FRANCE
Belgium
Germany
Paris
France
Switzerland
Law and Practice Contributed by: David-James Sebag, Donald Davy and Marie-Sophie Chevreteau Gide Loyrette Nouel
Italy
Spain
Contents 1. Trends p.189
1.1 VC Market p.189 1.2 Key Trends p.189 1.3 Key Industries p.190 2. Venture Capital Funds p.190
2.1 Fund Structure p.190 2.2 Fund Economics p.190 2.3 Fund Regulation p.191 2.4 Particularities p.192 3. Investments in Venture Capital Portfolio Companies p.192 3.1 Due Diligence p.192 3.2 Process p.193 3.3 Investment Structure p.193 3.4 Documentation p.194
3.5 Investor Safeguards p.195 3.6 Corporate Governance p.195 3.7 Contractual Protection p.196 4. Government Inducements p.196 4.1 Subsidy Programmes p.196 4.2 Tax Treatment p.197 4.3 Government Endorsement p.198 5. Employment Incentives p.198 5.1 General p.198 5.2 Securities p.199 5.3 Taxation of Instruments p.200 5.4 Implementation p.202 6. Exits p.202 6.1 Investor Exit Rights p.202 6.2 IPO Exits p.203 6.3 Pre-IPO Liquidity p.203 7. Regulation p.203 7.1 Securities Offerings p.203 7.2 Restrictions p.204
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