2015 Cooley China Fund Manager Seminar Series
06-11-2015
Cooley held its annual seminar series on November 6 at the Grand Hyatt with over 80 participants.  The series was aimed at CFOs, controllers, in-house counsel and administrative managing directors of private equity and venture capital firms doing business in China.  Topics discussed included:

 

Behind the Curtain – What’s Really in GP Agreements

GP’s tend to “talk terms” with fellow GPs regarding terms at the fund level, but we hear again and again that it’s very hard to get information about “market terms” at the GP level itself. We understand; this information is highly proprietary. So, to try to “peel back the curtain”, we’ve done a blind review of a large number of recent USD-China fund general partner entity agreements, and applied a data-driven approach to try to answer the question: “is there a middle market for GP level terms?” The panelists spoke to points including carry sharing, capital interest participation, vesting, voting and control, and other areas to conduct a thorough discussion on the issue of GP entity terms.

 

Let’s Make a Deal – A Data-Driven Analysis of VC Financing Terms and Deal Structures

The past 12 months have seen the continuation of a very robust investing environment, in terms of pace, competitiveness and valuations. Against this backdrop, we’ve updated our review of key trends impacting recent VC financing deals. Through a proprietary survey conducted by Cooley showing the prevalence of various terms, the panel will explore different ways to structure key economic and control provisions including liquidation preferences, anti-dilution, conversion and redemption rights and protective, dragalong, and “pay-to-play” rights, and how these key deal terms protect and impact the entrepreneurs’ and investors’ control over corporate direction. New for 2015, the panelists also explored certain “Chinaspecific” VC financing deal terms and trends.