Glossary

Venture Capital Operating Company

A Venture Capital Operating Company, or VCOC, is a fund in which at least 50 percent of the fund's assets are invested in operating companies in which the fund has direct contractual management rights. Being a VCOC provides a venture capital fund with exemption from certain statutory requirements, and so in order to meet the definition of a VCOC a venture capital fund may request a management rights letter from its portfolio companies granting the venture capital fund management rights.