Cassie Ann Hodges


WASHINGTON, DC – As a continuation of the National Venture Capital Association’s (NVCA) commitment to convening the entrepreneurial ecosystem and making available resources to support new company formation, NVCA today unveiled updates to its model legal documents. Shepherded by the NVCA General Counsel Advisory Board and Stephen Heifetz and Josh Gruenspecht of Wilson Sonsini, the updates to the NVCA Model Legal Documents address the recent changes to foreign investment into the U.S. from the Foreign Investment Risk Review Modernization Act (FIRRMA), which expanded the scope of the Committee on Foreign Investment into the U.S. (CFIUS) to include non-controlling investments into U.S. companies if certain factors are met. The changes announced today include changes to the model Term Sheet and an insert for a Limited Partnership Agreement.

“Venture investors and startups have contended with a shifting landscape as foreign investment scrutiny has intensified in recent months,” said Bobby Franklin, President and CEO of NVCA. “These changes to the NVCA Model Legal Documents provide guidance to VCs and startups and also demonstrate to policymakers that our industry is dedicated to safeguarding American innovation. We will continue to work with CFIUS and legislators to ensure FIRRMA is implemented in a way that allows startups to thrive and create jobs in the United States.”

Through the support of the NVCA General Counsel Advisory Board, as well as other attorneys, the model legal documents are made available as a free public resource. By providing an industry-embraced set of model legal documents that can be used as a starting point, the model legal documents aim to provide a comprehensive set of internally consistent financing documents, promote consistency among transactions, and reduce transaction costs and time.

NVCA has been actively involved in FIRRMA and its implementation. On January 10, NVCA submitted comments to the Department of Commerce on its “emerging technologies” rulemaking. On November 7, NVCA submitted comments to the Treasury Department regarding its FIRRMA pilot program. That filing posed ten questions or requests for clarification on issues impacting venture investors and startups.

Download the NVCA Model Legal Documents

About National Venture Capital Association

The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, please visit