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
Investment Thesis with Kali Norman · 21 October 2026
Ian Gardiner's Investment Thesis | Investment Thesis with Kali Norman
First Cheque with Cheryl Mack & Maxine Minter · 28 September 2026
Why Australia Has More AI PhDs Than Anywhere | First Cheque
Investment Thesis with Kali Norman · 18 September 2026
Mick Liubinskas' Investment Thesis
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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