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Technology Stocks : ANNOUNCE: Silicon Investors Group venture pool
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To: Doug Lakin who wrote (88)7/13/1996 12:31:00 AM
From: Razmig Bulujian   of 103
 
Hello, Doug-

A few thoughts relating to your proposed venture pool. From a legal standpoint your investment vehicle, the "fund" can be organized as a limited partnership. SI participants could act as the general partner. Individual participants could contribute capital as limited partners. A key differeence between general and limited status is liability. The GP carries unlimited liability, whereas limited are by definition only liable up to the amount in their capital accounts. Second, CA residents are limited to 35 non-accredited investors, any more and you must register under the Securities Act of 1934. There are also questions as to accredited investor status.By the way, an accredited investor must have a networth of +2 mil, and or net income of 200k. Any body else,excluding institutional investors(by definition accredited) limits to 35.In CA a fund may avoid SEC registration by limiting to 99 investors(excluding GP).The legal using a top notch legal firm (good contacts for deal flow) runs near 15,000.00. No way around it. Accounting costs run around 75 basis points of the fund total. Keep in mind your fund must under go an audit. The big eight firms again(good for deal flow) are worth every penny. In terms of comp the GP normally takes 1% as an annual management fee, and is permitted a 20% participation of gains payable only at the conclusion of 12 months. Hey, Doug what is your email address ?
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