近年来，私募投资基金的迅速发展一方面为国家新兴产业发展提供了资金支持，但另一方面也隐含私募基金违规运作的金融风险。其中管理人利用在私募投资基金中的优势地位侵害投资人利益的现象频发，进而导致与之相关的司法诉讼与监管处罚事件逐年增加，私募基金管理人行为规范及私募投资者利益保护成为私募行业健康发展的关键。本文以私募基金违规运作的乱象分析为主题，试图从学理分析、域外研究、规范梳理、实践归纳的角度，寻找到针对乱象根源之一——私募基金管理人信义义务缺失的解决思路。 本文主要研究内容共分为四部分，第一部分明确了私募投资基金的范围及基础法律关系，指出统合研究的理论基础，并进而引至管理人义务问题，从义务体系构成、义务概念区分、信义义务根源、信义义务内涵等四个方面梳理了管理人义务体系，基于不同组织结构下的基金管理人义务的不同法源，对我国管理人义务法规进行了全面的梳理。 第二部分结合对域外法他山之石的研究，以信义义务两大核心构成——忠实义务、勤勉义务为重点，对美国法中投资顾问信义义务及日本法中受托人信义义务进行了研究，分别阐述了美国法与日本法中关于两项义务的基本特征、发展历史、规范情况等，并以此为根据，将我国两大义务进行了情境化划分，并从现行规范中寻找到与其对应的法条支持。 第三部分从立法、司法两方面切入，通过对私募投资基金现有法律规范梳理，探讨我国管理人义务规范体系的现状及问题，提出未来针对管理人义务统一立法的可行性。而后，通过搜集现有司法实践中与信义义务相关的判决，以样本为据，选取了多项关注点，概括出现有司法案件判决的特征，并对现有案件所涉实务问题进行了逐一讨论。 第四部分对管理人义务规制的途径进行探索，从法律规范深植、司法水平提升、完善适度监管、加强信息披露等四个方面，提出了笔者对于私募基金管理人行为规制及投资人利益保护的解决思路，并希望由此形成公法干预与私法自治、司法救济与适度监管的协调规制体系。

In recent years, the rapid development of private investment funds, on the one hand, provides financial support for the emerging industries, but also implies the financial risks of private funds operating in violation of the law. Among them, the phenomenon of managers taking advantage of their dominant position to infringe on the interests of investors frequently occurs, which in turn leads to an increase in judicial lawsuits and regulatory penalties. This paper focuses on the analysis of illegal operation of private funds and attempts to provide some ideas to the lack of fiduciary duties of private fund managers, from the perspective of academic analysis, extraterritorial research, normative combing, and practical induction. The content of this paper is mainly divided into four parts. The first part clarifies the scope and basic legal relationship of private investment funds, points out the theoretical basis of the integrated research, and then leads to the issue of managers’ obligations. Also, the paper combs the managers’ obligation system from four aspects, including the composition of the system, the distinction of obligation concepts, the source of fiduciary duties, and the connotation of fiduciary duties. And then I discuss the different legal sources under different organizational structures, and provide a comprehensive overview of the regulations on managers’ obligations in China. In the second part, the paper focuses on the two core components of fiduciary duty – the duty of loyalty and the duty of diligence, and respectively study the fiduciary duty under U.S. law and Japanese law about the basic characteristics, development history and normative situation. Based on this, the contextual division of the two duties is made and the corresponding legal regulations are found to match the different situations. The third part starts from the aspects of legislation and juridical practice. By sorting out the existing legal regulations, the current situation and problems of the regulatory system in China are identified, and the feasibility of unified legislation on managers' obligations in the future is proposed. Then, by collecting judgments related to fiduciary duties in existing judicial practice, the characteristics of judgments in cases are summarized, and the practical issues involved are discussed. The fourth part puts forwards some rules on the behavior of private fund managers and some ideas about the protection of investors’ interests from four aspects: the deepening of legal norms, the improvement of judicial level, the improvement of appropriate supervision, and the strengthening of information disclosure. It is hoped to form a coordinated regulatory system of public law intervention and private law autonomy, judicial remedy and appropriate regulation.