VENTURE CAPITAL INVESTMENT TRUSTS（一）.pdfVIP

VENTURE CAPITAL INVESTMENT TRUSTS Abdullah Kaya Abdullah Kaya Capital Markets Board Capital Markets Board Outline A new map of the world by Jeffrey Sachs Venture Capital/Private Equity and Government Policy Approaches Regulations of Capital Markets Board (CMB) to Support Entrepreneurship Venture Capital Investment Trusts Funded Pensions Secondary Stock Markets for Small Enterprises A new map of the world... Venture Capital/Private Equity and Government Policy Approaches Incresing the supply of investment funds Promoting VC/PE investments through tax incentives Creating secondary stock markets Funding pre-finance appraisal Venture Capital Investment Trusts Regulated by a Communique in 1998 CMB permission required Must be a joint stock company with an initial paid in capital of approximately $ 1 million. Must endure a minimum of 10 years. More than half of the shareholders must be Turkish citizens VCITs continued... One year for the VCIT to find the necessary office space, personnel and equipment, and form a draft portfolio The shares of VCIT must be registered by the Board before they can be offered to the public. 10% of issued capital within one year, 30% within the end of the third year and 49% at the end of the fifth year must be offered to the public. VCITs can... invest in shares and bonds issued by venture companies, take part in management of these companies and offer consulting services for them. Invest in other securities (government bonds, mutual fund shares, etc) up to 35% of their assets eve