Zarządzanie ryzykiem inwestycji venture capital przez kształtowanie warunków kontraktu
Venture capital investment risk management through shaping the conditions of contract

Summary/Abstract: Venture capital investments take place in high risk conditions, caused mostly by information asymmetry between an investor and a company. Venture Capital Funds try to deal with this problem by introducing particular provisions into the agreements concerning invest¬ing capital. The agreements may contain “mile stones” enabling the control of company de-velopment. There is also the other solution which is the change of capital structure dependent on the company development and transferring it in tranches. Venture Capital Funds guarantee themselves in the agreements the information concerning the situation of a company as well as the participation in company supervisory boards. It is also a very important regulation to determine the way and time of disinvestment.

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