Venture capital,from first chequeto IPO
A plain-language guide to how private markets really work: how venture funds invest, how rounds and share classes shape your outcome, and what to check before any pre-IPO or secondary deal.
- Free PDF
- Plain language
- No sales pitch
Educational content only. No investment advice. No offer or solicitation.
Private markets reward the investors who know the rules.
Most people see only the headline company name. The outcome is decided by details that rarely make it into the pitch deck.
Price over story
A famous company bought at the wrong valuation can still be a poor investment.
Structure over logo
Common or preferred, direct or via SPV: the structure decides who gets paid first.
Net, not gross
Management fees and carry sit on top of the share price and compound over time.
Time, not just return
Lock-ups and transfer restrictions mean your capital can be tied up for years.
In private markets, what you don't know is priced in — usually against you.
What's inside
Ten short chapters that take you from the basics of venture capital to a working due diligence checklist.
The private market map
How companies are financed from the first cheque to the IPO, and who takes part at each stage.
How venture funds work
LPs and GPs, management fees, carried interest and the life of a fund.
The power law
Why a handful of winners return the whole fund — and what that means for individual deals.
Funding rounds explained
Seed to late stage: what changes in risk, price and investor rights at each round.
Term sheets & share classes
Preferred vs common shares, liquidation preferences and anti-dilution in plain language.
Cap tables & dilution
How ownership changes over time: option pools, new rounds and down rounds.
Pre-IPO & secondaries
How late-stage shares change hands, who sells and why secondary prices differ from round prices.
SPVs & fees
What sits between you and the share: vehicle structure, fees and carry.
Valuation
Reading a price against revenue, previous rounds and public comparables.
Due diligence & liquidity
A checklist to use before you commit, and realistic expectations for exit timing.
For people who want to understand the market before they invest in it.
Private investors
Get the vocabulary and the questions to evaluate venture, pre-IPO and secondary offers.
Entrepreneurs
See your next round the way investors see it: price, terms and dilution.
Finance professionals
A compact refresher on private-market structures and risk framing.
Executives
Understand equity, options and the capital markets behind high-growth companies.
The guide distils the questions we walk through with private clients every week: how a deal is structured, how to read its price and what to check before committing capital. No recommendations, no pitch.
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Yes. There is no fee and no payment details are required — just your name and email.
No. The guide is educational. It explains how private markets work and does not recommend buying or selling any security.
Private investors, entrepreneurs, finance professionals and executives who want a clear picture of venture capital and pre-IPO markets.
No. The guide starts from the market structure and builds up to valuation, deal structures and due diligence.
We'll send you the guide and occasional educational material about private markets. You can unsubscribe at any time.