To Serve & Connect The Private Equity & Venture Capital Community in Monaco

GOVERNANCE

Following is a synopsis of the main contents of the MVCA statute, as approved on 1 February 2006 by the Department of Internal Affairs in Monaco.

GOVERNING LAW

The Monaco Venture Capital & Private Equity Association (hereafter referred to as MVCA) is a non-for-profit organization founded accordingly to the Law No. 1072, 27 June 1984, of the Principality of Monaco. The MVCA statute has been approved by the Department of the Internal Affairs of the Principality of Monaco on the 17 February 2006.

MVCA HEADQUARTERS

The MVCA is based in the Principality of Monaco. The Executive Board can select, at any time, an address for the MVCA within the Principality.

LIFESPAN OF THE ASSOCIATION

The duration of the Association is set to 99 (ninety nine) years.

FINANCIAL RESOURCES

The annual resources of the MVCA derive from its assets, membership and subscription fees, una tantum resources, and endowments as allowed by the Articles 778 and 804 of the Civil Law.

MVCA MAIN GOALS

Established in 2006 and based in the Monaco, the MVCA aims to promote the Private Equity and Venture Capital as a viable investment class in the Principality.

The MVCA main goals are:

  • Being the common voice of all members, talking and coordinating with policy institutions and regulatory bodies at European, international and national levels;

  • Building a favorable and supportive environment for private equity investments;

  • Promoting and increasing the understanding of Private equity and Venture Capital and entrepreneurship as cardinal components in turning innovation and creativity into value, creating secure jobs, and enriching the local and international economies and communities.

  • Sharing best-practice guidelines, harmonizing with the state-of-the-art methodologies and practices, and reinforcing high ethical and moral standards;

  • Providing networking opportunities to exchange information and ideas, and be at the forefront of current regulations and legislations, and of the latest industry trends and issues.

  • Trigger research and innovation by connecting, cooperating and collaborating with research centres, universities and affine associations.

 

GOVERNING BODY

The MVCA is governed and administrated by a Board of Directors, headed by a President and acting as Executive Committee. An Operational Team supports planning and execution of operations.

Members of the Executive Board are:

  • John WRIGHT, President

  • Olivier DAUMAN, Vice President

  • Pravin KHATAU, Secretary of the Board

  • Alexander ZELEZ, Treasurer / Executive Board Member

  • Nathalie TANZI, Executive Board Member

  • Gunder WALDNER, Executive Board Member

  • Ian SOSSO, Executive Board Member

ROLES OF THE BOARD

If a member of the board is not available or fit any more for his assignment, the Executive Board can appoint a temporary substitute, to cover the position until its natural expiration.

Such appointments are subject to the approval at the first General Assembly.

BOARD OF DIRECTORS 

The Board of Directors, chaired by the President of MVCA, is made-up of at least six but no more than ten directors who are elected among the full members of the Association by the General Assembly.

The Board of Directors is entrusted with all the powers of management and administration, with the exception of those specifically reserved for the General Assembly. It is responsible for the establishment of the Association’s Code of Conduct and its observance by the members.

The Board of Directors may delegate its powers to the Executive Committee except the general management including (but not limited to) the determination of the strategic priorities of the Association and all other powers entrusted to the Board of Directors by law or by the MVCA Charter. The Board of Directors is currently acting as Executive Committee, and can hire, make redundant, decide salaries of employers.

If not Monegasque, the President and the majority of the Board members must be resident in Monaco.

EXECUTIVE COMMITTEE

The Executive Committee, chaired by the President of MVCA, consists of a minimum of four and a maximum of ten people, the majority of which should be full members. The Executive Committee includes the Chairman, Chairman-Elect, Immediate Past-Chairman, the Treasurer and the Secretary-General. The Board of Directors may choose to appoint some of the Chairmen of specific operating committees established within the Association or specific people on the grounds of their ability to contribute to the private equity and venture capital industry. The chairmen of the operating committees do not have to be members of the Board of Directors. The Board advises and prepares decisions of the Board of Directors and executes them. It also co-ordinates the activities of the operating committees and supervises the operational activity of the Association's Secretariat.

OPERATING TEAM 

The Board of Directors may establish operating teams and committees within the Association which it considers necessary to promote the purpose of the Association. Currently a Management Team is supporting the Executive Board in daily tasks and operations.

ELECTION AND APPOINTMENT OF GOVERNING BODY

Members of the Board are elected with secret scrutiny each three years by the General Assembly. Absolute majority is needed at first round of electins, and relative majority at the second round. If two members are nominated with the same number of votes, the older of the two is appointed. Each member can be reelected.

MEMBERSHIP AND BOARD ELIGIBILITY

In the knowledge that the long-term success of the Association in pursuing its objectives depends on, among other things, on the behavior and professional and moral attitude of its members, the MVCA exercises due diligence on all candidate members before accepting them as ordinary members.

The General Assembly can promote at any time deserving ordinary member to the status of Honorary Members. Such title is reserved to members who excelled in contributing to the MVCA’s excellence and achievements.

Honorary Members can participate to any meeting og the General Assembly, but can not vote.

The acceptance of new members has to be communicated at each General Assembly.

CALLING EXECUTIVE BOARD MEETINGS

The President can call for Executive Board meetings. In alternative, one quarter of the Board members can call for a Board meeting.

GENERAL ASSEMBLY

An Ordinary Assemby is organized once per year by the Board of Directors.

The Annual General Assembly, taking place each year, is composed of all members of the Association. Every full member of the Association shall be entitled to one vote. Associate membership and Honorary membership shall carry no voting rights.

Assemblies have to be called for at least 15 days before they are hold.

Each founding and active member has right to a maximum of five votes – his or her vote and four proxies.

The General Assembly has the authority to perform all legal acts useful or necessary to the realization of the Association’s purpose. It elects Directors, decides on amendments to the Association's Charter and the dissolution of the Association, and approves the annual accounts and budget.

For a decision to be taken, at least one two-thirds of the members or their proxies have to participate to the vote. When alternative decisions receive the same number of votes, the President’s vote is considered dominant.

APPROVAL OF BALANCE AND EXPENSES

At the annual General Assembly the Board has to present the figures in the financial books.

CODE OF CONDUCT 

A strong ethics code is the foundation of thriving business: this Code of Conduct sets forth the basic standards of behavior to guide the MVCA’s directors and members.

The venture capital and private equity industry is today a mature and professionalized financial sector. Venture capital and private equity are today well recognized investment classes.

The EVCA – to provide greater transparency to its investors - perceived the need for greater consistency of valuation and reporting standards by managers, and investors in venture capital and private equity funds. EVCA has issued pan-European guidelines for the reporting and valuation of private equity portfolios, and a code of conduct.

We share the same high standards of professionalism and moral integrity, and expect all members of the MVCA community to be familiar and behave upon the MVCA’s guidelines and code of conduct.

In the knowledge that the long-term success of the Association in pursuing its objectives depends on, among other things, a responsible approach to business and managing the Association, the MVCA lays down in this Code of Conduct the most important principles that all members must follow when conducting business and when interacting with colleagues, the MVCA team, and other stakeholders.

All of our directors and members must conduct themselves in accordance with these principles and standards.

The MVCA will promote and require ethical conduct by directors and members. This ethical conduct includes, but is not limited to, the following:

  • Maintain honesty and integrity, avoiding actual or apparent conflicts of interest between personal and professional interests and the ones of MVCA.

  • Provide information to the MVCA community that is accurate, complete, objective and relevant and never misleading.

  • Comply with all applicable and relevant rules and regulations – national and international.

  • Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing one’s independent judgment to be subordinated.

  • Proactively promote ethical behaviour as a responsible MVCA member among peers, in the work environment and the investment community.

  • All violations of this Code will be brought to the attention of the Board of Directors.

  • Be accountable for adhering to this Code.

 

The Association is judged on the collective and individual actions of its directors and members. Each individual must manage their personal and business affairs so as to avoid situations that might lead to a conflict or even suspicion of a conflict between their personal interests and the MVCA’s goals.

All MVCA’s members are expected to be prudent in their personal investments, business, and other activities to ensure that they do not put themselves in a position in which their personal interest, financial or other, might influence, or give the appearance of influencing any action they take, judgment they make, or advice they give related to the MVCA. The nature of the Private Equity and Venture Capital business makes it difficult to spell out every possible application of this broad general principle. There can be, however, no excuse for not bearing in mind the importance of this Code of Conduct. Failure in this can be as embarrassing for the Association, as for the individual.

The conduct of each MVCA’s member’s business and private life should reflect credit on the Association and fellow members. A reputation for good morals, ethics, and integrity is within the reach of all, and people active in the Private Equity and Venture Capital community must remain above reproach. Ethical, moral and legal behaviour are the responsibilities of the individual employee. This Association will not expect any associate to perform an act contrary to his or her ethical or moral standards or to any laws or regulations.

PARTNERSHIPS

The European Private Equity and Venture Capital Association (EVCA), Brussels

The EVCA is the voice of European private equity. The EVCA shapes the future direction of the industry, while promoting it to stakeholders such as entrepreneurs, business owners and employee representatives.

MVCA exchanged Honorary Membership on 5 March 2007.

 

Emerging Markets Private Equity Association (EMPEA), Washington DC

EMPEA is the global industry association for private capital in emerging markets.

MVCA and EMPEA signed an Industry Partner Agreement on February 06, 2015 to collaborate on regulatory advocacy, training programs, knowledge sharing, cross-promotional arrangements and best-practice sharing. 

 

Singapore Venture Capital Association (SVCA), Singapore

Singapore plays an important role in the surge of private equity in Southeast Asia. SVCA fosters greater understanding of the importance of venture capital and private equity to the economy in support of entrepreneurship and innovation in Singapore and its region.

For MVCA Members, the alliance provides greater access to investment professionals and advisors in one of the fastest growing private equity regions in the world. The partnership was signed on 3 November 2006.

 

Irish Venture Capital Association (IVCA), Dublin

IVCA represents venture capital in the Republic of Ireland and Northern Ireland. 

MVCA and IVCA met at the Enterprise Ireland headquarters in Dublin on Monday April, 4th 2011 and signed a formal partnership agreement setting out key areas where both organizations will collaborate with a view to benefiting from each others experience, capabilities and networks. This new partnership will pave the way for the sharing of investment opportunities leading to increased syndicated international VC investments.

 

Chambre de Développement Économique (CDE), Monaco

CDE is the Monaco Chamber of Commerce. Supported by the Monaco Government, CDE is supporting Monegasque businesses and entreprenuers to develop in the Principality and abroad.

A partnership between MVCA and CDE has been signed in 2008. CDE is a Honorary Member of MVCA.

 

Société d’Aide à la Création et au Développement d’Entreprise (SACDE), Monaco 

SACDE is the (venture capital) fund created and 100% owned by the Government of Monaco, the aim of which is to support innovative Monegasque companies and foster the relocation of new firms to the Principality.

MVCA joined the strategic committee of SACDE, which in turn became Honorary Member of MVCA. The partnership was officially announced on 13 June 2007.

DISCLAIMER

This website is the website of MVCA, the Monaco Private Equity and Venture Capital Association, a non-profit organization based in Monaco, 3 Avenue de la Costa, authorized by "Arrete Ministeriel" N-2006-91 of 17 February 2006.

While MVCA acts as a catalyst to private equity and venture capital, MVCA cannot accept any responsibility or liability with regard the material on this site. 

PRIVACY POLICY

MVCA is committed to protecting your privacy. Personal data is processed with strict confidentiality. The Members section is accessible to members only making use of a username and password that is changed regularly.

COPYRIGHT POLICY

Any information from MVCA website that is used by a third party should include proper attribution indicating MVCA as the source.

Some hyperlinks on MVCA website lead you to websites not related to MVCA. MVCA is not liable for the content of these websites. 

Unless otherwise noted, the entire content of this website _ including text, graphs and images _ belongs to MVCA. In the doubt individuals willing to reproduce or reuse the text or graphs are kindly invited to check with MVCA office to get its consent.

CO-INVESTMENT OPPORTUNITIES EVENTS AND FUND CATWALKS

MVCA Members are being invited to attend MVCA Co-Investment Opportunities and/ or Fund Catwalk sessions in their capacity as member of MVCA or guest attendee and, possibly, potential investor in the investment opportunities to be presented. MVCA’s role in this context is strictly and solely that of an organiser of such event(s) facilitating the transmission of information on business opportunities to its members and guest attendees. MVCA is a Monegasque Association and is not licensed in Monaco to conduct intermediation activities or give investment advice.

  • MVCA has consequently not executed a due diligence on the investment opportunities being presented to Members. MVCA has limited its role to ensuring that the proposed investment opportunities are likely to represent interesting topics to MVCA’s members and guest attendees and do respond to standard presentation practices.

  • MVCA is not responsible for ascertaining whether all risks associated with the presented investment opportunities have been identified or disclosed, or for providing advice to its members and/or guest attendees as to whether they should enter into an investment transaction or on the documentation used to present the prospective investment opportunity or to be used for such investment transaction or on the merits of the said investment opportunity or otherwise.

  • The presentations shown at these events are destined to prospective investors who possess sufficient knowledge, based on their own experience, to evaluate the advantages and the risks inherent to the proposed investment opportunities. Members and guest attendees must make your own assessment of the investment opportunity and the risks and benefits associated with it and of all the matters referred to in the preceding paragraph.

  • MVCA does not make any representation as to, or assumes any responsibility or liability, for the merits, suitability, expected or projected success, profitability, performance or benefit of any such investment opportunity. Members and guest attendees shall consider the suitability of the investment opportunity in the light of their own circumstances and financial condition.

  • MVCA recommends that Members and attendees enter into any investment transaction only after having considered, with the assistance of external advisors, without reliance upon MVCA, the specific risks of any such investment opportunity/ transaction, including but not limited to, the legal, tax, and funding implications so as to enable you to appraise and understand the financial and legal terms of such investment opportunity/transaction and to enter into such transaction in reliance on their own judgement and that of your own advisors and not on any views which may from time to time have been expressed by MVCA.

  • MVCA shall therefore be held harmless against any and all prejudices, losses, claims, damages, liabilities, costs or expenses which may be resulting from any form of action and/or absence of action and/or investment completed by an MVCA member or guest attendee or related third party in an investment opportunity presented during such MVCA Co-Investment Opportunities and/ or Fund Catwalk session.

  • MVCA shall not be held responsible for any error, mistake, negligence, misleading statement, untrue statement or alleged untrue statement or any omission or alleged omission whether material or not and/or intentional or not contained in any written or oral material or communication provided by the company and/or the individual presenting its/his investment project to the MVCA members and guest attendees.

  • Each and all of the preceding terms of this liability release shall extend to all directors, officers, employee or agents or consultants of MVCA.