Lithuanian private equity and venture capital association in partnership with law firm GLIMSTEDT has prepared and published a sample term sheet for venture capital funds.
The term sheet, or letter of intent, is a document of the initial negotiations process and it describes the principal investments of the fund to a company. Most often, after the initial discussions with the owners of a company and acquaintanceship with the company itself, representatives of a fund prepare their suggestions regarding size of the investment, capital share, steps of the deal, closing and exit conditions.
Lithuanian VCA, taking into account the expansion of venture capital industry in Lithuania and observing the necessity to inform companies on usual investment conditions by venture capital funds, has decided to cooperate with GLIMSTEDT in preparation of a sample of term conditions and to recommend to use it for all the members of Lithuanian venture capital market.
Law firm GLIMSTEDT is a member of LT VCA since its establishment. GLIMSTEDT is active in the private equity market by representing both investment funds and their target companies. GLIMSTEDT teams has provided extensive legal support in establishing the first private equity funds based on worldwide accepted corporate principles using a Lithuanian LLP form. GLIMSTEDT associate partner Andrius Ivanauskas is also a member of the board at LT VCA.