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.
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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.
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