Venture Capital 2025

USA

Canada

United States of America

Washington DC

Law and Practice Contributed by: D. Scott Bennett, Nicholas A. Dorsey, Virginia M. Anderson and Ellen H. Park Cravath, Swaine & Moore LLP

Mexico

Contents 1. Trends p.620

1.1 VC Market p.620 1.2 Key Trends p.620 1.3 Key Industries p.621 2. Venture Capital Funds p.622

2.1 Fund Structure p.622 2.2 Fund Economics p.622 2.3 Fund Regulation p.624 2.4 Particularities p.625 3. Investments in Venture Capital Portfolio Companies p.626 3.1 Due Diligence p.626 3.2 Process p.627 3.3 Investment Structure p.628 3.4 Documentation p.629

3.5 Investor Safeguards p.630 3.6 Corporate Governance p.631 3.7 Contractual Protection p.632 4. Government Inducements p.633 4.1 Subsidy Programmes p.633 4.2 Tax Treatment p.633 4.3 Government Endorsement p.633 5. Employment Incentives p.634 5.1 General p.634 5.2 Securities p.634 5.3 Taxation of Instruments p.634 5.4 Implementation p.635 6. Exits p.636 6.1 Investor Exit Rights p.636 6.2 IPO Exits p.637 6.3 Pre-IPO Liquidity p.637 7. Regulation p.639 7.1 Securities Offerings p.639 7.2 Restrictions p.639

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