Abstract
Recently，University Spin-off Ventures increase rapidly. However, they have the difficulty in early-stage financing. The purpose of this paper is to clarify the condition to form regional venture capital with a classic venture capital(VC) features in accordance with requests by limited partners(LPs), because regional VC will be one of the solutions to early-stage financing for University Spin-off Ventures. From the research for this paper，at first，as for formation of regional VC with classic VC features, the important elements would be the designing of fund, the selection of general partner and existence of LPs with some intentions. Moreover, these conditions are closely related with each other. At the second, in case where the LPs have less experiences enough to invest in the VC fund, they select not only to govern by contract but also to build up mutual trust. Because such trust is expected to decrease the agency cost.
