This paper investigates the existence of value on tag along and drag along arrangements to private equity and venture capital (PE/VC) investors and determines the value of these clauses in the specific case of a Brazilian enterprise that is candidate to receive this type of investment to finance its growth. These instruments are frequently established by such investors when acquiring companies’ stakes, with the purpose of protecting themselves from opportunistic behavior from other shareholders, creating management flexibility and increasing liquidity in a type of investment that is illiquid by nature. To determine the value of these contractual tools, which can be considered as real options, this paper applies the real options method that, unlike the traditional discounted cash flow method (DCF), captures the value of management flexibility inherent to this type of projects. It was verified that tag along and drag along arrangements represent great value to PE/VC investors, corresponding up to 18,5 per cent of the investment to be made in the case analyzed. It was also concluded that these contractual tools have the same value and this value increases in the case of an American option, given the greater flexibility it provides when compared to a European option.