Participants are being added to investment partnerships – Kommersant FM
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Private investors, as well as investment funds, may be allowed to participate in investment partnerships. RBC writes about the new initiative of the Ministry of Economic Development. It is planned that this measure will expand the circle of players who will pour money into projects at the initial stage.
In this case, startups will receive an influx of investment from business angels, co-founder of the Syndicate venture club Anna Morozova is sure: “It was very difficult for private investors to conduct transactions in Russian jurisdiction. Business angels often have to act collectively, forming so-called syndicates, that is, roughly speaking, entering a startup together.
Of course, everyone can go directly to a notary, bring their wife with them, draw up a purchase and sale agreement for a share in a startup, or organize an analogue of an SPV in international law. This is a lightweight special legal structure created for investment.
It was invented in order for players to get together and, on behalf of this structure, invest in the body of a startup. This is very good for a startup. This kind of fundamental relief will give speed and become a catalyst for people to go there more actively.”
To participate in an investment partnership, an individual must meet the requirements that the Central Bank imposes on qualified investors. In particular, he must have assets worth at least 6 million rubles. But this is not the only obstacle that, according to some financiers, will slow down the new initiative. The Russian market has already developed an effective partnership scheme between a private investor and a startup – this is a simple form of loan.
Most likely, it will continue to be used, believes Lenar Rakhmanov, managing partner of Lenar Wealth Management: “Most often, the form of investment in Russia for this category of people is precisely the form of a loan at a fairly high interest rate, which could potentially later turn into a share.
That is, a young startuper comes to the top manager of a large company and says: “I have a brilliant idea, I need 10 million rubles. I have 2 million rubles, give me the rest, and in return you will get 60% and me as an employee.” . In response, as a rule, he is offered a loan at a rate of 30% per annum.
Usually, the funds invested in a startup turn out to be non-refundable, and therefore people mostly invest through loans.
Usually something else is taken as security: the startuper’s car or his product. But now, given the environment, I think they’ll just go back to good old collateralized loans.”
An investment partnership as a form of agreement on joint investment activity appeared in Russian legislation in 2011. During this time, according to the Federal Notary Chamber, no more than 140 investment partnership agreements were registered in the country.
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