有限合伙人退伙条款是有限合伙协议（LPA）中的重要条款之一。有限合伙人退伙通常有两种情形，有限合伙人主动退伙和被强制退伙。一般来说，主动退伙一般需要全体合伙人的同意，而强制退伙则主要与有限合伙人违规或使基金需要遵守某些注册要求或遭受重大不利影响有关。LPA中的有限合伙人退伙条款一般会对有限合伙人主动退伙、强制退伙、强制退伙程序、赎回款项的分配等进行规定。以下为一些有限合伙协议中的有限合伙人退伙条款双语示例：

示例一：

17.5  No right to withdraw/无权退出

No Limited Partner shall have any right to withdraw from the Fund or to the return of its Interest except with the consent of the General Partner, upon dissolution of the Fund, or as expressly required by this Agreement.

有限合伙人无权退出基金或获得其权益的返还，除非获得普通合伙人同意，基金解散或本协议明确规定。

17.6  Compulsory withdrawal/强制退出

(a) The General Partner will have the right to give a notice of compulsory withdrawal to a Limited Partner if in the reasonable judgment of the General Partner clause 17.7 applies in respect of that Limited Partner. Such notice shall include such provisions as necessary to effect the immediate withdrawal of the Limited Partner and shall be signed by the General Partner (under clause 22.1) as attorney-in-fact for the Limited Partner.

若普通合伙人合理判断第17.7条适用于该有限合伙人，普通合伙人有权通知有限合伙人强制退出。该通知应列明有限合伙人立即退出生效所需条款并由普通合伙人作为代理人为该有限合伙人签署（根据第22.1条)。

(b)Notwithstanding clause 17.5, a Limited Partner:

(i)shall upon receipt of a notice of compulsory withdrawal from the General Partner be required to comply with such notice; and

(ii)is deemed to have withdrawn its entire Interest and ceased to be a Limited Partner for all purposes of this Agreement on the date on which the notice of compulsory withdrawal is given to the Limited Partner.

尽管第17.5条的规定，有限合伙人：

(i)收到普通合伙人的强制退出通知后应遵守该通知；和

(ii)视为已撤回其全部权益，且强制退出通知向该有限合伙人发出当日不再为本协议项下的有限合伙人。

17.7  Factors where compulsory withdrawal will apply/强制退出可能适用的因素

A Limited Partner will be required to withdraw from the Fund where in the reasonable judgment of the General Partner:

若普通合伙人合理判断出现下列情况时，有限合伙人应退出基金：

(a) the holding of Interests by that Limited Partner would be in breach of applicable law;

该有限合伙人持有权益违反适用法律；

(b) by virtue of that Limited Partner’s Interest, any assets of the Fund may be characterised as “plan assets” under Section 3(42) of ERISA and the accompanying United States Department of Labor Regulations at 29 C.F.R. section 2510.3-101;

由于该有限合伙人的权益，基金的任何资产被定性为ERISA第3(42)条及附随的美国劳工部法规联邦法规汇编第29编第2510.3-101条中的“计划资产”；

(c) by virtue of that Limited Partner’s Interest, the Fund or any Limited Partner may be subject to any requirement to register under the Investment Company Act or other applicable laws;

由于该有限合伙人的权益，基金或任何有限合伙人可能受到投资公司法案或其他适用法律的注册要求的约束；

(d)that Limited Partner:

(i)has otherwise ceased to be a Qualified Investor by failing to meet the requirements of a wholesale investor set out in paragraph 1 of Schedule 1; or

(ii)otherwise becomes excluded under paragraph 2 of Schedule 1; or

该有限合伙人：

(i)由于未能满足附件一第1段关于批发投资者的要求，不再是合格投资者；或

(ii)基于附件一第2段被排除；或

(e)any information in the subscription documents delivered by a Limited Partner is no longer correct in a material respect; or

(e)有限合伙人提交的认购文件中的任何信息在重大方面不再是正确的；或

(f)the participation by the Limited Partner in the Fund would otherwise subject the Fund or the General Partner to material legal, tax or other regulatory requirements (including incurring any liability to taxation or suffering any other pecuniary disadvantage) that the Fund or the General Partner might not otherwise have incurred or suffered or which cannot be avoided with minimal disruption or cost to the Fund or the General Partner.

有限合伙人参与基金将使基金或普通合伙人受到重大法律、税务或其他监管要求的约束（包括产生任何税款责任或遭受任何其他经济不利），而基金或普通合伙人本不应产生或遭受该等约束，或该等约束无法在对基金或普通合伙人最少干扰的情况下得以避免。

Obligation to inform General Partner/通知普通合伙人的义务

(a) If a Limited Partner becomes aware that it is holding Interests in circumstances that would entitle the General Partner to give a notice of compulsory withdrawal under clause 17.7, it must immediately inform the General Partner.

若有限合伙人得知其持有权益属于第17.7条规定的普通合伙人有权发出强制退出通知的情况，应立即通知普通合伙人。

(b) Upon notice by the Limited Partner pursuant to clause 17.8(a), the General Partner may but shall not be obliged to, among others, renegotiate the terms of any Investment or otherwise modify the manner in which the Fund conducts its business if such modification will prevent or cure the result of the relevant Limited Partner being compulsorily withdrawn.

收到有限合伙人按照第17.8(a)条发出的通知后，普通合伙人可以但无义务重新谈判投资条款，或改变基金开展其业务的方式等，若该等改变能够避免或解决相关有限合伙人被强制撤出的结果。

17.9  Procedure on a compulsory withdrawal/强制退出的程序

On giving a notice of compulsory withdrawal under clause 17.6(a), the General Partner may use its reasonable endeavours to liquidate in whole or in part (as determined by the General Partner in its absolute discretion) of the withdrawing Limited Partner's Interest by:

普通合伙人按第17.6(a)条发出强制退出通知时，可通过下列方式尽其合理努力清算拟撤出有限合伙人的全部或部分权益（由普通合伙人全权酌情决定）：

(a)causing the Fund to distribute to the withdrawing Limited Partner, in cash or in kind, a redemption amount equal to the lesser of:

(i)that Limited Partner’s share of the estimated value of the assets of the Fund upon realisation (based on its Capital Account balance as at the date on which the notice of compulsory withdrawal is given); and

(ii)the withdrawing Limited Partner's Capital Account balance as at the date on which the notice of compulsory withdrawal is given (which may be at an amount significantly less than the value of such Limited Partner's Capital Account),

in each case less any fees, costs, expenses and Taxes incurred by the Fund in connection with the withdrawal of the Limited Partner from the Fund in accordance with this clause 17 or the event giving rise to it; or

使基金向拟撤出有限合伙人分配现金或实物，赎回金额等于下方较小者：

(i)该有限合伙人所占份额的基金资产变现后的估值（基于发出强制退出通知当日的资本账户余额）；和

(ii)发出强制退出通知当日拟撤出有限合伙人的资本账户余额（该等金额可能远低于该有限合伙人的资本账户价值），

在每种情况下，扣除该有限合伙人按照本第17条撤出基金或造成该等情形的事由相关由基金产生的任何收费、开支、费用和税金；或

(b)selling the entire Interest of the withdrawing Limited Partner in the Fund (including its obligations in respect of Undrawn Commitments) on behalf of such Limited Partner to a third party (or parties) identified by the General Partner (which party or parties may include a Limited Partner) at such price as may be agreed between the General Partner and such third party or parties. For the avoidance of doubt, the parties agree and acknowledge that the General Partner will not act in the capacity of a fiduciary and will not owe any fiduciary duties or otherwise to the withdrawing Limited Partner in respect of such a sale.

代表该有限合伙人向普通合伙人确定的第三方（或多方，可为有限合伙人）出售撤出有限合伙人在基金中的全部权益（包括其对未支取承诺的义务），价款可由普通合伙人与该第三方或多方商定。为免疑虑，各方同意并确认，普通合伙人就该等出售不以受托人身份行事，且不对拟撤出有限合伙人承担信托等责任。

Subject to any applicable laws and regulations, the General Partner will consult in good faith the withdrawing Limited Partner prior to any compulsory withdrawal although the General Partner shall reserve the absolute discretion to exercise its right under clause 17.6.

在遵守任何适用法律法规的情况下，普通合伙人将在任何强制退出前善意地与拟撤出有限合伙人洽谈，尽管普通合伙人保留行使其第17.6条项下权利的全面裁量权。

17.10  Distribution of redemption proceeds/赎回款项的分配

If the withdrawing Limited Partner is to receive a redemption amount under clause 17.9(a), the Fund may satisfy the redemption amount either:

若拟撤出有限合伙人将按第17.9(a)条收取赎回金额，基金可通过下列方式赎回：

(a)by the distribution of assets determined by the General Partner on reasonable grounds to have a value substantially equal to the value of the redemption amount as determined under clause 17.9, within 6 months of the date of withdrawal; or

撤出之日起的6个月内，普通合伙人确定的具备合理理由的资产分配，其基本等于第17.9条确定的赎回金额的价值；或

(b)by the issue of a non-interest bearing promissory note in a principal amount equal to the redemption price that is due only when, and to the extent that, the Fund has surplus cash or proceeds from the realisation of Investments available for distribution to Limited Partners generally.

通过发行本金等于赎回价的无息本票，其仅在基金有现金盈余或投资实现的收益可供一般有限合伙人分配时应付并仅在此范围内支付。

示例二：

8.2  Procedures Following Limited Partner Withdrawal/Removal/有限合伙人退伙/被除名退伙后的程序。

(a)Except as otherwise provided in this paragraph 8.2, a Limited Partner that is required to withdraw or is removed from the Partnership in accordance with this Agreement (including via a deemed withdrawal) or otherwise ceases to be a constituent limited partner of the Partnership under the Partnership Act (each, a “Withdrawal Event” and “Withdrawn Limited Partner”) shall be treated as an assignee and, accordingly, shall have the rights and obligations of an assignee as described in paragraph 8.3. Subject to the preceding sentence, a Withdrawn Limited Partner shall not be entitled to any redemption of its interest in the Partnership, Distribution, or other payment in connection with its Withdrawal Event or otherwise in consequence of its status as a Withdrawn Limited Partner.

除本第8.2款另有规定外，根据本协议需要从合伙企业退出或被除名退伙（包括通过视同退伙）或根据《合伙企业法》因其他原因停止担任合伙企业之组成有限合伙人（各称“退伙事件”和“退伙的有限合伙人”）的有限合伙人应被视为承让人，并相应地享有第8.3款所述的承让人的权利和义务。根据前句规定，退伙的有限合伙人无权赎回其在合伙企业中的权益、获得分派或其他与其退伙事件相关或由于其作为退伙的有限合伙人之身份而获得的其他款项。

(b)If a Limited Partner becomes a Withdrawn Limited Partner, the General Partner may, in its sole and absolute discretion, provide for the redemption or sale of such Withdrawn Limited Partner’s Interest in the Partnership as follows:

(i)The General Partner may cause the Partnership to pay to the Withdrawn Limited Partner, in complete redemption of the Withdrawn Limited Partner’s Interest in the Partnership, an amount equal to: (x) the Fair Value of the Withdrawn Limited Partner’s interest in the Partnership, as determined by the General Partner in accordance with paragraph 6.3 or (y) such lesser amount as is acceptable to the General Partner and the Withdrawn Limited Partner.

(ii)The General Partner may sell the Partnership Interest of the Withdrawn Limited Partner to any Person or Persons and remit to the Withdrawn Limited Partner the net sales proceeds of such sale, as reasonably determined by the General Partner.

有限合伙人成为退伙的有限合伙人的，普通合伙人可自行全权决定作出有关赎回或出售该退伙的有限合伙人在合伙企业中的权益的如下规定：

（i）普通合伙人可促使合伙企业向该退伙的有限合伙人支付如下金额：（x）该退伙的有限合伙人在合伙企业中的权益之公允价值（由普通合伙人根据第6.3款的规定厘定）或（y）普通合伙人及该退伙的有限合伙人可接受的较少金额，以全部赎回该退伙的有限合伙人在合伙企业中的权益。

（ii）普通合伙人可将该退伙的有限合伙人的合伙企业权益转让给任何一个或多个主体并将该等出售的净收益（由普通合伙人合理厘定）汇给该退伙的有限合伙人。

示例三：

14.  WITHDRAWAL OF LIMITED PARTNERS/有限合伙人退伙

14.1  A Limited Partner may be required by the General Partner, by notice to such Limited Partner, completely or partially to withdraw from the Partnership in accordance with the provisions of clause 14.4 if in the reasonable judgment of the General Partner, and where paragraphs (a) or (b) below apply, supported by an opinion of its US counsel which shall be supplied to the Limited Partner:

普通合伙人可根据其合理判断（在以下（a）款或（b）款适用的情况下，须由其美国律师提供的意见书（该意见书将向有限合伙人提供）予以支持），向某一有限合伙人发出通知，要求其依照第14.4条的规定从合伙企业全部或部分退伙：

(a)by virtue of that Limited Partner's Interest (as defined below in clause 14.8), there is a material likelihood that any assets of the Partnership may be characterised as assets of an employee benefit plan for purposes of the ERISA Plan Assets Regulation, ERISA, the Code or any applicable Similar Law, whether or not such plan is subject to ERISA, the Code or any Similar Law; or

因该有限合伙人权益（定义见下文第14.8条）的存在，合伙企业的任何资产极有可能根据ERISA计划资产条例、ERISA、《美国国内税收法典》或任何适用的类似法律被定性为雇员福利计划，无论该等计划是否受ERISA、《美国国内税收法典》或任何类似法律的约束；或

(b)by virtue of that Limited Partner's Interest, there is a material likelihood that the Partnership or any Partner may be subject to any requirement to register under the United States Investment Company Act of 1940; or

因该有限合伙人权益的存在，合伙企业或任何合伙人极有可能需要遵守美国《1940年投资顾问法》项下的任何注册要求；或

(c)in the reasonable judgement of the General Partner a significant delay, extraordinary expense or material adverse effect on the Partnership, its Investee Companies or its Investments is likely to result without such withdrawal, including where arising from the disclosure of confidential information.

普通合伙人根据合理判断，认为若不进行上述退伙，则可能会对合伙企业、其被投资公司或其投资造成重大延误、特别支出或重大不利影响（包括因保密信息的披露而导致的上述情况）。

14.3  A Limited Partner may withdraw from the Partnership with the prior consent of the General Partner (such consent not to be unreasonably withheld) if by reason of a change in any law, regulation or governmental order to which such Limited Partner is subject occurring after its admission to the Partnership, a violation of any such law, regulation or governmental order is likely to result without such withdrawal, provided that any such Limited Partner shall remain liable to the Partnership to the extent of any breach of a representation, warranty or covenant made by such Limited Partner to the Partnership arising out of or relating to such withdrawal and provided further that a Limited Partner seeking to withdraw pursuant to this clause 14.3 shall give written notice to the General Partner and the Investment Manager of such withdrawal request and supply such opinions of counsel and other information as the General Partner and/or the Investment Manager may reasonably request to verify such Limited Partner's request to withdraw pursuant thereto. To the extent practicable, a Limited Partner seeking to withdraw pursuant to this clause 14.3 shall co-operate with the General Partner and the Investment Manager in seeking to arrange a transfer of such Limited Partner's Interest in accordance with clause 10 in lieu of such Limited Partner's withdrawal. Each Limited Partner shall be required to use its reasonable efforts to notify the General Partner and the Investment Manager as soon as reasonably practicable after it comes to such Limited Partner's attention that, by reason of a change in any law, regulation or governmental order to which such Limited Partner is subject occurring after its admission to the Partnership, a violation of any such law, regulation or governmental order is likely to result without such Limited Partner's withdrawal from the Partnership.

若有限合伙人入伙后，因对该有限合伙人具有约束力的任何法律、法规或政府命令发生任何变更且若该有限合伙人不退伙，将会导致违反任何该等法律、法规或政府命令，则经普通合伙人事先同意（该等同意不得被无故拒绝给予），有限合伙人可从合伙企业退伙。但前提是，该有限合伙人因该等退伙或与之相关的事由而违反其对合伙企业作出的陈述、保证或承诺的，仍应对合伙企业承担责任，且根据本第14.3条规定退伙的有限合伙人应向普通合伙人和投资管理人发出关于该等退伙请求的书面通知并向普通合伙人和投资管理人提供法律顾问意见书以及其合理要求的其他信息，以证实该有限合伙人可据此请求退伙。根据本第14.3条的规定退伙的有限合伙人应在切实可行的范围内，配合普通合伙人和投资管理人，依照第10条的规定安排转让该有限合伙人的权益，用以替代该有限合伙人的退伙。各有限合伙人应须尽其合理努力，于其注意到以下情况后，即在有限合伙人入伙后，因对其具有约束力的任何法律、法规或政府命令发生任何变更且若其不退伙，将会导致违反任何该等法律、法规或政府命令，尽快通知普通合伙人和投资管理人。