Florian Späth, partner at Sullivan & Cromwell in Frankfurt, brings deep private and public M&A expertise to venture capital and sponsor-led deals. He unpacks today’s shift to investor-friendly protections, explaining when terms like liquidation preferences, anti-dilution and drag rights matter most and how to future-proof term sheets through realistic downside modelling. Späth also flags legal fault lines in bridge rounds and secondaries, and guides clients through jurisdictional structuring, merger control and FDI risks, and evolving exit routes.