MeVC, the US venture capital fund that has been threatened with court action by one of its shareholders, has accepted the resignations of two of its directors in response to the investor pressure.
The entire private equity industry took notice this March when Millennium Partners threatened to take meVC to court. The crux of Millennium's complaint centred on management fees that, while never a secret, were high at 2.5%. Management fees, which are charged regardless of performance, are a sensitive issue with all investors, with one UK investment consultant recently describing them as "pernicious".
