The European Private Equity and Venture Capital Association (EVCA) published on 16 November 2012 the final version of its handbook “Professional Standards for the Private Equity and Venture Capital Industry”. EVCA envisions this handbook to be the fundamental document laying out “a set of values of accountability, transparency and governance” for the private equity and venture capital industries and represent the industries’ commitment to fair-dealing, honesty and responsible investment. EVCA plans to update the handbook annually.
The handbook is important as it is a consolidation of various earlier EVCA documents dealing with codes of conduct and professional standards. These are the EVCA Code of Conduct, the EVCA Governing Principles and the EVCA Corporate Governance Guidelines. The handbook has replaced all three documents in their entirety. You can download the handbook here.*
The handbook is designed to provide easy-to-understand rules and guidance on how relationships between all industry participants (GPs, LPs, portfolio companies and otherwise) should work. The handbook’s aim is the be applicable to a multitude of situations and jurisdictions. Having said that, before taking any action affecting a particular jurisdiction, proper advice should be obtained as applicable rules vary from country to country.
For all questions relating to private equity and venture capital matters with respect to Turkey, please contact Kerem Turunç or any of your regular contacts at the Firm.
* Update: EVCA is now known as Invest Europe and its professional standards are available here.