This form is non-binding. Acceptance into the fund is subject to eligibility and approval.
Our investor relations team will review your application and may contact you for further information. If you are selected, you will receive access to our investor presentation and related fund materials. You will also have direct access to the general partners of the firm to answer any questions you may have about the fund(s) and/or our organization in general.
Venture Science Select Micro Funds
Executive Summary of Key Principal Terms
The following information is presented as a summary of certain of the key principal terms only and is qualified in its entirety by the Limited Partnership Agreement of the Fund (the “Partnership Agreement”), which will be circulated to investors prior to closing. To the extent that this summary conflicts with the Partnership Agreement, the Partnership Agreement will control.
Venture Science funds (the “Fund”) will be organized as a Delaware limited partnership. Venture Science GP, LLC, a Delaware limited liability company, will be the general partner of the Fund (the “General Partner”). Palo Alto Venture Science, LLC, a Delaware limited liability company (the “Management Company”), will provide certain administrative and support services to the Fund.
The general purpose of the Fund is to make venture capital investments in the securities of private companies
10 years from the due date of the initial capital call of the Fund (the “Activation Date”), subject to two one-year extensions at the General Partner’s discretion
4 years from the Activation Date
Each Partner shall make contributions of capital in installments as requested by the General Partner upon ten (10) days’ prior written notice. No Partner will be required to contribute any capital following the termination of the Investment Period except to the extent necessary for (i) operational purposes, including payment of management fees, (ii) completion of transactions in process on such date, (iii) funding follow-on investments in existing portfolio companies, and (iv) fulfillment of indemnification obligations to the Fund.
20% of net profits on the overall committed capital
The Fund will furnish (i) unaudited financial statements to the Limited Partners annually, (ii) quarterly summaries of investments, and (iii) annual tax information necessary for each Partner’s U.S. tax returns