81ea\u884c\u7ba1\u7406\u3002<\/li>\n<li>\u4e00\u540d\u4fdd\u7ba1\u4eba\uff0c\u8ca0\u8cac\u6301\u6709\u57fa\u91d1\u8ca1\u7522\u3002<\/li>\n<li>\u4e00\u540d\u6838\u6578\u5e2b\uff0c\u9808\u7368\u7acb\u65bc\u8463\u4e8b\u3001\u7d93\u7406\u53ca\u4fdd\u7ba1\u4eba\u3002<\/li>\n<\/ul>\n<p>OFC \u53ef\u8a2d\u7acb\u70ba\u55ae\u4e00\u57fa\u91d1\uff0c\u4e5f\u53ef\u8a2d\u7acb\u70ba\u5098\u5b50\u578b\u67b6\u69cb\uff0c\u4e0b\u8a2d\u591a\u500b\u5b50\u57fa\u91d1\uff0c\u5404\u5b50\u57fa\u91d1\u4e4b\u9593\u7684\u8cc7\u7522\u8207\u8ca0\u50b5\u4e92\u76f8\u5206\u9694\u3002\u5b83\u53ef\u4ee5\u516c\u958b\u767c\u552e\uff08\u9808\u7d93\u8b49\u76e3\u6703\u7522\u54c1\u8a8d\u53ef\uff09\uff0c\u4e5f\u53ef\u4ee5\u79c1\u4eba\u767c\u552e\u3002\u8a73\u898b\u6211\u5011\u7684<a href=\"https:\/\/titus.com.hk\/regulatory\/\">\u76e3\u7ba1\u53ca\u5408\u898f\u670d\u52d9<\/a>\u3002<\/p>\n<h2 id=\"how-is-an-lpf-structured\">LPF \u7684\u67b6\u69cb\u662f\u600e\u6a23\u7684\uff1f<\/h2>\n<p>LPF \u570d\u7e5e\u666e\u901a\u5408\u5925\u4eba\u8207\u6709\u9650\u5408\u5925\u4eba\u7684\u95dc\u4fc2\u800c\u5efa\u7acb\uff1a<\/p>\n<ul>\n<li>\u4e00\u540d\u666e\u901a\u5408\u5925\u4eba\uff08GP\uff09\uff0c\u53ef\u4ee5\u662f\u5e74\u6eff 18 \u6b72\u7684\u81ea\u7136\u4eba\u3001\u9999\u6e2f\u79c1\u4eba\u516c\u53f8\u3001\u5df2\u8a3b\u518a\u7684\u975e\u9999\u6e2f\u516c\u53f8\u3001\u9077\u518a\u516c\u53f8\u3001\u6839\u64da\u300a\u6709\u9650\u8cac\u4efb\u5408\u5925\u689d\u4f8b\u300b\uff08Limited Partnerships Ordinance, Cap. 37\uff09\u8a3b\u518a\u7684\u6709\u9650\u8cac\u4efb\u5408\u5925\u3001\u53e6\u4e00\u500b\u5df2\u8a3b\u518a\u7684 LPF\uff0c\u6216\u5177\u6216\u4e0d\u5177\u6cd5\u4eba\u8cc7\u683c\u7684\u975e\u9999\u6e2f\u6709\u9650\u5408\u5925\u3002\u82e5 GP \u70ba\u53e6\u4e00\u500b LPF \u6216\u4e0d\u5177\u6cd5\u4eba\u8cc7\u683c\u7684\u975e\u9999\u6e2f\u6709\u9650\u5408\u5925\uff0c\u5247\u53e6\u9808\u59d4\u4efb\u4e00\u540d\u6388\u6b0a\u4ee3\u8868\u3002GP \u8ca0\u7121\u9650\u8cac\u4efb\uff0c\u4e26\u5c0d\u57fa\u91d1\u7684\u7ba1\u7406\u8ca0\u6700\u7d42\u8cac\u4efb\u3002<\/li>\n<li>\u81f3\u5c11\u4e00\u540d\u6709\u9650\u5408\u5925\u4eba\uff08LP\uff09\uff0c\u53ea\u8981\u4e0d\u53c3\u8207\u7ba1\u7406\uff0c\u5176\u8cac\u4efb\u4fbf\u4ee5\u8b70\u5b9a\u7684\u51fa\u8cc7\u627f\u64d4\u70ba\u9650\u3002<\/li>\n<li>\u4e00\u540d\u6295\u8cc7\u7d93\u7406\uff0c\u8ca0\u8cac\u65e5\u5e38\u6295\u8cc7\u7ba1\u7406\u3002\u7d93\u7406\u9808\u70ba\u9999\u6e2f\u5c45\u6c11\u500b\u4eba\uff08\u5e74\u6eff 18 \u6b72\uff09\u3001\u9999\u6e2f\u516c\u53f8\uff0c\u6216\u5df2\u8a3b\u518a\u7684\u975e\u9999\u6e2f\u516c\u53f8\u3002<\/li>\n<li>\u4e00\u540d\u8ca0\u8cac\u4eba\uff0c\u6309\u300a\u6253\u64ca\u6d17\u9322\u53ca\u6050\u6016\u5206\u5b50\u8cc7\u91d1\u7c4c\u96c6\u689d\u4f8b\u300b\uff08AMLO, Cap. 615\uff09\u5c65\u884c\u6253\u64ca\u6d17\u9322\uff0f\u6050\u6016\u5206\u5b50\u8cc7\u91d1\u7c4c\u96c6\u7684\u8077\u80fd\u2014\u2014\u6b64\u4eba\u9808\u70ba\u8a8d\u53ef\u6a5f\u69cb\u3001\u6301\u724c\u6cd5\u5718\u3001\u6703\u8a08\u5c08\u696d\u4eba\u58eb\u6216\u6cd5\u5f8b\u5c08\u696d\u4eba\u58eb\u3002<\/li>\n<\/ul>\n<p>LPF \u7684\u7533\u8acb\u9808\u7531\u9999\u6e2f\u5f8b\u5e2b\u6216\u9999\u6e2f\u5f8b\u5e2b\u884c\u4ee3\u64ec\u4efb\u7684 GP \u63d0\u4ea4\uff0c\u4e26\u5411\u516c\u53f8\u8a3b\u518a\u8655\u8a3b\u518a\uff08\u8b49\u76e3\u6703\u4e26\u4e0d\u8a3b\u518a\u6b64\u5de5\u5177\u672c\u8eab\uff09\u3002\u5408\u5925\u5354\u8b70\u898f\u7ba1\u5404\u9805\u5546\u696d\u689d\u6b3e\uff0c\u4e26\u4eab\u6709\u9ad8\u5ea6\u7684\u5408\u7d04\u81ea\u7531\u3002\u8a73\u898b\u6211\u5011\u7684<a href=\"https:\/\/titus.com.hk\/hong-kong-funds-private-investment-vehicles-guide\/\">\u9999\u6e2f\u57fa\u91d1\u53ca\u79c1\u4eba\u6295\u8cc7\u5de5\u5177\u5be6\u52d9\u6307\u5357<\/a>\u3002<\/p>\n<h2 id=\"how-are-ofcs-and-lpfs-taxed-in-hong-kong\">OFC \u8207 LPF \u5728\u9999\u6e2f\u5982\u4f55\u5fb5\u7a05\uff1f<\/h2>\n<p>\u9999\u6e2f\u6309\u5730\u57df\u4f86\u6e90\u5fb5\u6536\u5229\u5f97\u7a05\u3002\u5169\u7d1a\u5236\u4e0b\u7684\u6a19\u6e96\u7a05\u7387\u70ba\uff1a\u6cd5\u5718\u61c9\u8a55\u7a05\u5229\u6f64\u9996 200 \u842c\u6e2f\u5143\u5fb5 8.25%\uff0c\u8d85\u51fa\u90e8\u5206\u5fb5 16.5%\u3002\u5408\u8cc7\u683c\u57fa\u91d1\u82e5\u7b26\u5408\u76f8\u95dc\u6cd5\u5b9a\u689d\u4ef6\uff0c\u5176\u7372\u8c41\u514d\u7684\u5229\u6f64\u53ef\u7372\u8c41\u514d\u5229\u5f97\u7a05\uff0c\u4e3b\u8981\u4f9d\u5faa\u4ee5\u4e0b\u5169\u9805\u5bec\u514d\uff1a<\/p>\n<ol>\n<li>\u7d71\u4e00\u57fa\u91d1\u8c41\u514d\uff08DIPN 61\uff09\u3002\u9999\u6e2f\u7684\u7d71\u4e00\u57fa\u91d1\u7a05\u52d9\u8c41\u514d\uff082019 \u5e74 4 \u6708 1 \u65e5\u751f\u6548\uff0c\u7a05\u52d9\u5c40\u7684\u6307\u5f15\u898b<a href=\"https:\/\/titus.com.hk\/dipn-61-hong-kong-profits-tax-exemption-for-funds\/\">DIPN 61 \u57fa\u91d1\u5229\u5f97\u7a05\u5bec\u514d\u8a73\u89e3<\/a>\uff09\u53ef\u5c31\u5408\u8cc7\u683c\u57fa\u91d1\u65bc\u6307\u660e\u8cc7\u7522\uff08\u5927\u81f4\u5305\u62ec\u8b49\u5238\u3001\u671f\u8ca8\u3001\u5834\u5916\u884d\u751f\u5de5\u5177\u3001\u5916\u532f\u53ca\u300a\u7a05\u52d9\u689d\u4f8b\u300b\u9644\u886816C \u4e0b\u5176\u4ed6\u8cc7\u7522\u985e\u5225\uff09\u9032\u884c\u5408\u8cc7\u683c\u4ea4\u6613\u6240\u5f97\u7684\u5229\u6f64\uff0c\u8c41\u514d\u5176\u5229\u5f97\u7a05\uff0c\u53e6\u52a0\u4e0a\u6709\u9650\u5ea6\u7684\u9644\u5e36\u4ea4\u6613\uff08\u9808\u7b26\u5408 5% \u7684\u9644\u5e36\u4ea4\u6613\u4e0a\u9650\uff0c\u4ee5\u5408\u8cc7\u683c\u4ea4\u6613\u53ca\u9644\u5e36\u4ea4\u6613\u7684\u7e3d\u4ea4\u6613\u6536\u5165\u8a08\u7b97\uff09\u3002\u6b64\u8c41\u514d\u4e0d\u8ad6\u67b6\u69cb\u5747\u53ef\u9069\u7528\uff1aOFC\u3001LPF \u53ca\u96e2\u5cb8\u57fa\u91d1\u7686\u53ef\uff0c\u524d\u63d0\u662f\u7b26\u5408\u6cd5\u5b9a\u689d\u4ef6\u3002\u82e5\u57fa\u91d1\u6301\u6709\u6216\u63a7\u5236\u6301\u6709\u5927\u91cf\u77ed\u671f\u8cc7\u7522\u6216\u9999\u6e2f\u4e0d\u52d5\u7522\u7684\u79c1\u4eba\u516c\u53f8\uff0c\u5247\u6709\u53cd\u907f\u7a05\u898f\u5247\u9069\u7528\u3002<\/li>\n<li>\u9644\u5e36\u6b0a\u76ca\u7a05\u52d9\u5bec\u6e1b\u3002\u5408\u8cc7\u683c\u79c1\u52df\u80a1\u6b0a\u4ea4\u6613\u6240\u5f97\u7684\u5408\u8cc7\u683c\u9644\u5e36\u6b0a\u76ca\uff0c\u53ef\u4eab 0% \u5229\u5f97\u7a05\u7a05\u7387\uff0c\u5408\u8cc7\u683c\u50f1\u54e1\u4ea6\u53ef\u7372 100% \u85aa\u4ff8\u7a05\u8c41\u514d\uff0c\u6b64\u5bec\u6e1b\u7531\u300a2021\u5e74\u7a05\u52d9\uff08\u4fee\u8a02\uff09\uff08\u9644\u5e36\u6b0a\u76ca\u7684\u7a05\u52d9\u5bec\u6e1b\uff09\u689d\u4f8b\u300b\u5f15\u5165\uff0c\u9069\u7528\u65bc\u5728 2020 \u5e74 4 \u6708 1 \u65e5\u6216\u4e4b\u5f8c\u6536\u53d6\u6216\u7d2f\u7b97\u7684\u5408\u8cc7\u683c\u9644\u5e36\u6b0a\u76ca\u3002\u689d\u4ef6\u4e00\u822c\u5305\u62ec\uff1a\u57fa\u91d1\u9808\u70ba LPF \u6216\u8b49\u76e3\u6703\u8a8d\u53ef\u57fa\u91d1\u3001\u9808\u6709\u8b49\u76e3\u6703\u7b2c9\u985e\u7d93\u7406\u3001\u9808\u5728\u9999\u6e2f\u6709\u5be6\u8cea\u6d3b\u52d5\uff08\u901a\u5e38\u8868\u8ff0\u70ba\u81f3\u5c11\u5169\u540d\u5408\u8cc7\u683c\u5168\u8077\u50f1\u54e1\uff0c\u4ee5\u53ca\u81f3\u5c11 200 \u842c\u6e2f\u5143\u7684\u5408\u8cc7\u683c\u9999\u6e2f\u71df\u904b\u958b\u652f\uff09\uff0c\u4e26\u9808\u7d93\u91d1\u878d\u7ba1\u7406\u5c40\uff08\u91d1\u7ba1\u5c40\uff09\u8a8d\u8b49\uff08\u4f9d\u300a\u7a05\u52d9\u689d\u4f8b\u300b\u9644\u886816D\uff09\u3002\u8a73\u898b\u6211\u5011\u7684<a href=\"https:\/\/titus.com.hk\/hong-kong-carried-interest-tax-concession-0-profits-tax\/\">\u9999\u6e2f\u9644\u5e36\u6b0a\u76ca\u7a05\u52d9\u5bec\u6e1b\uff080% \u5229\u5f97\u7a05\uff09<\/a>\u3002<\/li>\n<\/ol>\n<p>\u6709\u4e00\u9ede\u9817\u70ba\u5be6\u969b\u3002\u9644\u5e36\u6b0a\u76ca\u5bec\u6e1b\u662f\u570d\u7e5e\u79c1\u52df\u80a1\u6b0a\u53ca LPF \u985e\u57fa\u91d1\u800c\u8a2d\u7684\uff0c\u56e0\u6b64\u5c0d\u79c1\u52df\u80a1\u6b0a\u53ca\u5275\u6295\u7684\u9644\u5e36\u6b0a\u76ca\u800c\u8a00\uff0c\u5b83\u5f80\u5f80\u8f03\u6709\u5229\u65bc LPF\u3002\u7121\u8ad6\u501a\u8cf4\u54ea\u4e00\u9805\u5bec\u514d\uff0c\u4e8b\u524d\u90fd\u61c9\u5c31\u8cc7\u683c\u53d6\u5f97\u9999\u6e2f\u7a05\u52d9\u610f\u898b\u3002<\/p>\n<h2 id=\"when-should-you-choose-an-ofc-vs-an-lpf\">\u4f55\u6642\u8a72\u9078 OFC\uff0c\u4f55\u6642\u8a72\u9078 LPF\uff1f<\/h2>\n<p>\u4ee5\u4e0b\u60c5\u6cc1\u9078 OFC\uff1a\u4f60\u7d93\u71df\u958b\u653e\u5f0f\u3001\u6d41\u52d5\u6027\u9ad8\u7684\u7b56\u7565\uff08\u5c0d\u6c96\u57fa\u91d1\u3001\u591a\u5143\u8cc7\u7522\u3001\u55ae\u908a\u9577\u5009\uff09\uff0c\u6295\u8cc7\u8005\u6703\u8a8d\u8cfc\u53ca\u8d16\u56de\uff1b\u4f60\u60f3\u8981\u4e00\u500b\u516c\u53f8\u67b6\u69cb\uff0c\u8b93\u57fa\u91d1\u672c\u8eab\u4eab\u6709\u9650\u8cac\u4efb\uff1b\u53c8\u6216\u4f60\u53ef\u80fd\u60f3\u63a8\u51fa\u53ef\u516c\u958b\u767c\u552e\u3001\u7d93\u8b49\u76e3\u6703\u8a8d\u53ef\u7684\u96f6\u552e\u7522\u54c1\uff0c\u6216\u8a2d\u7acb\u4e0b\u8a2d\u591a\u500b\u5b50\u57fa\u91d1\u7684\u5098\u5b50\u578b\u67b6\u69cb\u3002<\/p>\n<p>\u4ee5\u4e0b\u60c5\u6cc1\u9078 LPF\uff1a\u4f60\u7d93\u71df\u5c01\u9589\u5f0f\u7684\u79c1\u52df\u80a1\u6b0a\u3001\u5275\u6295\u3001\u79c1\u4eba\u4fe1\u8cb8\u6216\u5be6\u7269\u8cc7\u7522\u7b56\u7565\uff1b\u4f60\u60f3\u63a1\u7528\u719f\u6089\u7684 GP\uff0fLP \u627f\u64d4\u8207\u63d0\u53d6\uff08drawdown\uff09\u6a21\u5f0f\u53ca\u7011\u5e03\u5f0f\u5206\u6d3e\u7d93\u6fdf\u5b89\u6392\uff1b\u53c8\u6216\u4f60\u60f3\u628a\u9644\u5e36\u6b0a\u76ca\u5b89\u6392\u597d\uff0c\u4ee5\u722d\u53d6 0% \u5bec\u6e1b\u3002<\/p>\n<p>\u4e0d\u5c11\u7d93\u7406\u96a8\u6642\u9593\u63a8\u79fb\u6703\u5169\u8005\u4e26\u7528\u3002\u8b6c\u5982\u4ee5\u4e00\u500b LPF \u627f\u8f09\u65d7\u8266\u79c1\u52df\u80a1\u6b0a\u57fa\u91d1\uff0c\u518d\u4ee5\u4e00\u500b OFC \u627f\u8f09\u6d41\u52d5\u6027\u90e8\u5206\u3002<\/p>\n<h2 id=\"how-do-ofc-and-lpf-compare-to-a-cayman-fund\">OFC \u53ca LPF \u8207\u958b\u66fc\u57fa\u91d1\u76f8\u6bd4\u53c8\u5982\u4f55\uff1f<\/h2>\n<p>\u5c0d\u4e0d\u5c11\u5168\u7403\u6027\u7d93\u7406\u800c\u8a00\uff0c\u958b\u66fc\u4ecd\u662f\u9810\u8a2d\u4e4b\u9078\uff0c\u539f\u56e0\u5728\u65bc\u5176\u670d\u52d9\u751f\u614b\u6210\u719f\u3001\u6295\u8cc7\u8005\u719f\u6089\uff0c\u4ee5\u53ca\u7a05\u52d9\u4e2d\u6027\u3002\u9999\u6e2f\u7684\u8ce3\u9ede\u662f\u5728\u5cb8\u5be6\u8cea\u52a0\u4e0a\u5177\u7af6\u722d\u529b\u7684\u7a05\u52d9\uff1a\u672c\u5730\u76e3\u7ba1\u3001\u7d71\u4e00\u57fa\u91d1\u8c41\u514d\u3001\u9644\u5e36\u6b0a\u76ca\u5bec\u6e1b\u3001\u653f\u5e9c\u5c31\u8a2d\u7acb\u6210\u672c\u63d0\u4f9b\u7684\u8cc7\u52a9\uff08\u6700\u9ad8\u53ef\u9054\u5408\u8cc7\u683c\u6210\u672c\u7684 70%\uff0c\u516c\u958b\u767c\u552e OFC \u4ee5 300,000 \u6e2f\u5143\u70ba\u4e0a\u9650\u3001\u79c1\u4eba\u767c\u552e OFC \u4ee5 150,000 \u6e2f\u5143\u70ba\u4e0a\u9650\uff0c\u6bcf\u540d\u6295\u8cc7\u7d93\u7406\u6700\u591a\u4e00\u500b OFC\uff1b\u8a08\u5283\u5df2\u5ef6\u9577\u81f3 2027 \u5e74 5 \u6708 9 \u65e5\uff0c\u60df\u9808\u8996\u4e4e\u53ef\u7528\u8cc7\u91d1\u984d\u5ea6\u53ca\u8b49\u76e3\u6703\u9010\u5b97\u5be9\u6279\uff09\uff0c\u4ee5\u53ca\u4e00\u689d\u9077\u518a\u9014\u5f91\uff0c\u8b93\u96e2\u5cb8\u516c\u53f8\u57fa\u91d1\u53ef\u9077\u5165\u9999\u6e2f\u6210\u70ba OFC\uff0c\u800c\u6bcb\u9808\u6539\u8b8a\u5176\u6cd5\u4eba\u8cc7\u683c\u3002\u81f3\u65bc\u54ea\u500b\u7b54\u6848\u9069\u5408\u4f60\uff0c\u53d6\u6c7a\u65bc\u4f60\u7684\u6295\u8cc7\u8005\u7fa4\u3001\u5718\u968a\u8207\u5be6\u8cea\u6d3b\u52d5\u6240\u5728\uff0c\u4ee5\u53ca\u4f60\u7684\u7a05\u52d9\u8db3\u8de1\u3002\u9019\u662f\u4e00\u500b\u56e0\u4e8b\u800c\u7570\u7684\u6c7a\u5b9a\uff0c\u6700\u597d\u9023\u540c<a href=\"https:\/\/titus.com.hk\/commercial\/\">\u516c\u53f8\u53ca\u5546\u696d\u6cd5\u670d\u52d9<\/a>\u53ca\u7a05\u52d9\u610f\u898b\u4e00\u4f75\u8003\u616e\u3002<\/p>\n<h2 id=\"comparison-table-ofc-vs-lpf-vs-cayman-fund\">\u6bd4\u8f03\u8868\uff1aOFC \u5c0d LPF \u5c0d\u958b\u66fc\u57fa\u91d1<\/h2>\n<table>\n<thead>\n<tr><th>\u7279\u9ede<\/th><th>\u9999\u6e2f OFC<\/th><th>\u9999\u6e2f LPF<\/th><th>\u958b\u66fc\u57fa\u91d1\uff08\u4e00\u822c\uff09<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>\u6cd5\u5f8b\u5f62\u5f0f<\/td><td>\u8cc7\u672c\u53ef\u8b8a\u7684\u516c\u53f8<\/td><td>\u6709\u9650\u5408\u5925<\/td><td>\u8c41\u514d\u516c\u53f8\uff0f\u7368\u7acb\u6295\u8cc7\u7d44\u5408\u516c\u53f8\uff08SPC\uff09\u6216\u8c41\u514d\u6709\u9650\u5408\u5925\uff08ELP\uff09<\/td><\/tr>\n<tr><td>\u6700\u9069\u5408<\/td><td>\u958b\u653e\u5f0f\u3001\u6d41\u52d5\u6027\u9ad8\u7684\u7b56\u7565\uff08\u5c0d\u6c96\u3001\u591a\u5143\u8cc7\u7522\uff09<\/td><td>\u5c01\u9589\u5f0f\u79c1\u52df\u80a1\u6b0a\u3001\u5275\u6295\u3001\u79c1\u4eba\u4fe1\u8cb8<\/td><td>\u5169\u8005\u7686\u53ef\uff0c\u8996\u4e4e\u63a1\u7528\u54ea\u7a2e\u5de5\u5177<\/td><\/tr>\n<tr><td>\u958b\u653e\u5f0f\uff0f\u5c01\u9589\u5f0f<\/td><td>\u4e00\u822c\u70ba\u958b\u653e\u5f0f<\/td><td>\u4e00\u822c\u70ba\u5c01\u9589\u5f0f<\/td><td>\u5169\u8005\u7686\u53ef<\/td><\/tr>\n<tr><td>\u4e3b\u8981\u76e3\u7ba1\u6a5f\u69cb\uff0f\u8a3b\u518a\u8655<\/td><td>\u8b49\u76e3\u6703\uff08\u4e3b\u5c0e\u76e3\u7ba1\u6a5f\u69cb\uff09\uff1b\u5728\u516c\u53f8\u8a3b\u518a\u8655\u8a3b\u518a\u6210\u7acb<\/td><td>\u516c\u53f8\u8a3b\u518a\u8655\uff08\u8b49\u76e3\u6703\u4e0d\u8a3b\u518a\u6b64\u5de5\u5177\uff09<\/td><td>\u958b\u66fc\u8a3b\u518a\u8655\uff0f\u958b\u66fc\u91d1\u878d\u7ba1\u7406\u5c40\uff08CIMA\uff09<\/td><\/tr>\n<tr><td>\u7d93\u7406\u8981\u6c42<\/td><td>\u9808\u6709\u8b49\u76e3\u6703\u7b2c9\u985e\u767c\u724c\uff0f\u8a3b\u518a\u7d93\u7406<\/td><td>\u6295\u8cc7\u7d93\u7406\uff08\u9999\u6e2f\u5c45\u6c11\u3001\u9999\u6e2f\u516c\u53f8\uff0c\u6216\u5df2\u8a3b\u518a\u7684\u975e\u9999\u6e2f\u516c\u53f8\uff09<\/td><td>\u7d93\u7406\u591a\u65bc\u96e2\u5cb8\u59d4\u4efb<\/td><\/tr>\n<tr><td>\u8cac\u4efb<\/td><td>\u6709\u9650\uff08\u516c\u53f8\uff09<\/td><td>GP \u7121\u9650\uff1bLP \u4ee5\u51fa\u8cc7\u627f\u64d4\u70ba\u9650<\/td><td>\u6709\u9650\uff08\u8996\u4e4e\u5de5\u5177\u800c\u5b9a\uff09<\/td><\/tr>\n<tr><td>\u4fdd\u7ba1\u4eba<\/td><td>\u5fc5\u9808<\/td><td>\u4e26\u7121\u4ee5\u540c\u6a23\u65b9\u5f0f\u5f37\u5236\uff1b\u4ee5\u5408\u7d04\u5b89\u6392<\/td><td>\u8996\u4e4e\u7b56\u7565\u800c\u5b9a<\/td><\/tr>\n<tr><td>\u5be9\u8a08<\/td><td>\u5fc5\u9808<\/td><td>\u5fc5\u9808<\/td><td>\u5fc5\u9808<\/td><\/tr>\n<tr><td>\u7a05\u52d9\u2014\u2014\u57fa\u91d1\u5c64\u9762<\/td><td>\u6216\u53ef\u7372\u5229\u5f97\u7a05\u8c41\u514d\uff08DIPN 61\uff09<\/td><td>\u6216\u53ef\u7372\u5229\u5f97\u7a05\u8c41\u514d\uff08DIPN 61\uff09<\/td><td>\u7a05\u52d9\u4e2d\u6027\u8a3b\u518a\u5730<\/td><\/tr>\n<tr><td>\u9644\u5e36\u6b0a\u76ca 0% \u5bec\u6e1b<\/td><td>\u543b\u5408\u5ea6\u6709\u9650<\/td><td>\u9ad8\u5ea6\u543b\u5408<\/td><td>\u4e26\u975e\u9999\u6e2f\u672c\u5730\u5bec\u6e1b<\/td><\/tr>\n<tr><td>\u53ef\u5426\u516c\u958b\u767c\u552e<\/td><td>\u53ef\u4ee5\uff08\u9808\u7d93\u8b49\u76e3\u6703\u8a8d\u53ef\uff09<\/td><td>\u4e00\u822c\u4e0d\u53ef\uff08\u79c1\u4eba\uff09<\/td><td>\u672a\u7d93\u8b49\u76e3\u6703\u8a8d\u53ef\u4e0d\u5f97\u5728\u9999\u6e2f\u767c\u552e<\/td><\/tr>\n<tr><td>\u9999\u6e2f\u5728\u5cb8\u5be6\u8cea<\/td><td>\u9ad8<\/td><td>\u9ad8<\/td><td>\u8f03\u4f4e<\/td><\/tr>\n<\/tbody>\n<\/table>\n<p><em>\u6b64\u8868\u50c5\u70ba\u4e00\u822c\u6bd4\u8f03\uff0c\u4e26\u5c07\u82e5\u5e72\u6280\u8853\u6027\u689d\u4ef6\u52a0\u4ee5\u7c21\u5316\u3002\u6240\u6709\u9805\u76ee\u5747\u61c9\u5c0d\u7167\u73fe\u884c\u6cd5\u5f8b\u53ca\u9999\u6e2f\u7a05\u52d9\u610f\u898b\u6838\u5be6\u3002<\/em><\/p>\n<h2 id=\"frequently-asked-questions\">\u5e38\u898b\u554f\u984c<\/h2>\n<h3>\u8a2d\u7acb OFC \u6216 LPF 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61\uff09\u3002\u8c41\u514d\u4e26\u975e\u81ea\u52d5\u7372\u5f97\uff0c\u9808\u8996\u4e4e\u6240\u8cb7\u8ce3\u7684\u8cc7\u7522\u4ee5\u53ca\u57fa\u91d1\u7684\u67b6\u69cb\u3002\u501a\u8cf4\u6b64\u8c41\u514d\u524d\uff0c\u8acb\u5148\u53d6\u5f97\u9999\u6e2f\u7a05\u52d9\u610f\u898b\u3002<\/p>\n<h3>\u79c1\u52df\u80a1\u6b0a\u6216\u5275\u6295\u57fa\u91d1\u8a72\u9078\u54ea\u7a2e\u67b6\u69cb\uff1f<\/h3>\n<p>\u5c0d\u5c01\u9589\u5f0f\u7684\u79c1\u52df\u80a1\u6b0a\u53ca\u5275\u6295\u7b56\u7565\u800c\u8a00\uff0cLPF \u901a\u5e38\u8f03\u70ba\u5408\u9069\uff0c\u56e0\u70ba\u5b83\u5c0d\u61c9\u5168\u7403\u7684 GP\uff0fLP \u6a21\u5f0f\uff0c\u4e5f\u662f\u8207\u9644\u5e36\u6b0a\u76ca 0% \u5bec\u6e1b\u6700\u70ba\u5951\u5408\u7684\u67b6\u69cb\u3002OFC 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LPF \u8a3b\u518a\u53ef\u76f8\u5c0d\u5feb\u6377\uff1bOFC \u5247\u6d89\u53ca\u8b49\u76e3\u6703\u8a3b\u518a\uff0c\u82e5\u5c6c\u516c\u958b\u767c\u552e\uff0c\u9084\u9808\u7522\u54c1\u8a8d\u53ef\uff0c\u9700\u6642\u8f03\u9577\u3002\u6211\u5011\u6703\u5728\u4e00\u958b\u59cb\u4fbf\u7d66\u4f60\u4e00\u500b\u5207\u5408\u5be6\u969b\u7684\u6642\u9593\u8868\u3002<\/p>\n<h3>\u8ab0\u53ef\u64d4\u4efb LPF \u7684\u666e\u901a\u5408\u5925\u4eba\uff1f<\/h3>\n<p>GP \u53ef\u4ee5\u662f\u81ea\u7136\u4eba\u3001\u9999\u6e2f\u79c1\u4eba\u516c\u53f8\u3001\u6709\u9650\u5408\u5925\uff0c\u6216\u53e6\u4e00\u500b\u5df2\u8a3b\u518a\u7684 LPF\uff0c\u4e26\u5c0d\u57fa\u91d1\u8ca0\u7121\u9650\u8cac\u4efb\u3002\u591a\u6578\u4fdd\u85a6\u4eba\u6703\u4ee5\u4e00\u5bb6\u7279\u8a2d\u7684\u9999\u6e2f\u516c\u53f8\u51fa\u4efb GP\uff0c\u4ee5\u9694\u96e2\u8cac\u4efb\u3002<\/p>\n<h3>LPF \u8a3b\u518a\u662f\u5426\u9700\u8981\u9999\u6e2f\u5f8b\u5e2b\u884c\uff1f<\/h3>\n<p>\u9700\u8981\u3002LPF 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[&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[171],"tags":[],"class_list":["post-5750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OFC \u8207 LPF\uff1a\u9999\u6e2f\u57fa\u91d1\u67b6\u69cb\u5b8c\u6574\u6bd4\u8f03 | \u6234\u5716\u65af\u5f8b\u5e2b\u884c<\/title>\n<meta name=\"description\" content=\"OFC \u8207 LPF \u662f\u9999\u6e2f\u5169\u5927\u57fa\u91d1\u67b6\u69cb\u3002\u672c\u6587\u6bd4\u8f03\u958b\u653e\u5f0f\u57fa\u91d1\u578b\u516c\u53f8\u8207\u6709\u9650\u5408\u5925\u57fa\u91d1\u7684\u67b6\u69cb\u3001\u76e3\u7ba1\u3001\u7a05\u52d9\u5bec\u514d\u53ca\u8207\u958b\u66fc\u57fa\u91d1\u7684\u5206\u5225\uff0c\u52a9\u4f60\u70ba\u5c0d\u6c96\u3001\u79c1\u52df\u80a1\u6b0a\u6216\u5275\u6295\u7b56\u7565\u9078\u5c0d\u9999\u6e2f\u57fa\u91d1\u67b6\u69cb\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/titus.com.hk\/zh\/ofc-vs-lpf-hong-kong-fund-structure-zh\/\" \/>\n<meta property=\"og:locale\" content=\"zh_HK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OFC \u8207 LPF\uff1a\u9999\u6e2f\u57fa\u91d1\u67b6\u69cb\u5b8c\u6574\u6bd4\u8f03 | \u6234\u5716\u65af\u5f8b\u5e2b\u884c\" \/>\n<meta property=\"og:description\" content=\"OFC \u8207 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