BVCA Remodels Its Investment Documents

The British Private Equity & Venture Capital Association (BVCA), the industry body for UK private equity and venture capital, has published updated model documents for early-stage capital investments, with the aim of promoting industry-standard legal documentation in the UK.

The BVCA model documents have, traditionally been widely adopted across the market as a starting point and, as they are not drafted in favour of any party, are considered to be a useful benchmark for both investors and entrepreneurs on what could be considered a 'market' position – although the 'market' position at any given time may of course be quite different to these updated model documents.

In February 2023, revised and updated model documents were published following a review by the BVCA's legal and accounting committee as well as a working group with members (from both the investor and legal communities).