UK
The United Kingdom London
Ireland
Law and Practice Contributed by: Dylan Doran Kennett, Michael Jacobs, Stephen Newby and Mark Ife Herbert Smith Freehills LLP
Germany
Belgium
France
Contents 1. Trends p.586
1.1 VC Market p.586 1.2 Key Trends p.586 1.3 Key Industries p.588 2. Venture Capital Funds p.588
2.1 Fund Structure p.588 2.2 Fund Economics p.589 2.3 Fund Regulation p.589 2.4 Particularities p.590 3. Investments in Venture Capital Portfolio Companies p.591 3.1 Due Diligence p.591 3.2 Process p.592 3.3 Investment Structure p.592 3.4 Documentation p.593
3.5 Investor Safeguards p.594 3.6 Corporate Governance p.595 3.7 Contractual Protection p.596 4. Government Inducements p.597 4.1 Subsidy Programmes p.597 4.2 Tax Treatment p.598 4.3 Government Endorsement p.599 5. Employment Incentives p.599 5.1 General p.599 5.2 Securities p.601 5.3 Taxation of Instruments p.602 5.4 Implementation p.602 6. Exits p.602 6.1 Investor Exit Rights p.602 6.2 IPO Exits p.603 6.3 Pre-IPO Liquidity p.604 7. Regulation p.605 7.1 Securities Offerings p.605 7.2 Restrictions p.606
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