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Abstract(s)
O capital de risco tem vindo a desenvolver-se gradualmente em Portugal,
encontrando-se ainda numa fase inicial, muitas vezes visto como uma alternativa
ao financiamento bancário.
Com a presente dissertação, pretende-se expor a realidade desta forma
de financiamento, focando-nos, com especial relevância, no momento do
desinvestimento em operações de trade sale, analisando ainda o impacto das
cláusulas de drag-along consagradas nos contratos de investimento,
facilitadoras do desinvestimento.
O presente estudo evidencia o desalinhamento de interesses existente
entre o investidor de Capital de Risco e o sócio fundador da empresa participada
quanto ao acionamento de cláusulas de drag-along em operações de
desinvestimento via trade sale e o impacto que as mesmas representam, tanto
para o investidor, como para os sócios da empresa participada.
Venture capital is gradually developing in Portugal and is still at an early stage, often seen as an alternative to bank financing. The goal of this dissertation is to expose the reality of this form of financing, with special focus on the exit in trade sale operations, by analyzing the relevance of the drag-along clauses established in the investment contracts, which are enablers of divestment. The present study displays the misalignment of interests between the VC investor and the founding partner of the target company, regarding the triggering of the drag-along clauses in the exit through trade sale operations and the impact they represent for both the VC investor and the partners of the target company.
Venture capital is gradually developing in Portugal and is still at an early stage, often seen as an alternative to bank financing. The goal of this dissertation is to expose the reality of this form of financing, with special focus on the exit in trade sale operations, by analyzing the relevance of the drag-along clauses established in the investment contracts, which are enablers of divestment. The present study displays the misalignment of interests between the VC investor and the founding partner of the target company, regarding the triggering of the drag-along clauses in the exit through trade sale operations and the impact they represent for both the VC investor and the partners of the target company.
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Keywords
Capital de risco Conflito de interesses Desinvestimento Drag-along Trade sale Venture Capital Conflict of interests Exit