Download Venture Capital and Private Equity Contracting: An by Douglas J. Cumming, Sofia A. Johan PDF

By Douglas J. Cumming, Sofia A. Johan

Different books current company finance techniques to the VC/PE undefined, yet many key judgements require an knowing of the ways in which legislations and economics interact. This ebook is best than instantly company finance textbooks since it bargains extensive views and ideas that permit readers to infer the commercial implications of particular agreement phrases. This procedure avoids the typical pitfalls of implying that contractual phrases observe both to organizations in any wherever on this planet.

. Explores the commercial implications of agreement phrases for start-up organisations in a variety of industries
. Pairs overseas info with causes and examples approximately changes in VC and PE nationwide and neighborhood markets
. includes pattern contracts, together with restricted partnership agreements, time period sheets, shareholder agreements, and subscription agreements
. offers overseas datasets on restricted partnership agreements among institutional traders and VC and PE money

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Extra resources for Venture Capital and Private Equity Contracting: An International Perspective

Example text

Com we provide appendices with sample financial contracts (a limited partnership fund agreement, term sheet, shareholder agreement, and subscription agreement) as well as PowerPoint slides that accompany each chapter. 1 Introduction and Learning Objectives This chapter provides an overview of the different agency problems in the context of financial contracting. The term agency cost generally refers to actions the parties to a contract might do that are in their own self-interest but are against the interest of the other party.

11 What Is Distinct about Corporate Venture Capital Investment? Corporate venture capital funds are widely regarded as having performance results that are inferior to limited partnership venture capital funds. Three explanations for this inferior performance include (1) the comparatively autonomous structure of limited partnership venture capital funds relative to corporate venture capital funds, (2) the greater pay-for-performance sensitivity among limited partnership venture capital funds relative to corporate venture capital funds, and (3) the strategic rationales associated with corporate investing versus the purely financial incentives of limited partnership venture capital funds.

Chapter 8 first discusses the issue of when institutional investors may be faced with a problem of style drift by the fund managers. We then focus on the central question in the chapter of what draws an institutional investor to a particular type of style: social responsibility. Is there a future in socially responsible private equity investment? What kinds of institutions are looking to invest in this niche? What are the economic, legal, and organizational factors that influence such portfolio allocation decisions?

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