The goal of the National Venture Capital Association is to provide accurate, complete, and useful information on the venture capital and private equity industry and the companies in which it invests. The intent is that no data provided by the industry will ever be used in a way inimical to any member’s or non-member’s interest. It is important that we count all industry transactions, including those that are not publicly disclosed.

The NVCA will require its strategic partners, and anyone else having access to the data, to abide by this policy.

Specifically for NVCA members, this means:

• Members may designate certain company investments as “do not disclose,” which embargoes the information from both online and printed publication. Embargoed data will be freely aggregated and used in analysis and summary statistics.
• Embargoes last for three (3) years. They can be lifted if the investment information is made public through a press release, a web site, etc.
• Data concerning individual fund performance, cash flows, commitments, takedowns, distributions, investors, etc. is embargoed without time limit.
• All individual investment and company data are collected and maintained separate from the Association staff. Embargoed information is not accessible by NVCA staff, officers, directors, or other members.
• In order to verify compliance with this policy, the NVCA may require audit and/or proof of adequate controls of any entity to which it makes data available.
• This policy will be fully disclosed to NVCA members and compliance will be required for anyone having access to the data.