Проблемный:

Распространенной проблемой в бизнесе является:

• с точки зрения инвестора: как инвестировать на короткий срок и получить значительную прибыль?
• с точки зрения предпринимателя или компании: как профинансировать крупную сделку и сразу после этого избавиться от инвесторов?

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.

Определение

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!

Инвесторы обычно хотят получить более высокую отдачу от своих инвестиций, поскольку любые инвестиции в финансирование транзакций представляют собой значительную степень риска, по крайней мере, с точки зрения восприятия рынком.

Risk of a Transaction Financing Investment

Риск, связанный с инвестициями в финансирование сделки, напрямую связан с вероятностью успешной сделки.

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

Основные правила осмотрительности при финансировании сделки инвестиции заключаются в следующем:

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. Сократите время инвестиций до минимума.
   Это довольно простое правило имеет множество значений, от логистики до юридических условий. Представитель инвесторов, который должен быть финансистом или бизнесменом, но не адвокатом, должен перевести средства на подконтрольный ему счет и проверить согласие и готовность сторон действовать.
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.