风险揭示条款是私募投资基金合同的核心条款之一，对基金可能存在的风险（包括特殊风险、一般风险以及其他风险）进行了说明，是投资者在投资基金之前必须仔细阅读的条款。不同基金合同的风险揭示条款篇幅不一，以下为部分私募投资基金合同中的风险揭示条款，供参考：

示例一（简版）：

风险揭示Risk Disclosure

基金投资人确认，当认购本基金份额时，可能获得投资收益，但同时也面临着投资风险。基金投资人在签署本合同之前应仔细阅读本合同附件二所附的投资本基金相关的风险因素，充分认识本基金的风险收益特征和产品特性，认真考虑本基金存在的各项风险因素，充分考虑自身的风险承受能力，并在签署本合同之前向基金管理人递交经签署的风险揭示书，除非根据适用法律豁免要求该等投资人签署风险揭示书。

The Fund Investor confirms that when subscribing for this Fund shares, it may obtain investment income at risks. Before signing this contract, the Fund Investor shall carefully read the risk factors associated with investing in this Fund as in Annex II hereto, fully learn about the risk-return characteristics and product characteristics of this Fund, seriously consider various risk factors existing in this Fund, and fully consider its own risk tolerance and submit a signed risk disclosure statement to the Fund Manager before signing this contract, except that such investors are exempted from signing risk disclosure statements under applicable laws.

示例二（详版）：

十八、风险揭示 Chapter XVIII Risk Disclosure

基金投资可能面临下列各项风险, 包括但不限于:

The Fund's investments may be exposed to the following risks, including but not limited to:

(一)特殊风险

Special Risks

(1)基金合同与基金业协会合同指引不一致所涉风险

Risks Associated with any Inconsistency between the Fund Contract and the Contract Guidelines of AMAC

基金管理人已尽最大努力按照基金业协会公布的《私募投资基金合同指引1号(契约型私募投资基金合同内容与格式指引)》(以下简称“合同指引”)制定本合同, 但不能完全排除由于本基金的具体特征、对合同指引的理解及适用等因素导致本合同与合同指引之间存在少量不一致的情形。

The Fund Manager has tried its best to draw up the Fund Contract in accordance with Guidelines No.1 for the Private Investment Fund Contract (the Guidelines for the Contents and Form of the Contractual Private Fund Contract) published by AMAC (hereinafter referred to as "the Contract Guidelines"), but it cannot be completely ruled out that there might be a small amount of inconsistencies between the Contract and the Contract Guidelines due to the specific characteristics of the Fund, the understanding and application of the Contract Guidelines and other factors.

(2)委托募集所涉风险

Risks Involved in the Entrusted Raising

如有需要, 基金管理人可以聘请已在中国证监会注册取得基金销售业务资格并已成为基金业协会会员的机构作为本基金的销售机构代为推介、销售本基金, 并可根据情况变更或增减基金销售机构。存在委托募集情形时, 尽管基金管理人将对基金销售机构进行合理的尽职调查及监督, 将与基金销售机构以书面形式签署基金销售协议, 并将协议中关于基金管理人与基金销售机构权利义务划分以及其他涉及投资者利益的部分作为基金合同的附件予以揭示, 基金销售机构能否合法存续、有效维系基金销售资格、持续规范地开展销售行为、确保其销售人员专业审慎执业等因素都有可能对既有的基金份额持有人及潜在的基金投资人造成影响, 在一定情形下, 可能是实质不利的影响。

If necessary, the Fund Manager may engage agencies registered with CSRC to be qualified for fund sales business which have already been the members of AMAC to promote and sell the Fund as the sales agencies of the Fund, and may change or increase or decrease the aforesaid sales agencies as the case may be. In case of any entrusted raising, although the Fund Manager will carry out reasonable due diligence and oversight of the fund sales agencies, sign fund sales agreements in writing with the fund sales agencies and disclose in a schedule to the Fund Contract the division of rights and obligations between the Fund Manager and the fund sales agencies and other parts in these agreements involving the interests of investors, the factors such as whether those fund sales agencies can legally survive, effectively maintain the qualification of fund sales, conduct sales continuously and in a standard manner and ensure the professional and prudent practice of their sales personnel etc. may have an effect on the existing Fund Unit Holders and potential Fund Investors, which may be materially adverse effect under certain circumstances.

(3)基金行政管理事项所涉风险

Risks Involved in the Administrative Matters of the Fund

基金管理人将本基金的基金资产估值、份额登记等业务外包给基金行政管理人, 届时因基金行政管理人不符合金融监管部门规定的资质要求或因基金行政管理人经营风险、技术系统故障、操作失误等, 可能使得私募基金服务事项发生差错, 给本基金运营带来风险。

The Fund Manager will outsource the Fund Assets Valuation, Units registration and other business of the Fund to the Fund Administrator. At that time, due to the Fund Administrator's failure to meet the qualification requirements stipulated by the financial regulators or the Fund Administrator's operational risks, technical system failures and operational errors, the private fund service matters may go wrong and bring risks to the operation of the Fund.

(4)基金未在基金业协会备案的风险

Risks of Failure to File the Fund with AMAC

本基金在募集成功并正式成立之后, 才能向基金业协会办理基金备案手续。如本基金未能募集成功, 即无法向基金业协会办理基金备案手续; 如本基金募集成功, 由于相关法律法规的变化、未能满足可备案条件及情形等不可预见的因素, 本基金管理人亦无法排除本基金未能在基金业协会备案的风险。Only if the Fund is successfully raised and formally established can it go through the fund filing procedures with AMAC. If the Fund is not successfully raised, it is unable to go through the fund filing procedures with AMAC; if the Fund is raised successfully, the Fund Manager cannot eliminate the risk that the Fund cannot be filed with AMAC due to changes in relevant Laws and Regulations, failure to meet the recordable conditions and circumstances and other unforeseen factors.

(5)基金管理人被取消登记或取消QDLP基金管理人资格的风险

Risk of the Fund Manager being Canceled of Registration or QDLP Fund Manager Qualification

基金管理人虽然已在基金业协会登记为私募基金管理人且取得了《QDLP试点办法》下的QDLP基金管理人资格, 但由于相关法律法规的变化等因素, 基金管理人可能被基金业协会取消登记, 或被北京市金融局取消QDLP基金管理人资格, 可能导致本基金的提前终止。

Although the Fund Manager has been registered as a private fund manager in AMAC and obtained the QDLP fund manager qualification under QDLP Pilot Measures, due to changes in relevant Laws and Regulations and other factors, the registration of the Fund Manager may be canceled by AMAC or its QDLP fund manager qualification may be canceled by Beijing Finance Bureau, which may result in early termination of the Fund.

(6)外汇风险

Foreign Exchange Risks

本基金存在与下列因素相关的汇率风险: (i)美元兑换人民币的汇率浮动对持有境外美元计价资产的影响(即使不发生赎回); (ii)在本基金层面不进行货币对冲; (iii)在提交申购申请日与本基金作为主基金投资者的申购日之间美元兑换人民币的汇率浮动; 及(iv)赎回开放日与支付赎回款项日之间美元兑换人民币的汇率浮动。本基金(并且最终由基金投资人和/或基金份额持有人) 须承担上述风险及其可能造成的损失。其中, 对于上述情形(iv)而言, 该等汇率风险由赎回份额的基金份额持有人承担。

The Fund is exposed to the exchange rate risks related to the following factors: (i) the influence of the floating exchange rate of Dollar against RMB on the holding of overseas dollar-denominated assets (even if Redemption does not occur); (ii) no currency hedging at the level of the Fund; (iii) the fluctuations of the exchange rate between Dollar and RMB between the date of submission of purchase application and the purchase date of the Fund as the investor of the Primary Fund; and (iv) the fluctuations of the exchange rate between Dollar and RMB between the Redemption Open Day and the payment date of the redemption amount. The Fund (and ultimately the Fund Investors and/or the Fund Unit Holders) shall bear the above risks and the losses caused thereby. Under the circumstance stipulated in item (iv), the exchange rate risk will be assumed by the Fund Unit Holders of the Units redeemed.

(二)一般风险

General Risks

(1)市场风险

Market Risks

市场价格受到经济因素、政治因素、投资心理和交易制度等各种因素的影响, 导致基金财产收益水平变化, 产生风险, 主要包括:

Market prices are influenced by various factors, such as economic factors, political factors, investment psychology and trading system, which lead to the change of return level of the Fund Properties and generate risks, mainly including:

1.政策风险

Policy Risks

因国家宏观政策(如货币政策、财政政策、行业政策、地区发展政策、外汇政策、对外投资政策等)发生变化, 导致市场价格波动或本基金投资受到政府管制而产生风险。

Due to changes in the country's macro policies (such as monetary policy, fiscal policy, industry policy, regional development policy, foreign exchange policy and foreign investment policy, etc.), market prices will fluctuate or the investments of the Fund will be subject to government control, which may cause risks.

2.经济周期风险

Business Cycle Risks

随经济运行的周期性变化, 证券市场的收益水平也呈周期性变化。基金财产直接投资于主基金, 间接投资于在境外股票市场进行投资的主基金与投资组合基金投资收益水平也会随之变化。

With the cyclical change of economic operation, the return level of the securities market also presents a cyclical change. With respect to direct investment in the Primary Fund and indirect investment in overseas stock markets through the Primary Fund by the Fund Properties, the return levels of the Primary Fund and the fund of funds will also change.

3.利率风险

Interest Rate Risks

金融市场利率的波动会导致证券市场价格和收益率的变动, 从而导致基金投资的收益水平的波动。国家或地区的利率变动还将影响该地区的经济与汇率等。

The fluctuations of interest rates in financial markets will lead to the fluctuations of stock market prices and rates of return, which will lead to the fluctuations of return levels of fund investments. National or regional interest rate changes will also affect economies and exchange rates in such areas.

4.购买力风险

Purchasing Power Risks

基金财产的利润将主要通过现金形式来分配, 而现金可能因为通货膨胀的影响而导致购买力下降, 从而使基金财产的实际收益下降。

The profits of the Fund Properties will be mainly distributed in cash, which may reduce the actual return of the Fund Properties due to any decline in purchasing power caused by inflation.

(三)其他风险

Other Risks

(1)相关机构的经营风险

Operation Risks of Other Institutions

1.基金管理人经营风险

Fund Manager’s Operation Risks

如在基金存续期间基金管理人无法继续经营基金业务, 则可能会对基金产生不利影响。

If the Fund Manager is unable to continue the fund business during the Term of the Fund, the Fund may be adversely affected.

2.基金托管人经营风险

Fund Trustee’s Operation Risks

如在基金存续期间基金托管人无法继续从事托管业务, 则可能会对基金产生不利影响。

The Fund may be adversely affected if the Fund Trustee is unable to continue its custody business during the Term of the Fund.

3.主基金管理公司、主基金投资管理人、主基金行政管理人的公司治理风险、运营风险和管理、运作风险

Corporate Governance Risk, Operational Risk and Management and Operation Risk of the Management Company of the Primary Fund, the Investment Manager of the Primary Fund and the Administrator of the Primary Fund

本基金投资于主基金以后, 本基金的投资成效好坏, 将在很大程度上依赖于主基金管理公司、主基金投资管理人、主基金行政管理人的投资管理、行政管理等方面的能力。

After the Fund invests in the Primary Fund, the investment performance of the Fund will largely depend on the capabilities of the Management Company of the Primary Fund, the Investment Manager of the Primary Fund and the Administrator of the Primary Fund in investment management and administrative management, etc.

主基金管理公司、主基金投资管理人、主基金行政管理人的依法合规运营、公司治理好坏等, 均可能对本基金的投资产生影响。

The legal and compliance operations and corporate governance of the Management Company of the Primary Fund, the Investment Manager of the Primary Fund and the Administrator of the Primary Fund may have an impact on the investment of the Fund.

(2)战争、自然灾害等不可抗力因素的出现, 将会严重影响证券市场的运行, 可能导致基金资产的损失。金融市场危机、行业竞争、代理机构违约等超出基金管理人控制能力之外的风险, 可能导致基金投资人利益受损。

The occurrence of Force Majeure events such as war and natural disasters etc. will seriously affect the operation of the securities market and may lead to the loss of the fund assets. Risks beyond the control of the Fund Manager, such as financial market crisis, industry competition and agency default, may do damage to the interests of the Fund Investors.

《风险揭示书》专门列示了本基金涉及的风险事项, 基金投资人除查阅本第十八章“风险揭示”内容外, 还应认真阅读《风险揭示书》所列的风险揭示内容。

The Risk Disclosure Statement specifically lists the risks involved in the Fund. In addition to consulting the contents of Chapter XVIII - "Risk Disclosure", the Fund Investors shall also carefully read the contents of the Risk Disclosure Statement.