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Private Equity and Venture Capital in Europe by Stefano Caselli

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Chapter 11. Exiting

Exiting is the final step in the investment process made by the venture capitalist. This step is very important because the venture capitalist sells his stake to gain the value added created by the investment and managing and monitoring activities of the venture. When to exit an investment is planned on an individual basis and with a broad portfolio vision. At the same time the IRR of the investment has to be coordinated with the investor’s specific goals.

11.1. Exiting and Timing

The investor maintains his participation between five and seven years. He is considered a temporary partner whose final objective is an economic return within a medium-long term. Because of the investor’s objective he must agree with the entrepreneur ...

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