Problemático:

Um problema comum nos negócios é:

• do ponto de vista do investidor: como investir por um curto período de tempo e obter um lucro significativo?
• do ponto de vista do empresário ou da empresa: como financiar uma grande transação e se livrar dos investidores logo em seguida?

More often than not, when acquiring or merging, it is possible to use the cash of the target company to pay off investors.

Thus, transaction financing answers both these needs allowing the investor to make a quick profit in case of successful transaction.

Definição

A Fundraising Incubator is a company financing corporate transactions such as a merger, an acquisition, a securities private placement or an initial public offering (IPO) against an equity participation and a put option on this equity participation to the issuer itself.

The put option, issued by the same issuer as the equity participation, ensures the investor that, in case of success of the transaction, it can resell this participation to the issuer immediately after.

Today, transaction financing is the exclusive privilege of all investment banks who make huge profits therefrom.

Objection

One could wonder why not a simple loan?

The main reason is that under most jurisdictions, loans are limited to a certain interest rate percentage, called the usury rate, generally less or far less than 25%. In Switzerland, the federal law limits this usury rate at 15% and makes any interest rate set above that limit unlawful and thus, not payable!

Os investidores geralmente desejam um retorno maior sobre seu investimento, pois qualquer investimento de financiamento de transação representa um grau significativo de risco, pelo menos do ponto de vista da percepção do mercado.

Risk of a Transaction Financing Investment

O risco associado a um investimento de financiamento de transação está diretamente ligado à probabilidade de sucesso da transação.

Therefore, as a rule of thumb, we can say that the transaction financing investment risk is directly linked to the quality of the agreements binding the parties to the transaction and to these parties’ willingness to execute the transaction properly.

Rules of Prudence

As regras básicas de prudência em uma operação de financiamento de investimento são as seguintes:

1. Commitment from both parties.
   Having a commitment from both parties to the transaction provides the safest conditions to the investment. However, this is rare and mostly impossible. Commonly, a transaction financing agreement is entered into between one party to the transaction and the representative of the investors.
2. Reduzir ao mínimo o tempo do investimento.
   Esta regra bastante simples tem muitas implicações, desde logística até condições legais. O representante dos investidores, que deverá ser financiador ou empresário, mas não procurador, deverá depositar os recursos em conta sob seu controle e verificar o consentimento e a vontade das partes em proceder.
3. Legal terms agreed before start.
   Have all the transaction (key) terms agreed upon before the financing takes place. The investor or his representative must ascertain that the parties are in full agreement on all (key) terms of the transaction.

   While the parties might not be able to bear the cost of all agreements drafting before the transaction financing takes place, they can surely produce a complete term sheet for each agreement needed for the transaction.

   Any party receiving the transaction financing can also take the commitment toward the investor that no other additional or new (key) term shall be required from the other party after the financing takes place, preventing thereby the classic last minute requirement that makes the transaction fail.