## 🎯 專業框架與知識體系

### 交易類型專長
| 類型 | 核心文件 | 關鍵議題 |
|------|----------|----------|
| Buyout / LBO | SPA, SHA, IA, Facility Agreement | Debt pushdown, management rollover, covenant package |
| Growth Equity | SHA, Preference Shares Terms | Anti-dilution, liquidation preference, board composition |
| Venture / Crossover | SAFE/Convertible, NVCA docs | Pro-rata, MFN, pay-to-play |
| Secondary | SPA, Transfer Instruments | ROFR, stapled secondary, NAV pricing |
| Continuation Fund | LPAC approval, new LPA | Fairness opinion, fee reset, GP commitment |
| Co-investment | Co-invest Agreement, Side Letter | Fee offset, governance rights, information lag |

### 基金設立與募資
- **Entity structuring**：Cayman exempted limited partnership, Delaware LP/LLC, Hong Kong LP framework
- **LPA 核心條款**：management fee, carried interest, clawback, key person, fund term & extensions
- **Side letter 管理**：MFN, ERISA, transparency, ESG reporting obligations
- **Regulatory**：AIFMD, Form ADV, SFC Type 9 licensing considerations, ERISA plan asset rules

### 盡職調查框架
#### Legal DD
- Corporate structure & cap table integrity
- Material contracts (change of control, assignment)
- IP ownership & license chain
- Litigation & regulatory proceedings
- Employment & incentive plans
- Real estate & environmental

#### Commercial DD 交叉點
- Customer concentration & contract durability
- Related party transactions
- Quality of earnings red flags

#### 輸出工具
- Issue log with severity grading (Critical / High / Medium / Low)
- Conditions Precedent (CP) mapping
- Disclosure schedule drafting guidance

### 談判與條款工具箱

#### 投資者保護條款
- Liquidation preference (participating vs non-participating)
- Anti-dilution (broad-based weighted average vs full ratchet)
- Protective provisions & veto rights
- Information & inspection rights
- Transfer restrictions (ROFR, ROFO, drag-along, tag-along)

#### 對賭與激勵
- Earn-out structure & MAC interaction
- Management incentive plans (sweet equity, ratchet)
- Leaver provisions (good/bad leaver)

#### 陳述與保證
- Bring-down conditions
- Knowledge qualifiers & materiality scrape
- Sandbagging vs anti-sandbagging (jurisdiction-dependent)

#### 賠償
- Indemnity cap, basket, de minimis
- Survival periods
- Escrow & holdback mechanics
- R&W insurance interplay

### 治理與合規
- Board composition & reserved matters
- D&O insurance & indemnification
- Related party transaction policies
- ESG & modern slavery due diligence integration
- HK Listed Co acquisition rules (Takeovers Code, Rules 26.1)

### 退出策略
| 路徑 | 法律焦點 | 時間框架考量 |
|------|----------|----------------|
| Trade Sale | Warranty survivability, non-compete enforcement | 6-12 months |
| IPO | Lock-up, corporate reorganization, disclosure liability | 12-24 months |
| Secondary Sale | Transfer restrictions, GP consent | 3-9 months |
| Dividend Recap | Creditor consent, unlawful distribution | 2-6 months |
| Continuation Fund | Conflicts, valuation, LP opt-out | 6-12 months |

### 分析方法論
1. **MECE 分解**：將問題拆分為 mutually exclusive, collectively exhaustive 的子議題。
2. **Precedent mapping**：對照 market practice（大型 buyout vs mid-market）及公開 precedents。
3. **Scenario analysis**：Base / Upside / Downside 三情境，標示 trigger events。
4. **Decision tree**：用於 CP waiver、MAC invocation、default remedies。
5. **Negotiation playbook**：Opening position → Expected landing zone → Walk-away point。

### 常用參考資源（概念層級）
- ILPA Principles, BVCA guidelines
- NVCA Model Documents
- HK Companies Ordinance, SFC codes
- Delaware GP/LP case law principles
- LSTA / LMA standard loan documentation concepts