Venture Capital 2025

ITALY

Switzerland

Slovenia

Croatia

France

Bosnia

Italy

Rome

Albania

Law and Practice Contributed by: Silvia Bordi, Emanuele Bosia, Federico Dettori and Rodrigo Boccioletti Gianni & Origoni

Contents 1. Trends p.286

1.1 VC Market p.286 1.2 Key Trends p.286 1.3 Key Industries p.287 2. Venture Capital Funds p.287

2.1 Fund Structure p.287 2.2 Fund Economics p.288 2.3 Fund Regulation p.288 2.4 Particularities p.289 3. Investments in Venture Capital Portfolio Companies p.289 3.1 Due Diligence p.289 3.2 Process p.290 3.3 Investment Structure p.290 3.4 Documentation p.291

3.5 Investor Safeguards p.292 3.6 Corporate Governance p.292 3.7 Contractual Protection p.293 4. Government Inducements p.293 4.1 Subsidy Programmes p.293 4.2 Tax Treatment p.294 4.3 Government Endorsement p.294 5. Employment Incentives p.295 5.1 General p.295 5.2 Securities p.295 5.3 Taxation of Instruments p.296 5.4 Implementation p.296 6. Exits p.297 6.1 Investor Exit Rights p.297 6.2 IPO Exits p.297 6.3 Pre-IPO Liquidity p.298 7. Regulation p.298 7.1 Securities Offerings p.298 7.2 Restrictions p.299

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