Fund Structures and Management

Richard Thompson

Chapter Twenty-Three in Real Venture Capital, 2008, pp 87-89 from Palgrave Macmillan

Abstract: Abstract WHEN modern venture capital started in the UK in the 1970s, the only fund structures available there were ones involving a loose association of pension funds and other tax-exempt institutions on the one hand, and a private limited company for non-exempt taxpayers and institutions on the other. The first of these worked well, although the money was generally all put in up-front and only paid out at the end, to the detriment of investor liquidity and return. The second was taxinefficient, since built-up gains were subject to double capital gains tax, the only escape from which was to go public and become an authorised investment trust.

Keywords: Venture Capital; Pension Fund; Fund Structure; Venture Capital Fund; Venture Capital Firm (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59406-7_23

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DOI: 10.1057/9780230594067_23

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