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.