Venture Capital 2025

MEXICO

USA

Mexico

Law and Practice Contributed by: Eduardo Triulzi, Eric Silberstein and Ana Jáuregui Ritch Mueller

Mexico City

Guatemala

Contents 1. Trends p.364

1.1 VC Market p.364 1.2 Key Trends p.365 1.3 Key Industries p.365 2. Venture Capital Funds p.365

2.1 Fund Structure p.365 2.2 Fund Economics p.365 2.3 Fund Regulation p.365 2.4 Particularities p.365 3. Investments in Venture Capital Portfolio Companies p.366 3.1 Due Diligence p.366 3.2 Process p.366 3.3 Investment Structure p.366 3.4 Documentation p.366

3.5 Investor Safeguards p.366 3.6 Corporate Governance p.367 3.7 Contractual Protection p.367 4. Government Inducements p.367 4.1 Subsidy Programmes p.367 4.2 Tax Treatment p.367 4.3 Government Endorsement p.368 5. Employment Incentives p.368 5.1 General p.368 5.2 Securities p.368 5.3 Taxation of Instruments p.369 5.4 Implementation p.369 6. Exits p.369 6.1 Investor Exit Rights p.369 6.2 IPO Exits p.370 6.3 Pre-IPO Liquidity p.370 7. Regulation p.370 7.1 Securities Offerings p.370 7.2 Restrictions p.370

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