Ownership target
The percentage of a company a fund aims to own, driving how big a cheque it needs to write.
It's why a fund may pass on a deal it likes at a price it can't get enough ownership at — the maths has to work.
Hear it from people who've done it
Get the real-world version of "Ownership target" drawn from hundreds of conversations with founders and investors.
Ask the Network →Episodes on Venture Capital
First Cheque with Cheryl Mack & Maxine Minter · 31 August 2026
Trust Over Likability: How Charles Hudson Built a 450-Company Portfolio
First Cheque with Cheryl Mack & Maxine Minter · 17 August 2026
Sidecars 101: Why Venture Funds Are Investing on the Side
First Cheque with Cheryl Mack & Maxine Minter · 3 August 2026
Eric Ries on What Investors Get Wrong About Governance
Portfolio construction
How a fund decides cheque sizes, ownership targets and number of bets so the maths can return the fund.
Pro rata rights
An investor's right to invest again in future rounds to maintain their ownership percentage.
Follow-on
A fund investing again in a company it already backs, usually to defend ownership in a later round.
← Back to the full glossary
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