Amendments to the Communiqué on the Principles of Venture Capital Investment Funds
The Communiqué (III-52.4.C) on Amendments to the Communiqué (III-52.4)
On Principles of Venture Capital Investment Funds ("Amendment") was
published in the Official Gazette on September 21, 2024, and has entered
into force. With this amendment, several changes have been made to the
Communiqué on Principles of Venture Capital Investment Funds
("Communiqué"). These changes are aimed at increasing investments in
funds in Turkey and include the following key modifications:
I.
Venture Capital Investment Funds (VCIFs) can now be established as
umbrella funds, similar to securities investment funds. This will allow
the shares of newly established VCIFs to be set up under a single
internal regulation, shortening the process of establishing new funds.
II.
Investments can now be made through agreements that grant the right to
acquire shares in a startup company that has not yet been established,
and these investments will be considered as venture capital investments.
III.
Previously, under the Communiqué, at least 80% of the assets of
foreign-established venture companies had to be located in Turkey, but
the Amendment has reduced this requirement to 51%.
IV. The minimum
amount of funds to be sourced from qualified investors has been
increased from TRY 5,000,000 to TRY 50,000,000, and the collection
period has been shortened from two years to one year.
V. Provisions
in the Communiqué regarding the preparation of the investor information
form have been removed. Instead, a standard Fund Issuance Agreement,
which can be executed individually or collectively between the investor
and the VCIF, has been introduced by the Amendment.
VI. Investments
of up to 15% of the total fund value can now be made in non-listed
companies with growth potential that are based abroad.
VII. New restrictions have been introduced regarding investments made by VCIFs into other VCIFs.
The
content of the newsletter has been prepared for general information
purposes. If you want to learn more about compliance and legal advice,
or if you want to be involved in compliance processes, consult your
lawyer.
GSYF-Teblig.pdf
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