| Investment policy | |||
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| 1. Investments from 2004 to 2008 and onward | |||
| 3. Investment type | |||
| 4. Geographical focus | |||
| 5. Technologies | |||
| 6. Investment amount | |||
| 7. Key people incentives | |||
| 8. Selection criteria | |||
| 9. Coaching | |||
| 10. Exit horizon in 2018 | |||
| 11. UCL Technology transfer | |||
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| 1. Investments from 2004 to 2008 and onward | |||
VIVES
is a 15 €million fund which will invest €9 million within
the first 4 years. On average, 2 to 3 projects will be funded per year. VIVES will keep additional resources for each investment in order to follow on new financing rounds. |
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| 2. VIVES role | |||
| Whenever possible, VIVES will syndicate its investment with leading venture capitalists. VIVES can assume the role of lead investor and coordinate the syndicate. Contribution of intellectual property by the founders and the Université catholique de Louvain can be rewarded by founder shares. The founders will strongly be encouraged to invest themselves. | |||
VIVES will take significant ownership positions in order to generate a level of influence in defining any one portfolio company’s strategy. The Fund will be represented in the investee’s Board of Directors by a person proposed by the Managing Director. |
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| 3. Investment type | |||
The
form of the investment by the Fund will be in ordinary shares representing
the capital of the company, convertible loans or subordinated loans
with equity kickers. However, VIVES will not grant loans other than
in connection with an equity or quasi-equity investment. The Fund will not invest in other venture capital structures. |
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| 4. Geographical focus | |||
Geographically, VIVES invests only in companies located in the European Union. The geographical scope will primarily be, but not limited to, within a range of 200 kilometres from Brussels. |
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| 5. Technologies | |||
When
investing in the healthcare and biotech sector and investments that
relate to the research and development of genetically modified organisms
(GMO) the Fund will at all times ensure that the respective portfolio
company fully adheres to all applicable laws, rules and regulations.
VIVES will, in relation to such investment, ensure that the respective
portfolio companies engage themselves in following the principles set
out in the ethical chart applied by UCL. |
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VIVES will not invest in companies having their focus on or being linked to the tobacco, weapons and defense industry. |
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| 6. Investment amount | |||
Initial
contribution will range from €100k to €750k. VIVES can invest
up to €1,5 million in successive rounds. |
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| 7. Key people incentives | |||
VIVES
will seek to provide company management with the necessary incentive
to maximize the value of the company’s equity. The Fund expects
to achieve this goal through offering investee company management teams
and key personnel meaningful equity stakes in their businesses, including
options and warrants. |
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| 8. Selection criteria | |||
| VIVES will only invest in projects and companies which present a clear, complete and sustainable business model and business plan. SOPARTEC will perform a rigorous analysis of: | |||
| • | the technological potential | ||
| • | the human resource background, track record, motivation and fit | ||
| • | the marketing,
production and financial strategies and strength of the identified projects and companies. |
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Investments
will only be performed in projects and companies that are expected to
achieve an Internal Rate of Return (IRR) of at least 25%. |
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| 9. Coaching | |||
SOPARTEC,
the General Partner of the fund, can offer active guidance in the process
of growth through counselling and coaching the management team in order
to maximize chances of success. |
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| 10. Exit horizon in 2018 | |||
VIVES,
being a close-end fund of 12 + 2 years, all applicants have to understand
the need for the fund to exit after 4 to 8 years and, in all cases,
liquidate, by 2018 at the latest. |
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| 11. UCL Technology transfer | |||
VIVES
will seek to establish constructive relationships between UCL and the
portfolio. If common interest emerges from all the parties, a strategic
partnership will be developed. A partnership can take, for example,
the form of the a licensing contract, a research assignment, in vitro
testing, membership in the Board of Directors or Advisory Board, management
assignments… |
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