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Last updated on 2024年6月7日

What are the most important factors to consider before accepting investment from a sovereign wealth fund?

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Sovereign wealth funds (SWFs) are state-owned investment vehicles that manage large pools of capital for various purposes, such as economic diversification, fiscal stabilization, or strategic influence. SWFs have become increasingly active in the global venture capital (VC) market, providing funding for startups and scale-ups across various sectors and regions. However, accepting investment from a SWF also comes with some potential risks and challenges that entrepreneurs should carefully weigh before signing a deal. In this article, we will discuss some of the most important factors to consider before accepting investment from a SWF.

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Ravi Gama

CEO at RSA Partners | Board Member | Investor Relations
Jean Francois Bartier ???? - Gestionnaire de Patrimoine

Expert en gestion de patrimoine, j'accompagne mes clients dans la succession, transmission, et sécurisation de leurs…
Isolde González

EMPRESARIA- Eco e Ing. Empresarial. Especialista Planificación Estrategia- MML y CIS. Desarrollo Organizacional…

1 SWF objectives and alignment

One of the first factors to consider is the objectives and alignment of the SWF and how they match with your own vision and values. SWFs may have different motives for investing in VC, such as seeking financial returns, diversifying their portfolio, gaining access to innovation and technology, or pursuing geopolitical or diplomatic interests. Some SWFs may also have specific mandates or restrictions on the types, sectors, or regions of companies they can invest in. Therefore, it is important to understand the SWF's investment strategy, criteria, and expectations, and to assess whether they align with your own goals, mission, and culture.

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Ravi Gama

CEO at RSA Partners | Board Member | Investor Relations
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Before accepting investment from a sovereign wealth fund (SWF), it's crucial to consider the objectives and alignment of the SWF with your own vision and values. SWFs may have various motives for investing in venture capital, such as seeking financial returns, diversifying their portfolio, accessing innovation and technology, or pursuing geopolitical or diplomatic interests. Understanding the SWF's investment strategy, criteria, and expectations is essential to assess whether they align with your goals, mission, and culture. Additionally, consider the potential impact of the SWF's investment on your company's reputation, governance, and strategic direction.

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Jean Francois Bartier ???? - Gestionnaire de Patrimoine

Expert en gestion de patrimoine, j'accompagne mes clients dans la succession, transmission, et sécurisation de leurs actifs professionnels et immobiliers pour garantir un avenir financier serein et optimisé.
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C’est comme accueillir un invité chez soi : il faut évaluer sa réputation passée (performance du fond), s'assurer que ses valeurs (objectifs financiers) sont alignées avec les v?tres, et définir clairement les règles de la cohabitation (conditions de l'investissement) pour éviter les conflits potentiels. C'est comme établir un partenariat solide basé sur la confiance mutuelle.

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Isolde González

EMPRESARIA- Eco e Ing. Empresarial. Especialista Planificación Estrategia- MML y CIS. Desarrollo Organizacional DO- CV- Especialista en Seguridad Social. Certificada Coach Organizacional ICC Londres.
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Los fondos soberanos son un vehículo de inversión utilizado por algunos países para gestionar los excedentes presupuestarios del gobierno, con el objetivo de generar rendimientos que garanticen la estabilidad financiera del Estado. En otras palabras, son fondos de inversión propiedad del gobierno que invierten con el fin de buscar rentabilidades para aumentar el patrimonio del Estado y proporcionar una fuente adicional de ingresos que garantice la estabilidad financiera del país en el futuro.

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Jean-Marie Le Bourvellec

Gérant
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Il est important d'être en accord philosophique en ce qui concerne les valeurs portées et également sur les conditions d'entrée, de gestion des profits et de sortie .

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Darwin Jesus Corro Diaz

Doctor en Ciencias Administrativas
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Son inversores institucionales en manos de estados soberanos, que han experimentado un crecimiento sus- tancial durante los últimos quince a?os, tanto en número como en valor. Sin embargo, todavía no se tiene información suficiente de estos fondos es- tatales tremendamente heterogéneos, lo que ha suscitado temor y protec- cionismo entre los países receptores de sus inversiones

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2 SWF governance and transparency

Another factor to consider is the governance and transparency of the SWF and how they affect your relationship and accountability. SWFs vary widely in their governance structures, legal frameworks, and disclosure practices, depending on their origin, size, and history. Some SWFs may have more autonomy and professionalism, while others may be more influenced by political or bureaucratic factors. Some SWFs may also have more stringent reporting and compliance requirements, while others may be more flexible and discreet. Therefore, it is important to evaluate the SWF's governance and transparency standards, and to ensure that they are compatible with your own governance and transparency practices.

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Jean-Marie Le Bourvellec

Gérant
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Il fait être précis sur les conditions de fonctionnement; respect de la gouvernance de l'entreprise, participation ou non à certaines décisions; vérifier les conflits d'intérêt éventuels; S'assurer que l'entrée du fonds ne soit pas préjudiciable à l'efficacité stratégique de la structure dans ses orientations , investissements, niveau de distribution de dividendes .....

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3 SWF value-add and network

A third factor to consider is the value-add and network that the SWF can offer to your company and how they can help you grow and succeed. SWFs can provide more than just capital to your company; they can also offer strategic advice, market access, industry expertise, or connections to other stakeholders. Some SWFs may have more experience and reputation in the VC space, while others may be more new or emerging. Some SWFs may also have more exposure and relationships in certain markets or regions, while others may be more global or diversified. Therefore, it is important to assess the value-add and network that the SWF can bring to your company, and to leverage their resources and capabilities.

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Michael Renna ??

Husband, Father, & President @ Triple Temp Cold Storage | MBA
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Sovereign Wealth Funds (SWFs) are pivotal players in today's global economy, not only due to their substantial financial firepower but also for the extensive network they offer, facilitating access to capital for a myriad of projects and ventures. SWFs, often established by resource-rich nations or those with significant foreign exchange reserves, are unique in their ability to allocate vast sums of capital across diverse asset classes worldwide. As they grow, they develop an intricate web of investments, partnerships, and relationships, making them valuable nodes in the global financial ecosystem.

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Jean-Marie Le Bourvellec

Gérant
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S'assurer que le capital risque renfor?ant la structure financière sera également un bras de levier multiplicateur du fait de ses orientations : *de fonctionnement, *de son champ d'actions, *philosophiques au-delà du placement et de la rentabilité financière potentielle. S'assurer de la fiabilité dans la durée du partenaire avec des clauses précises.

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4 SWF terms and conditions

A fourth factor to consider is the terms and conditions that the SWF proposes for the investment and how they affect your rights and obligations. SWFs may have different preferences and expectations regarding the valuation, structure, size, and timing of the investment, as well as the ownership, control, exit, and governance rights that they seek. Some SWFs may be more flexible and market-oriented, while others may be more rigid and demanding. Some SWFs may also have more complex or unusual terms and conditions, such as veto rights, anti-dilution clauses, or national security reviews. Therefore, it is important to negotiate the terms and conditions that the SWF offers, and to ensure that they are fair and reasonable.

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Marcelo Barcia
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Receber investimento de um fundo soberano é um processo complexo que exige prepara??o, pesquisa, networking e negocia??o cuidadosa. é crucial entender as expectativas e os critérios de investimento do fundo soberano para aumentar as chances de sucesso. Neste sentido, o empreendedor precisa estar consciente de que será necessário passar por um processo de due dilligence muito apurado e rigoroso. Onde precisará fornecer todas as informa??es necessárias sobre sua empresa, incluindo documentos legais, financeiros e operacionais. Depois de assinado o contrato o empreendedor terá que manter um bom relacionamento com o fundo soberano, fornecendo atualiza??es regulares sobre o progresso da startup e alcan?ando os marcos acordados.

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5 SWF reputation and impact

A fifth factor to consider is the reputation and impact that the SWF has in the VC ecosystem and how they affect your image and credibility. SWFs may have different perceptions and reputations among other investors, entrepreneurs, customers, regulators, and media, depending on their track record, performance, and behavior. Some SWFs may be more respected and trusted, while others may be more controversial or criticized. Some SWFs may also have more positive or negative impacts on the social, environmental, or ethical aspects of the VC ecosystem, depending on their values, policies, and practices. Therefore, it is important to consider the reputation and impact that the SWF has, and to ensure that they are consistent with your own reputation and impact goals.

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Michael Renna ??

Husband, Father, & President @ Triple Temp Cold Storage | MBA
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Sovereign Wealth Funds wield considerable financial power and offer a unique gateway to capital. Their extensive networks can provide not only financial resources but also strategic guidance and opportunities. Engaging with SWFs can be a game-changer for businesses and projects seeking to thrive in today's interconnected global economy.

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Jean-Marie Le Bourvellec

Gérant
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Effectivement la réputation du fonds est importante. Mais de plus, un fonds exigeant et reconnu par son sérieux quant à ses conditions d'entrée sera un atout complémentaire pour l'entreprise qui aura su le convaincre d'entrer. Ce véritable examen des comptes et compétences de l'entreprise sera une caution supplémentaire vis à vis de tous les milieux, notamment financiers, sur la confiance à attribuer à l'entreprise.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Michael Renna ??

Husband, Father, & President @ Triple Temp Cold Storage | MBA
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Imagine a grain of rice as an average person's savings and a large dump truck filled with rice as a big company's reserves. In comparison, a sovereign wealth fund (SWF) would be an entire fleet of these trucks, representing the massive pool of money that a country has saved up. These funds don't just have the ability to feed a nation's economy in lean times; they can influence the entire world's economic meal plan. They are less like a single meal and more like the underlying agricultural system that can sustain a country through all seasons.

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What are the most important factors to consider before accepting investment from a sovereign wealth fund?

1

2

3

4

5

6

1 SWF objectives and alignment

2 SWF governance and transparency

3 SWF value-add and network

4 SWF terms and conditions

5 SWF reputation and impact

6 Here’s what else to consider

Entrepreneurship

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What are the most important factors to consider before accepting investment from a sovereign wealth fund?

1

2

3

4

5

6

1 SWF objectives and alignment

2 SWF governance and transparency

3 SWF value-add and network

4 SWF terms and conditions

5 SWF reputation and impact

6 Here’s what else to consider

Entrepreneurship

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