{"id":133180,"date":"2026-04-09T11:36:42","date_gmt":"2026-04-09T11:36:42","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=133180"},"modified":"2026-04-09T11:36:42","modified_gmt":"2026-04-09T11:36:42","slug":"china-venture-capital","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/china-venture-capital\/","title":{"rendered":"China: Venture Capital"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-133180","comparative_guide","type-comparative_guide","status-publish","hentry","guides-venture-capital","jurisdictions-china"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">JunHe LLP<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2019\/08\/JH-logo.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">JunHe LLP<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2019\/08\/JH-logo.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Venture Capital laws and regulations applicable in China<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there specific legal requirements or preferences regarding the choice of entity and\/or equity structure for early-stage businesses that are seeking venture capital funding in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no specific legal requirement under the PRC law regarding the choice of entity or equity structure for early-stage businesses. However, as a matter of practice, most start-ups choose limited liability companies as their corporate form to insulate the shareholders\u2019 liability in case that the business would not be as successful as expected, and to have one or two limited liability partnerships to hold such limited liability company to serve as the founders\u2019 holding vehicle (\u201cFounder\u2019s HoldCo\u201d) and the holding vehicle for reserving certain equity securities for the future ESOP grants (\u201cESOP HoldCo\u201d) respectively. The individual founder will directly, or indirectly through a limited liability company controlled by the founder, act as the general partner of the Founder\u2019s HoldCo and the ESOP HoldCo to control the Founder\u2019s HoldCo and the ESOP HoldCo, and, indirectly, the start-up company.<\/p>\n<p>As under PRC law, all equity of a limited liability company has to be issued instead of authorized but unissued, it is necessary to establish the ESOP HoldCo to hold the equity issued at par value upon the establishment of the start-up. All of the equity held by the ESOP HoldCo will be granted to eligible participants in the future in accordance with the share incentive scheme.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the principal legal documents for a venture capital equity investment in the jurisdiction and are any of them publicly filed or otherwise available to the public?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The principal legal documents for a venture capital equity investment are: (i) a Share Subscription Agreement in relation to the new issuance, which provides the closing conditions, representations and warranties, covenants and indemnification; (ii) a Shareholders Agreement, which stipulates the corporate governance of the company and provides the rights and privileges of the shareholders, such as pre-emptive right, right of first refusal, transfer restrictions, liquidation preference and redemption; and (iii) an Articles of Association of the company, which is the charter document of the company.<\/p>\n<p>Sometimes, venture capital equity investment will be consisted of new issuance and secondary transfer. In such event, there will be either a stand-alone Share Transfer Agreement in relation to the secondary transfer or a blended Investment Agreement or Share Subscription Agreement in relation to the new issuance and the secondary transfer.<\/p>\n<p>Among the above legal documents, the Articles of Association and the Share Transfer Agreement are required to be filed with the competent governmental authority and therefore are public. As a matter of practice, the parties often prepare a simplified version for public filing.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a venture capital industry body in the jurisdiction and, if so, does it provide template investment documents? If so, how common is it to deviate from such templates and does this evolve as companies move from seed to larger rounds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>China a quasi-regulatory body for the funds (venture capital funds, private equity funds and others), i.e. the Asset Management Association of China. This body exercises regulatory functions, such as registration and supervision of the funds and the fund managers, but does not provide template investment documents. Nevertheless, most venture capital funds have their own house templates.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any general merger control, anti-trust\/competition and\/or foreign direct investment regimes applicable to venture capital investments in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, China has general rules on merger control\/anti-trust, foreign direct investment applicable to venture capital investments and other types of investments.<\/p>\n<p><strong>Merger Control\/Anti-trust:<\/strong> if the venture capital investor will acquire \u201ccontrol\u201d over the company through its investment, and the financial thresholds are triggered, the investment will be subject to the merger control filing. \u201cControl\u201d here is a broad concept, including so-called negative control frequently associated with venture capital investments. For example, veto on the appointment and dismissal of CEO, CFO or the same level senior management and veto on the annual budget would be considered as \u201ccontrol\u201d under the context of the merger control filing. The currently applicable financial thresholds are issued in 2024, which are: (i) the total turnover of all participants for the last financial is more than RMB 4 billion in China or RMB 12 billion globally and (ii) there are at least two participants each of whose global turnover of the last financial year is more than RMB 0.8 billion. \u201cParticipants\u201d here include the target company and its controlled subsidiaries, directly or indirectly, its existing shareholders and the new investors having single or joint \u201ccontrol\u201d over the target company.<\/p>\n<p><strong>Foreign Direct Investment:<\/strong> PRC law provides a \u201cnegative list\u201d of industries that prohibit or restrict foreign investments in specified industries\/businesses and some heavily regulated sectors may have additional detailed restrictions relating to foreign investments, such as insurance and banking sectors. Foreign venture capital investors may invest in restricted sectors if complying with the relevant restrictions but cannot invest in prohibit sectors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the process, and internal approvals needed, for a company issuing shares to investors in the jurisdiction and are there any related taxes or notary (or other fees) payable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In order to issue equity, a Chinese company shall follow the procedures and rules set forth under its effective shareholders agreement and charter documents. Such procedures usually include: (i) notification to all of its existing shareholders about the proposed new issuance, (ii) seeking for approvals waive of pre-emptive right from its existing shareholders about the new issuance, and (iii) registration of the new issuance with the State Administration for Market Regulation and its local bureaus (\u201cSAMR\u201d). Depending on various factors including the business sector, deal structure and deal size, the Chinese company may also need to obtain certain governmental approvals (for example clearance of the merger control filing) or to attend to certain post-closing filings with other governmental authorities.<\/p>\n<p>With respect to the shareholders\u2019 approval mentioned above, while a Chinese company\u2019s shareholders agreement or charter documents may have additional requirements, those approvals are commonly required to cover new issuance and capital increase, amendment to its charter documents reflecting the new issuance and the new investors\u2019 shareholders rights, waiver of the pre-emptive rights and other related matters. The shareholders approvals are also required to be filed with the SAMR for new issuance registration. A state-owned company will have additional requirements.<\/p>\n<p>There are stamp duties for new issuance but no notary is required.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How prevalent is participation from investors that are not venture capital funds, including angel investors, family offices, high net worth individuals, and corporate venture capital?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Angel investors, family offices, individuals and corporate venture capital are very active on the Chinese market and another trend is that more and more local government-backed investment armes are set up and making investments in start-ups, in particular, in strategic high-tech sectors. Besides these observations, the venture capital funds are still the most prevalent type of participants.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the typical investment period for a venture capital fund in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The investment period for venture capital funds varies based on, among other things, the business sectors, while 5- to 7-year investment period is typical.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the key investment terms which a venture investor looks for in the jurisdiction including representations and warranties, class of share, board representation (and observers), voting and other control rights, redemption rights, anti-dilution protection and information rights?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A venture capital investor usually looks for protections, rights and privileges similar to those in other jurisdictions. Relating to a proposed investment, a venture capital investor will ask for customary representations and warranties including fundamental, operational and compliance representations and warranties and indemnity (including specific indemnity in certain circumstances). In addition to the target company and its controlled subsidiaries, a venture capital investor frequently requests the founder(s) to be jointly liable. And it is common for the target and founder parties to negotiate on the cap, basket and other limitation of liabilities.<\/p>\n<p>Depending on the shareholding percentage and valuation, a venture capital investor would request for single or joint veto with other financial investors at board and shareholder level. In case the venture capital investor does not have a board seat, it usually requests a non-voting board observer for information purpose.<\/p>\n<p>A venture capital investor commonly requests for pre-emptive right, right of first refusal or right of first offer (relatively less common on the Chinese market), tag-along and transfer restrictions on the founder(s)\u2019 equity. Customary liquidation preference and redemption right are also commonly requested. It is worthy noting that under the PRC Company Law, customary liquidation and redemption waterfall is not supported and it is critical to draft the transaction documents properly to reflect the contractual arrangements.<\/p>\n<p>Information and inspection rights and non-compete and non-solicitation obligations on the founder(s) and other keymen are also widely sought in venture capital investments.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the key features of the liability regime (e.g. monetary damages vs. compensatory capital increase) that apply to venture capital investments in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Monetary damages are more popular on the Chinese market. To secure greater protection, venture capital investors also require the founder(s) and the controlled subsidiaries of the investee company to assume joint liability or supplementary liability for the investee company. The trend is that founders become more and more resistant to be held liable and usually demand that their liabilities to all of the investors will be limited to the equity they hold in the target group or the fair market value of his equity.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How common are arrangement\/ monitoring fees for investors in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Arrangement\/ monitoring fees are rarely seen in equity deals in China. Venture capital investors usually request the target to reimburse their costs and expenses associated with their investment, such as the intermediaries\u2019 fees.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are founders and senior management typically subject to restrictive covenants following ceasing to be an employee and\/or shareholder and, if so, what is their general scope and duration?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, founders and key senior management are typically subject to non-solicitation and non-compete covenants during their services to the company and a certain period (commonly two years) after they cease to be employees and shareholders. The investors usually start from a broader scope of the non-compete obligation to cover comprehensive direct and indirect competing actions with all the entities that may engage in competing businesses. After negotiation, the parties usually land in the middle ground, such as limiting the scope of the \u201ccompeting business\u201d and carving out minority passive investment in competitors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are employees typically incentivised in venture capital backed companies (e.g. share options or other equity-based incentives)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Share option is one of the most popular incentive tools used in the Chinese venture capital backed companies for employees\u2019 incentive. For easy administration, market practice is to establish a limited liability partnership on top of the company as the ESOP platform to actually hold the equity representing the total option pool.<\/p>\n<p>Share options will be subject to vesting schedule and other qualification conditions. Four-year vesting schedule is common while detailed milestones will vary, some companies have equal vesting schedule, i.e. 25% per year, some companies have 1 year cliff and then vest quarterly. Employees need to pay exercise price when exercising their options. The equity so acquired usually have restricted rights, for example, no voting rights and no timely official registration of the company\u2019s shareholder upon exercise.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the most commonly used vesting\/good and bad leaver provisions that apply to founders\/ senior management in venture capital backed companies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Founders and senior management usually are entitled to different types of share incentive. Founders will have restricted shares subject to a typical 4-year repurchase period, while some key senior management will have similar arrangements with founders and others will have share options instead of restricted shares.<\/p>\n<p>Most commonly, during the 4-year repurchase period, 25% will be vested and released from the repurchase each year.<\/p>\n<p>Bad leaver of founders and senior management usually includes the followings: (i) their unilateral termination of employment relationship with the company, (ii) breach of their fiduciary duty, (iii) dishonesty or misconduct causing materially harm to the company, (iv) committing crime, embezzlement, (v) material violation of transaction documents (such as share subscription agreement and shareholders agreement, in particular, non-compete covenant), (vi) fraud, (vii) misappropriation of confidential information and trade secrets.<\/p>\n<p>Mutually termination of their employment relationship with the company, disability or death are usually consider as good leaver.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What have been the main areas of negotiation between investors, founders, and the company in the investment documentation, over the last 24 months?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Based on our observation, during the past 24 months, the most popular negotiated terms are about (i) corporate governance, including the board seat and decision-making mechanism, a side note is that in some circumstance the parties would structure the corporate governance so that no China merger control will be triggered so that the transaction time will be shortened (ii) exit options, mostly about redemption price and mechanism as the PRC Company Law does not support customary redemption arrangements, (iii) the target\u2019s indemnification, and (iv) founder(s)\u2019 liabilities.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How prevalent is the use of convertible debt (e.g. convertible loan notes) and advance subscription agreement\/ SAFEs in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Convertible bond is a common instrument associated with the venture capital investments acting as bridge loan. It is worthy noting that there are regulatory requirements only permitting venture capitals (Renminbi funds) to provide convertible bond to target investee companies with a term no longer than 1 year.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the customary terms of convertible debt (e.g. convertible loan notes) and advance subscription agreement\/ SAFEs in the jurisdiction and are there standard from documents?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The convertible notes usually provide the arrangements for both the loans and the conversion. The loan related terms usually include the principal amount, interest rate and term of the loan, withdrawal conditions, customary representations and warranties, negative covenants and repayment. On the conversion side, the convertible notes provide conditions for conversion, which usually links to a qualified financing, conversion price which usually is a discounted price, the shareholders\u2019 rights which will be attached to the converted equity, which also usually links to the qualified financing together with a most-favored nation clause.<\/p>\n<p>SAFE is not used here as due to the regulatory reason, a convertible loan provided by the venture capital investors to their investee companies has a term no longer than 1 year.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How prevalent is the use of venture or growth debt as an alternative or supplement to equity fundraisings or other debt financing in the last 24 months?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Because there are regulatory requirements only permitting venture capitals (Renminbi funds) to provide convertible bond to target investee companies with a term no longer than 1 year, venture or growth debt is not that commonly seen on the Chinese market.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the customary terms of venture or growth debt in the jurisdiction and are there standard form documents?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>12 month or less due to regulatory reason.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the current market trends for venture capital in the jurisdiction (including the exits of venture backed companies) and do you see this changing in the next year?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Impacted by the global trade tension and the local economics, many investee companies have failed to consummate the undertaken qualified IPO within the agreed timeline, so venture capital investors\u2019 redemption rights were triggered. We expect this situation would be improved given the strong local economic growth this year.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are any developments anticipated in the next 12 months, including any proposed legislative reforms that are relevant for venture capital investor in the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The China Securities Regulatory Commission (CSRC) has issued an administrative rule regarding the information disclosure of investment funds in February 2026, which will become effective from September 1, 2026. This new rule imposes different disclosure obligations towards its investors (such as their limited partners) on the fund manager. For example, for venture capital funds, the fund manager would be required to do annual report while for private equity funds, the fund manager would be required to do semi-annual and annual reports. Nevertheless, the fund manager is required to comply with its contractual disclosure obligations under the fund formation agreement, so the venture capital funds may put their preferred disclosure requirements in the contract and then get protected.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">2759<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/133180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=133180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}