Where Law, Investment and Innovation meet

The choice is not simply tax concessions versus flexibility. It determines the fund’s investible universe, fundraising proposition, governance burden and ability to respond when strategy changes. Australian venture capital fund managers commonly compare an Early Stage Venture Capital Limited Partnership (ESVCLP) with a wholesale unit trust. Both can pool capital for investment in private companies, but they are not interchangeable structures. An ESVCLP is a statutory venture capital investment vehicle with valuable tax concessions and a defined policy purpose. A wholesale unit trust is a contractual trust structure that can

The label on the agreement matters less than who contracts with the customer, who carries the revenue risk and who controls the customer relationship. Businesses often begin a channel negotiation by asking for a “standard reseller agreement” or “distribution agreement”. That is understandable, but it starts in the wrong place. Channel models overlap, market terminology is inconsistent and a document can be called a reseller agreement while operating commercially like an agency or referral arrangement. The better starting point is the operating model. Who invoices the customer? Who sets the

Introduction Convertible notes, Simple Agreements for Future Equity (SAFEs) and warrants are widely used in startup capital raising in Australia, particularly across early and growth-stage funding. Each offers a way to raise capital or provide equity upside without immediately issuing shares, but each operates differently and involves distinct trade-offs. In this article our capital raising lawyers take a practical look at the pros, cons and common pitfalls of each instrument, to help founders and growth-focused businesses assess how they may affect dilution, timing and outcomes as their business grows. Key