IRVC Facilitates R&T Funds’ Role as Fund Managers in Private and VC Funds
The Iranian Venture Capital Association (IRVC) has successfully cleared a regulatory path for Research & Technology (R&T) Funds to assume the role of Fund Manager in Private Equity and Venture Capital Funds, by initiating the amendment of a key provision in the relevant SEO regulation.
Previously, Article 17(a) of the Knowledge-Based Production Leap Law, along with Cabinet Executive Bylaw No. 107458 dated September 10, 2022, had recognized R&T Funds as eligible managers for VC and private funds.
However, the Securities and Exchange Organization’s directive included Clause 5, which required R&T Funds to commit to holding at least 30% of fund units to qualify as the managing entity. This clause created a significant barrier, making it impractical for many R&T Funds to take on a managerial role.
Thanks to continuous engagement and formal communications by IRVC over the past year, along with backing from other innovation ecosystem stakeholders, Clause 5 of the directive was amended, reducing the ownership requirement from 30% to 10%.
This regulatory shift now empowers R&T Funds to actively participate in fund formation as managers, expanding their role in the venture capital landscape and strengthening the capacity of domestic investment vehicles.
بدون دیدگاه