i Table of contents 646

Venture Capital 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		6
Contributed by Carsten Berrar, Florian Späth and Heiko Blaut, Sullivan & Cromwell LLP		6
ARGENTINA		18
Law and Practice		18
Contributed by TCA Tanoira Cassagne		18
Trends and Developments		35
Contributed by TCA Tanoira Cassagne		35
BRAZIL		41
Law and Practice		41
Contributed by FM/Derraik		41
Trends and Developments		59
Contributed by FM/Derraik		59
CAYMAN ISLANDS		65
Law and Practice		65
Contributed by Campbells		65
Trends and Developments		85
Contributed by Campbells		85
CHILE		92
Law and Practice		92
Contributed by Barreda Legal Tech		92
Trends and Developments		103
Contributed by Barreda Legal Tech		103
CHINA		107
Law and Practice		107
Contributed by Zhong Lun Law Firm		107
Trends and Developments		133
Contributed by Zhong Lun Law Firm		133
DENMARK		143
Law and Practice		143
Contributed by Moalem Weitemeyer		143
Trends and Developments		157
Contributed by Moalem Weitemeyer		157
EGYPT		166
Law and Practice		166
Contributed by Zaki Hashem, Attorneys at Law		166
Trends and Developments		181
Contributed by Tahoun Law Firm		181
FRANCE		188
Law and Practice		188
Contributed by Gide Loyrette Nouel		188
Trends and Developments		206
Contributed by Sullivan & Cromwell LLP		206
GERMANY		211
Law and Practice		211
Contributed by Sullivan & Cromwell LLP		211
Trends and Developments		235
Contributed by Noerr		235
INDIA		243
Law and Practice		243
Contributed by JSA Advocates and Solicitors		243
Trends and Developments		257
Contributed by JSA Advocates and Solicitors		257
INDONESIA		263
Law and Practice		263
Contributed by KARNA		263
Trends and Developments		276
Contributed by KARNA		276
ITALY		284
Law and Practice		284
Contributed by Gianni & Origoni		284
Trends and Developments		301
Contributed by Gianni & Origoni		301
JAPAN		308
Law and Practice		308
Contributed by southgate		308
Trends and Developments		322
Contributed by TMI Associates		322
MALTA		334
Law and Practice		334
Contributed by GTG Legal		334
Trends and Developments		355
Contributed by GTG Legal		355
MEXICO		363
Law and Practice		363
Contributed by Ritch Mueller		363
Trends and Developments		372
Contributed by Ritch Mueller		372
NETHERLANDS		378
Law and Practice		378
Contributed by Stibbe		378
Trends and Developments		398
Contributed by Stibbe		398
NORWAY		406
Law and Practice		406
Contributed by Thommessen		406
Trends and Developments		420
Contributed by Thommessen		420
POLAND		430
Law and Practice		430
Contributed by Kondracki Celej		430
Trends and Developments		446
Contributed by Kondracki Celej		446
PORTUGAL		453
Law and Practice		453
Contributed by CCA Law Firm		453
Trends and Developments		467
Contributed by CCA Law Firm		467
SINGAPORE		471
Law and Practice		471
Contributed by Gunderson Dettmer Singapore LLP		471
Trends and Developments		492
Contributed by Gunderson Dettmer Singapore LLP		492
SOUTH KOREA		501
Law and Practice		501
Contributed by Bae, Kim & Lee LLC		501
SWEDEN		514
Law and Practice		514
Contributed by Gernandt & Danielsson Advokatbyrå KB		514
Trends and Developments		534
Contributed by Gernandt & Danielsson Advokatbyrå KB		534
SWITZERLAND		542
Law and Practice		542
Contributed by Walder Wyss Ltd		542
Trends and Developments		557
Contributed by Kellerhals Carrard		557
TAIWAN		565
Law and Practice		565
Contributed by Lee and Li, Attorneys-at-Law		565
Trends and Developments		579
Contributed by Lee and Li, Attorneys-at-Law		579
UK		584
Law and Practice		584
Contributed by Herbert Smith Freehills LLP		584
Trends and Developments		609
Contributed by Herbert Smith Freehills LLP		609
USA		618
Law and Practice		618
Contributed by Cravath, Swaine & Moore LLP		618
Trends and Developments		642
Contributed by Gibbons P.C.		642
1. Trends		21
1.1 VC Market		21
1.2 Key Trends		21
1.3 Key Industries		21
2. Venture Capital Funds		22
2.1 Fund Structure		22
2.2 Fund Economics		22
2.3 Fund Regulation		23
2.4 Particularities		23
3. Investments in Venture Capital Portfolio Companies		24
3.1 Due Diligence		24
3.2 Process		24
3.3 Investment Structure		24
3.4 Documentation		25
3.5 Investor Safeguards		26
3.6 Corporate Governance		27
3.7 Contractual Protection		27
4. Government Inducements		28
4.1 Subsidy Programmes		28
4.2 Tax Treatment		29
4.3 Government Endorsement		30
5. Employment Incentives		30
5.1 General		30
5.2 Securities		31
5.3 Taxation of Instruments		31
5.4 Implementation		32
6. Exits		32
6.1 Investor Exit Rights		32
6.2 IPO Exits		32
6.3 Pre-IPO Liquidity		33
7. Regulation		33
7.1 Securities Offerings		33
7.2 Restrictions		34
1. Trends		44
1.1 VC Market		44
1.2 Key Trends		44
1.3 Key Industries		44
2. Venture Capital Funds		44
2.1 Fund Structure		44
2.2 Fund Economics		45
2.3 Fund Regulation		46
2.4 Particularities		46
3. Investments in Venture Capital Portfolio Companies		46
3.1 Due Diligence		46
3.2 Process		47
3.3 Investment Structure		48
3.4 Documentation		49
3.5 Investor Safeguards		50
3.6 Corporate Governance		50
3.7 Contractual Protection		51
4. Government Inducements		52
4.1 Subsidy Programmes		52
4.2 Tax Treatment		53
4.3 Government Endorsement		53
5. Employment Incentives		53
5.1 General		53
5.2 Securities		54
5.3 Taxation of Instruments		55
5.4 Implementation		55
6. Exits		56
6.1 Investor Exit Rights		56
6.2 IPO Exits		57
6.3 Pre-IPO Liquidity		57
7. Regulation		57
7.1 Securities Offerings		57
7.2 Restrictions		57
1. Trends		68
1.1 VC Market		68
1.2 Key Trends		68
1.3 Key Industries		68
2. Venture Capital Funds		69
2.1 Fund Structure		69
2.2 Fund Economics		69
2.3 Fund Regulation		70
2.4 Particularities		70
3. Investments in Venture Capital Portfolio Companies		71
3.1 Due Diligence		71
3.2 Process		71
3.3 Investment Structure		72
3.4 Documentation		73
3.5 Investor Safeguards		74
3.6 Corporate Governance		76
3.7 Contractual Protection		77
4. Government Inducements		78
4.1 Subsidy Programmes		78
4.2 Tax Treatment		79
4.3 Government Endorsement		79
5. Employment Incentives		79
5.1 General		79
5.2 Securities		80
5.3 Taxation of Instruments		80
5.4 Implementation		80
6. Exits		81
6.1 Investor Exit Rights		81
6.2 IPO Exits		82
6.3 Pre-IPO Liquidity		83
7. Regulation		83
7.1 Securities Offerings		83
7.2 Restrictions		84
1. Trends		94
1.1 VC Market		94
1.2 Key Trends		94
1.3 Key Industries		94
2. Venture Capital Funds		94
2.1 Fund Structure		94
2.2 Fund Economics		94
2.3 Fund Regulation		94
2.4 Particularities		95
3. Investments in Venture Capital Portfolio Companies		95
3.1 Due Diligence		95
3.2 Process		95
3.3 Investment Structure		95
3.4 Documentation		95
3.5 Investor Safeguards		96
3.6 Corporate Governance		97
3.7 Contractual Protection		97
4. Government Inducements		98
4.1 Subsidy Programmes		98
4.2 Tax Treatment		98
4.3 Government Endorsement		99
5. Employment Incentives		99
5.1 General		99
5.2 Securities		99
5.3 Taxation of Instruments		100
5.4 Implementation		100
6. Exits		100
6.1 Investor Exit Rights		100
6.2 IPO Exits		101
6.3 Pre-IPO Liquidity		101
7. Regulation		101
7.1 Securities Offerings		101
7.2 Restrictions		102
1. Trends		109
1.1 VC Market		109
1.2 Key Trends		110
1.3 Key Industries		112
2. Venture Capital Funds		112
2.1 Fund Structure		112
2.2 Fund Economics		113
2.3 Fund Regulation		113
2.4 Particularities		114
3. Investments in Venture Capital Portfolio Companies		114
3.1 Due Diligence		114
3.2 Process		115
3.3 Investment Structure		115
3.4 Documentation		116
3.5 Investor Safeguards		116
3.6 Corporate Governance		117
3.7 Contractual Protection		117
4. Government Inducements		118
4.1 Subsidy Programmes		118
4.2 Tax Treatment		119
4.3 Government Endorsement		120
5. Employment Incentives		121
5.1 General		121
5.2 Securities		122
5.3 Taxation of Instruments		122
5.4 Implementation		124
6. Exits		125
6.1 Investor Exit Rights		125
6.2 IPO Exits		126
6.3 Pre-IPO Liquidity		128
7. Regulation		129
7.1 Securities Offerings		129
7.2 Restrictions		130
1. Trends		146
1.1 VC Market		146
1.2 Key Trends		146
1.3 Key Industries		146
2. Venture Capital Funds		147
2.1 Fund Structure		147
2.2 Fund Economics		147
2.3 Fund Regulation		147
2.4 Particularities		148
3. Investments in Venture Capital Portfolio Companies		148
3.1 Due Diligence		148
3.2 Process		148
3.3 Investment Structure		149
3.4 Documentation		150
3.5 Investor Safeguards		151
3.6 Corporate Governance		151
3.7 Contractual Protection		152
4. Government Inducements		152
4.1 Subsidy Programmes		152
4.2 Tax Treatment		152
4.3 Government Endorsement		153
5. Employment Incentives		153
5.1 General		153
5.2 Securities		153
5.3 Taxation of Instruments		153
5.4 Implementation		154
6. Exits		154
6.1 Investor Exit Rights		154
6.2 IPO Exits		154
6.3 Pre-IPO Liquidity		155
7. Regulation		155
7.1 Securities Offerings		155
7.2 Restrictions		155
1. Trends		168
1.1 VC Market		168
1.2 Key Trends		169
1.3 Key Industries		169
2. Venture Capital Funds		170
2.1 Fund Structure		170
2.2 Fund Economics		172
2.3 Fund Regulation		172
2.4 Particularities		172
3. Investments in Venture Capital Portfolio Companies		173
3.1 Due Diligence		173
3.2 Process		174
3.3 Investment Structure		174
3.4 Documentation		175
3.5 Investor Safeguards		175
3.6 Corporate Governance		175
3.7 Contractual Protection		176
4. Government Inducements		177
4.1 Subsidy Programmes		177
4.2 Tax Treatment		177
4.3 Government Endorsement		178
5. Employment Incentives		178
5.1 General		178
5.2 Securities		178
5.3 Taxation of Instruments		179
5.4 Implementation		179
6. Exits		179
6.1 Investor Exit Rights		179
6.2 IPO Exits		179
6.3 Pre-IPO Liquidity		179
7. Regulation		180
7.1 Securities Offerings		180
7.2 Restrictions		180
1. Trends		190
1.1 VC Market		190
1.2 Key Trends		190
1.3 Key Industries		191
2. Venture Capital Funds		191
2.1 Fund Structure		191
2.2 Fund Economics		191
2.3 Fund Regulation		192
2.4 Particularities		193
3. Investments in Venture Capital Portfolio Companies		193
3.1 Due Diligence		193
3.2 Process		194
3.3 Investment Structure		194
3.4 Documentation		195
3.5 Investor Safeguards		196
3.6 Corporate Governance		196
3.7 Contractual Protection		197
4. Government Inducements		197
4.1 Subsidy Programmes		197
4.2 Tax Treatment		198
4.3 Government Endorsement		199
5. Employment Incentives		199
5.1 General		199
5.2 Securities		200
5.3 Taxation of Instruments		201
5.4 Implementation		203
6. Exits		203
6.1 Investor Exit Rights		203
6.2 IPO Exits		204
6.3 Pre-IPO Liquidity		204
7. Regulation		204
7.1 Securities Offerings		204
7.2 Restrictions		205
1. Trends		213
1.1 VC Market		213
1.2 Key Trends		214
1.3 Key Industries		214
2. Venture Capital Funds		215
2.1 Fund Structure		215
2.2 Fund Economics		215
2.3 Fund Regulation		216
2.4 Particularities		216
3. Investments in Venture Capital Portfolio Companies		217
3.1 Due Diligence		217
3.2 Process		218
3.3 Investment Structure		219
3.4 Documentation		219
3.5 Investor Safeguards		220
3.6 Corporate Governance		221
3.7 Contractual Protection		221
4. Government Inducements		222
4.1 Subsidy Programmes		222
4.2 Tax Treatment		223
4.3 Government Endorsement		224
5. Employment Incentives		226
5.1 General		226
5.2 Securities		227
5.3 Taxation of Instruments		227
5.4 Implementation		229
6. Exits		230
6.1 Investor Exit Rights		230
6.2 IPO Exits		231
6.3 Pre-IPO Liquidity		232
7. Regulation		233
7.1 Securities Offerings		233
7.2 Restrictions		233
1. Trends		245
1.1 VC Market		245
1.2 Key Trends		245
1.3 Key Industries		245
2. Venture Capital Funds		245
2.1 Fund Structure		245
2.2 Fund Economics		247
2.3 Fund Regulation		247
2.4 Particularities		248
3. Investments in Venture Capital Portfolio Companies		248
3.1 Due Diligence		248
3.2 Process		248
3.3 Investment Structure		249
3.4 Documentation		250
3.5 Investor Safeguards		250
3.6 Corporate Governance		251
3.7 Contractual Protection		251
4. Government Inducements		252
4.1 Subsidy Programmes		252
4.2 Tax Treatment		252
4.3 Government Endorsement		252
5. Employment Incentives		252
5.1 General		252
5.2 Securities		252
5.3 Taxation of Instruments		253
5.4 Implementation		253
6. Exits		253
6.1 Investor Exit Rights		253
6.2 IPO Exits		253
6.3 Pre-IPO Liquidity		254
7. Regulation		254
7.1 Securities Offerings		254
7.2 Restrictions		255
1. Trends		265
1.1 VC Market		265
1.2 Key Trends		265
1.3 Key Industries		266
2. Venture Capital Funds		266
2.1 Fund Structure		266
2.2 Fund Economics		267
2.3 Fund Regulation		268
2.4 Particularities		268
3. Investments in Venture Capital Portfolio Companies		268
3.1 Due Diligence		268
3.2 Process		269
3.3 Investment Structure		269
3.4 Documentation		270
3.5 Investor Safeguards		270
3.6 Corporate Governance		271
3.7 Contractual Protection		271
4. Government Inducements		271
4.1 Subsidy Programmes		271
4.2 Tax Treatment		272
4.3 Government Endorsement		272
5. Employment Incentives		272
5.1 General		272
5.2 Securities		272
5.3 Taxation of Instruments		273
5.4 Implementation		273
6. Exits		273
6.1 Investor Exit Rights		273
6.2 IPO Exits		274
6.3 Pre-IPO Liquidity		275
7. Regulation		275
7.1 Securities Offerings		275
7.2 Restrictions		275
1. Trends		287
1.1 VC Market		287
1.2 Key Trends		287
1.3 Key Industries		288
2. Venture Capital Funds		288
2.1 Fund Structure		288
2.2 Fund Economics		289
2.3 Fund Regulation		289
2.4 Particularities		290
3. Investments in Venture Capital Portfolio Companies		290
3.1 Due Diligence		290
3.2 Process		291
3.3 Investment Structure		291
3.4 Documentation		292
3.5 Investor Safeguards		293
3.6 Corporate Governance		293
3.7 Contractual Protection		294
4. Government Inducements		294
4.1 Subsidy Programmes		294
4.2 Tax Treatment		295
4.3 Government Endorsement		295
5. Employment Incentives		296
5.1 General		296
5.2 Securities		296
5.3 Taxation of Instruments		297
5.4 Implementation		297
6. Exits		298
6.1 Investor Exit Rights		298
6.2 IPO Exits		298
6.3 Pre-IPO Liquidity		299
7. Regulation		299
7.1 Securities Offerings		299
7.2 Restrictions		300
1. Trends		311
1.1 VC Market		311
1.2 Key Trends		311
1.3 Key Industries		312
2. Venture Capital Funds		312
2.1 Fund Structure		312
2.2 Fund Economics		313
2.3 Fund Regulation		313
2.4 Particularities		314
3. Investments in Venture Capital Portfolio Companies		314
3.1 Due Diligence		314
3.2 Process		315
3.3 Investment Structure		315
3.4 Documentation		316
3.5 Investor Safeguards		316
3.6 Corporate Governance		316
3.7 Contractual Protection		317
4. Government Inducements		318
4.1 Subsidy Programmes		318
4.2 Tax Treatment		318
4.3 Government Endorsement		319
5. Employment Incentives		319
5.1 General		319
5.2 Securities		319
5.3 Taxation of Instruments		319
5.4 Implementation		320
6. Exits		320
6.1 Investor Exit Rights		320
6.2 IPO Exits		320
6.3 Pre-IPO Liquidity		321
7. Regulation		321
7.1 Securities Offerings		321
7.2 Restrictions		321
1. Trends		336
1.1 VC Market		336
1.2 Key Trends		336
1.3 Key Industries		337
2. Venture Capital Funds		337
2.1 Fund Structure		337
2.2 Fund Economics		338
2.3 Fund Regulation		339
2.4 Particularities		340
3. Investments in Venture Capital Portfolio Companies		341
3.1 Due Diligence		341
3.2 Process		341
3.3 Investment Structure		342
3.4 Documentation		343
3.5 Investor Safeguards		344
3.6 Corporate Governance		345
3.7 Contractual Protection		345
4. Government Inducements		346
4.1 Subsidy Programmes		346
4.2 Tax Treatment		347
4.3 Government Endorsement		348
5. Employment Incentives		349
5.1 General		349
5.2 Securities		349
5.3 Taxation of Instruments		350
5.4 Implementation		351
6. Exits		352
6.1 Investor Exit Rights		352
6.2 IPO Exits		352
6.3 Pre-IPO Liquidity		352
7. Regulation		352
7.1 Securities Offerings		352
7.2 Restrictions		353
1. Trends		365
1.1 VC Market		365
1.2 Key Trends		366
1.3 Key Industries		366
2. Venture Capital Funds		366
2.1 Fund Structure		366
2.2 Fund Economics		366
2.3 Fund Regulation		366
2.4 Particularities		366
3. Investments in Venture Capital Portfolio Companies		367
3.1 Due Diligence		367
3.2 Process		367
3.3 Investment Structure		367
3.4 Documentation		367
3.5 Investor Safeguards		367
3.6 Corporate Governance		368
3.7 Contractual Protection		368
4. Government Inducements		368
4.1 Subsidy Programmes		368
4.2 Tax Treatment		368
4.3 Government Endorsement		369
5. Employment Incentives		369
5.1 General		369
5.2 Securities		369
5.3 Taxation of Instruments		370
5.4 Implementation		370
6. Exits		370
6.1 Investor Exit Rights		370
6.2 IPO Exits		371
6.3 Pre-IPO Liquidity		371
7. Regulation		371
7.1 Securities Offerings		371
7.2 Restrictions		371
1. Trends		380
1.1 VC Market		380
1.2 Key Trends		380
1.3 Key Industries		380
2. Venture Capital Funds		381
2.1 Fund Structure		381
2.2 Fund Economics		382
2.3 Fund Regulation		383
2.4 Particularities		384
3. Investments in Venture Capital Portfolio Companies		384
3.1 Due Diligence		384
3.2 Process		384
3.3 Investment Structure		385
3.4 Documentation		386
3.5 Investor Safeguards		387
3.6 Corporate Governance		388
3.7 Contractual Protection		389
4. Government Inducements		390
4.1 Subsidy Programmes		390
4.2 Tax Treatment		390
4.3 Government Endorsement		391
5. Employment Incentives		391
5.1 General		391
5.2 Securities		392
5.3 Taxation of Instruments		392
5.4 Implementation		394
6. Exits		395
6.1 Investor Exit Rights		395
6.2 IPO Exits		395
6.3 Pre-IPO Liquidity		396
7. Regulation		396
7.1 Securities Offerings		396
7.2 Restrictions		397
1. Trends		408
1.1 VC Market		408
1.2 Key Trends		408
1.3 Key Industries		409
2. Venture Capital Funds		409
2.1 Fund Structure		409
2.2 Fund Economics		409
2.3 Fund Regulation		410
2.4 Particularities		410
3. Investments in Venture Capital Portfolio Companies		411
3.1 Due Diligence		411
3.2 Process		411
3.3 Investment Structure		411
3.4 Documentation		411
3.5 Investor Safeguards		412
3.6 Corporate Governance		413
3.7 Contractual Protection		413
4. Government Inducements		414
4.1 Subsidy Programmes		414
4.2 Tax Treatment		415
4.3 Government Endorsement		415
5. Employment Incentives		415
5.1 General		415
5.2 Securities		416
5.3 Taxation of Instruments		416
5.4 Implementation		416
6. Exits		416
6.1 Investor Exit Rights		416
6.2 IPO Exits		417
6.3 Pre-IPO Liquidity		418
7. Regulation		418
7.1 Securities Offerings		418
7.2 Restrictions		418
1. Trends		432
1.1 VC Market		432
1.2 Key Trends		433
1.3 Key Industries		434
2. Venture Capital Funds		434
2.1 Fund Structure		434
2.2 Fund Economics		435
2.3 Fund Regulation		436
2.4 Particularities		436
3. Investments in Venture Capital Portfolio Companies		437
3.1 Due Diligence		437
3.2 Process		437
3.3 Investment Structure		438
3.4 Documentation		438
3.5 Investor Safeguards		439
3.6 Corporate Governance		439
3.7 Contractual Protection		440
4. Government Inducements		440
4.1 Subsidy Programmes		440
4.2 Tax Treatment		441
4.3 Government Endorsement		441
5. Employment Incentives		441
5.1 General		441
5.2 Securities		442
5.3 Taxation of Instruments		443
5.4 Implementation		443
6. Exits		443
6.1 Investor Exit Rights		443
6.2 IPO Exits		444
6.3 Pre-IPO Liquidity		444
7. Regulation		444
7.1 Securities Offerings		444
7.2 Restrictions		445
1. Trends		456
1.1 VC Market		456
1.2 Key Trends		456
1.3 Key Industries		456
2. Venture Capital Funds		456
2.1 Fund Structure		456
2.2 Fund Economics		456
2.3 Fund Regulation		457
2.4 Particularities		457
3. Investments in Venture Capital Portfolio Companies		458
3.1 Due Diligence		458
3.2 Process		458
3.3 Investment Structure		459
3.4 Documentation		460
3.5 Investor Safeguards		460
3.6 Corporate Governance		461
3.7 Contractual Protection		461
4. Government Inducements		462
4.1 Subsidy Programmes		462
4.2 Tax Treatment		462
4.3 Government Endorsement		463
5. Employment Incentives		463
5.1 General		463
5.2 Securities		463
5.3 Taxation of Instruments		464
5.4 Implementation		464
6. Exits		464
6.1 Investor Exit Rights		464
6.2 IPO Exits		465
6.3 Pre-IPO Liquidity		465
7. Regulation		465
7.1 Securities Offerings		465
7.2 Restrictions		465
1. Trends		474
1.1 VC Market		474
1.2 Key Trends		474
1.3 Key Industries		474
2. Venture Capital Funds		475
2.1 Fund Structure		475
2.2 Fund Economics		475
2.3 Fund Regulation		476
2.4 Particularities		477
3. Investments in Venture Capital Portfolio Companies		477
3.1 Due Diligence		477
3.2 Process		480
3.3 Investment Structure		481
3.4 Documentation		482
3.5 Investor Safeguards		482
3.6 Corporate Governance		483
3.7 Contractual Protection		483
4. Government Inducements		484
4.1 Subsidy Programmes		484
4.2 Tax Treatment		484
4.3 Government Endorsement		485
5. Employment Incentives		485
5.1 General		485
5.2 Securities		486
5.3 Taxation of Instruments		487
5.4 Implementation		487
6. Exits		488
6.1 Investor Exit Rights		488
6.2 IPO Exits		489
6.3 Pre-IPO Liquidity		489
7. Regulation		490
7.1 Securities Offerings		490
7.2 Restrictions		490
1. Trends		504
1.1 VC Market		504
1.2 Key Trends		504
1.3 Key Industries		504
2. Venture Capital Funds		504
2.1 Fund Structure		504
2.2 Fund Economics		505
2.3 Fund Regulation		505
2.4 Particularities		505
3. Investments in Venture Capital Portfolio Companies		506
3.1 Due Diligence		506
3.2 Process		506
3.3 Investment Structure		506
3.4 Documentation		506
3.5 Investor Safeguards		506
3.6 Corporate Governance		507
3.7 Contractual Protection		507
4. Government Inducements		508
4.1 Subsidy Programmes		508
4.2 Tax Treatment		508
4.3 Government Endorsement		508
5. Employment Incentives		509
5.1 General		509
5.2 Securities		509
5.3 Taxation of Instruments		509
5.4 Implementation		510
6. Exits		510
6.1 Investor Exit Rights		510
6.2 IPO Exits		510
6.3 Pre-IPO Liquidity		511
7. Regulation		511
7.1 Securities Offerings		511
7.2 Restrictions		512
1. Trends		517
1.1 VC Market		517
1.2 Key Trends		518
1.3 Key Industries		519
2. Venture Capital Funds		520
2.1 Fund Structure		520
2.2 Fund Economics		520
2.3 Fund Regulation		521
2.4 Particularities		521
3. Investments in Venture Capital Portfolio Companies		522
3.1 Due Diligence		522
3.2 Process		522
3.3 Investment Structure		523
3.4 Documentation		523
3.5 Investor Safeguards		524
3.6 Corporate Governance		525
3.7 Contractual Protection		525
4. Government Inducements		527
4.1 Subsidy Programmes		527
4.2 Tax Treatment		527
4.3 Government Endorsement		527
5. Employment Incentives		528
5.1 General		528
5.2 Securities		528
5.3 Taxation of Instruments		529
5.4 Implementation		530
6. Exits		530
6.1 Investor Exit Rights		530
6.2 IPO Exits		531
6.3 Pre-IPO Liquidity		531
7. Regulation		532
7.1 Securities Offerings		532
7.2 Restrictions		532
1. Trends		545
1.1 VC Market		545
1.2 Key Trends		545
1.3 Key Industries		545
2. Venture Capital Funds		546
2.1 Fund Structure		546
2.2 Fund Economics		547
2.3 Fund Regulation		548
2.4 Particularities		548
3. Investments in Venture Capital Portfolio Companies		548
3.1 Due Diligence		548
3.2 Process		548
3.3 Investment Structure		548
3.4 Documentation		549
3.5 Investor Safeguards		549
3.6 Corporate Governance		550
3.7 Contractual Protection		550
4. Government Inducements		550
4.1 Subsidy Programmes		550
4.2 Tax Treatment		550
4.3 Government Endorsement		552
5. Employment Incentives		552
5.1 General		552
5.2 Securities		552
5.3 Taxation of Instruments		553
5.4 Implementation		553
6. Exits		554
6.1 Investor Exit Rights		554
6.2 IPO Exits		555
6.3 Pre-IPO Liquidity		555
7. Regulation		555
7.1 Securities Offerings		555
7.2 Restrictions		556
1. Trends		568
1.1 VC Market		568
1.2 Key Trends		568
1.3 Key Industries		568
2. Venture Capital Funds		569
2.1 Fund Structure		569
2.2 Fund Economics		569
2.3 Fund Regulation		569
2.4 Particularities		570
3. Investments in Venture Capital Portfolio Companies		570
3.1 Due Diligence		570
3.2 Process		571
3.3 Investment Structure		571
3.4 Documentation		572
3.5 Investor Safeguards		572
3.6 Corporate Governance		573
3.7 Contractual Protection		573
4. Government Inducements		573
4.1 Subsidy Programmes		573
4.2 Tax Treatment		574
4.3 Government Endorsement		575
5. Employment Incentives		575
5.1 General		575
5.2 Securities		576
5.3 Taxation of Instruments		576
5.4 Implementation		576
6. Exits		576
6.1 Investor Exit Rights		576
6.2 IPO Exits		577
6.3 Pre-IPO Liquidity		578
7. Regulation		578
7.1 Securities Offerings		578
7.2 Restrictions		578
1. Trends		587
1.1 VC Market		587
1.2 Key Trends		587
1.3 Key Industries		589
2. Venture Capital Funds		589
2.1 Fund Structure		589
2.2 Fund Economics		590
2.3 Fund Regulation		590
2.4 Particularities		591
3. Investments in Venture Capital Portfolio Companies		592
3.1 Due Diligence		592
3.2 Process		593
3.3 Investment Structure		593
3.4 Documentation		594
3.5 Investor Safeguards		595
3.6 Corporate Governance		596
3.7 Contractual Protection		597
4. Government Inducements		598
4.1 Subsidy Programmes		598
4.2 Tax Treatment		599
4.3 Government Endorsement		600
5. Employment Incentives		600
5.1 General		600
5.2 Securities		602
5.3 Taxation of Instruments		603
5.4 Implementation		603
6. Exits		603
6.1 Investor Exit Rights		603
6.2 IPO Exits		604
6.3 Pre-IPO Liquidity		605
7. Regulation		606
7.1 Securities Offerings		606
7.2 Restrictions		607
1. Trends		621
1.1 VC Market		621
1.2 Key Trends		621
1.3 Key Industries		622
2. Venture Capital Funds		623
2.1 Fund Structure		623
2.2 Fund Economics		623
2.3 Fund Regulation		625
2.4 Particularities		626
3. Investments in Venture Capital Portfolio Companies		627
3.1 Due Diligence		627
3.2 Process		628
3.3 Investment Structure		629
3.4 Documentation		630
3.5 Investor Safeguards		631
3.6 Corporate Governance		632
3.7 Contractual Protection		633
4. Government Inducements		634
4.1 Subsidy Programmes		634
4.2 Tax Treatment		634
4.3 Government Endorsement		634
5. Employment Incentives		635
5.1 General		635
5.2 Securities		635
5.3 Taxation of Instruments		635
5.4 Implementation		636
6. Exits		637
6.1 Investor Exit Rights		637
6.2 IPO Exits		638
6.3 Pre-IPO Liquidity		638
7. Regulation		640
7.1 Securities Offerings		640
7.2 Restrictions		640

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