BRAZIL
Colombia
Ecuador
Brazil
Peru
Brasilia
Bolivia
Law and Practice Contributed by: Fernanda Levy, Aline Bauermeister, Rodrigo Menezes and Fabiana Fagundes FM/Derraik
Rio de Janeiro São Paulo
Paraguay
Chile
Argentina
Contents 1. Trends p.43
1.1 VC Market p.43 1.2 Key Trends p.43 1.3 Key Industries p.43 2. Venture Capital Funds p.43
2.1 Fund Structure p.43 2.2 Fund Economics p.44 2.3 Fund Regulation p.45 2.4 Particularities p.45 3. Investments in Venture Capital Portfolio Companies p.45 3.1 Due Diligence p.45 3.2 Process p.46 3.3 Investment Structure p.47 3.4 Documentation p.48 3.5 Investor Safeguards p.49
3.6 Corporate Governance p.49 3.7 Contractual Protection p.50 4. Government Inducements p.51 4.1 Subsidy Programmes p.51 4.2 Tax Treatment p.52 4.3 Government Endorsement p.52 5. Employment Incentives p.52 5.1 General p.52 5.2 Securities p.53 5.3 Taxation of Instruments p.54 5.4 Implementation p.54 6. Exits p.55 6.1 Investor Exit Rights p.55 6.2 IPO Exits p.56 6.3 Pre-IPO Liquidity p.56 7. Regulation p.56 7.1 Securities Offerings p.56 7.2 Restrictions p.56
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