Legal Analysis of Venture Capital Financing Agreements in Indonesia: A Case Study of PT Bahana Artha Ventura

Authors

  • Kharisma Jomenta Surbakti Universitas Borobudur, Jakarta, Indonesia
  • Suparno Universitas Borobudur, Jakarta, Indonesia

DOI:

https://doi.org/10.38035/gijlss.v3i3.632

Keywords:

Venture Capital, Financing Agreement, Rights and Obligations, Legal Protection

Abstract

Venture capital has been promoted in Indonesia since Keppres No. 61/1988 and KMK No. 1251/KMK.013/1988 to expand financing access for SMEs, yet the contractual balance between venture capital companies (PMV) and partner companies (PPU) often remains contested under KUHPerdata principles. This article examines (i) the allocation of rights and obligations in venture capital financing agreements, (ii) the positive law framework governing venture capital (KUHPerdata, UU 40/2007 on PT, Keppres 61/1988, KMK 1251/1988), and (iii) the effectiveness of legal protection for both parties. A normative juridical (doctrinal) approach with descriptive-analytical method is employed, complemented by a case study of PT Bahana Artha Ventura (BAV) to illustrate contractual practice (profit-sharing scheme, supervision rights, collateral, insurance, exit/divestment). The agreement structure reflects freedom of contract (Pasal 1338 KUHPerdata) but tends to be standardized by PMV, granting strong safeguards (collateral, monitoring rights, default remedies) while PPU bears bank-like burdens (periodic installments, asset security). Although the framework legitimizes venture capital and encourages managerial assistance, contractual weight often tilts toward PMV, potentially diluting the risk-sharing essence. Indonesia’s legal framework adequately recognizes venture capital; however, to better align with risk-sharing objectives and protect weaker counterparties, standard-setting for core clauses (fair supervision costs, proportional profit-sharing, conditional collateral, restructuring options) and supervisory guidance are recommended to achieve more equitable partnerships.

References

Santoso, F. Setiawan (2016). Analisis Perjanjian Modal Ventura Pola Bagi Hasil antara Kitab Undang-Undang Hukum Perdata dan Kompilasi Hukum Ekonomi Islam. Jurnal Muqtasid, 7(2), 139-152.

Setiady, Tri (2012). Perlindungan Hukum terhadap Perusahaan Pasangan Usaha dalam Pembiayaan Modal Ventura terhadap Usaha Kecil dan Menengah. Jurnal Ilmu Hukum Tambun Bungai (FH UNISBA), 13(1). 76-100.

Cumming, D., & Johan, S. (2017). The Problems with and Promise of Entrepreneurial Finance. Strategic Entrepreneurship Journal, 11, 357-370. https://doi.org/10.1002/sej.1265

Kaplan, S. N., & Strömberg, P. (2003). Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. The Review of Economic Studies, 70, 281-315. https://doi.org/10.1111/1467-937X.00245

Saptomo, A. (2009). Pokok-pokok Metodologi Penelitian Hukum Empiris Murni. Jakarta: Penerbit Universitas Trisakti. ISBN 978-979-26-8942-6

Indonesian Civil Code (Burgerlijk Wetboek voor Indonesië) – Book III on Obligations (Kitab Undang-Undang Hukum Perdata – Buku III tentang Perikatan).

Law No. 40 of 2007 on Limited Liability Companies (Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas).

Presidential Decree of the Republic of Indonesia Number 61 of 1988 on Financing Institutions (Keputusan Presiden RI No. 61 Tahun 1988 tentang Lembaga Pembiayaan).

Minister of Finance Decree of the Republic of Indonesia Number 1251/KMK.013/1988 on Provisions and Procedures for the Implementation of Financing Institutions (Keputusan Menteri Keuangan RI No. 1251/KMK.013/1988 tentang Ketentuan dan Tata Cara Pelaksanaan Lembaga Pembiayaan).

Latief, Rachmalia Intasari (2006). Perlindungan hukum bagi perusahaan modal ventura dalam perjanjian pembiayaan antara perusahaan pasangan usaha dengan perusahaan modal ventura (Tesis Magister Kenotariatan UI). Fakultas Hukum UI, Depok.

Lestari, Nurana Sekar (2014). Analisis kegiatan modal ventura antara perusahaan modal ventura dan perusahaan pasangan usahanya: studi pada PT Bahana Artha Ventura. (Skripsi S1 FH UI). Fakultas Hukum UI, Depok.

Downloads

Published

2025-11-24

How to Cite

Kharisma Jomenta Surbakti, & Suparno. (2025). Legal Analysis of Venture Capital Financing Agreements in Indonesia: A Case Study of PT Bahana Artha Ventura. Greenation International Journal of Law and Social Sciences, 3(3), 1349–1356. https://doi.org/10.38035/gijlss.v3i3.632

Issue

Vol. 3 No. 3 (2025): (GIJLSS) Greenation International Journal of Law and Social Sciences (September - November 2025)

Section

Articles

License

Copyright (c) 2025 Kharisma Jomenta Surbakti, Suparno

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright :

Authors who publish their manuscripts in this journal agree to the following conditions:

  1. Copyright in each article belongs to the author.
  2. The author acknowledges that the Greenation International Journal of Law and Social Sciences (GIJLSS) has the right to be the first to publish under a Creative Commons Attribution 4.0 International license (Attribution 4.0 International CC BY 4.0).
  3. Authors can submit articles separately, arrange the non-exclusive distribution of manuscripts that have been published in this journal to other versions (for example, sent to the author's institutional repository, publication in a book, etc.), by acknowledging that the manuscript has been published for the first time at GIJLSS.