https://review.norviancapital.com/How capital is raised, read from the recorden-gb https://review.norviancapital.com/reports/the-half-sold-raise.htmlhttps://review.norviancapital.com/reports/the-half-sold-raise.htmlSun, 08 Nov 2026 08:00:00 GMTA decade of US Form D filings, read raise by raise. Fewer private raises fill than at any point since 2019. More of them stall below half. The ones that fill are sold differently. https://review.norviancapital.com/notes/a-uk-small-business-pays-280-basis-points-over-bank-rate.htmlhttps://review.norviancapital.com/notes/a-uk-small-business-pays-280-basis-points-over-bank-rate.htmlSat, 07 Nov 2026 08:00:00 GMTA new bank loan to a British SME cost 6.55% in September 2026, 2.80 percentage points above Bank Rate. A loan to a company of any size cost 5.47%. In the year that Bank Rate fell a quarter of a point, the SME rate rose. https://review.norviancapital.com/notes/the-loans-falling-due-soonest-pay-the-most.htmlhttps://review.norviancapital.com/notes/the-loans-falling-due-soonest-pay-the-most.htmlFri, 06 Nov 2026 08:00:00 GMTOf the money that US business development companies have lent and that falls due in 2026, 26.8% is in loans paying some interest in kind, at a median spread of 6.00 points. For loans due in 2031 the figures are 8.6% and 4.75. https://review.norviancapital.com/reports/the-price-of-money.htmlhttps://review.norviancapital.com/reports/the-price-of-money.htmlFri, 06 Nov 2026 08:00:00 GMTWhat a founder gives up for equity, and what a borrower pays for debt, have both changed more in five years than in the decade before. Here is where they stand at the end of 2026, by stage and by lender, and how each moved with rates, a bank failure and a tariff shock. https://review.norviancapital.com/notes/140-gigawatts-waiting-for-money.htmlhttps://review.norviancapital.com/notes/140-gigawatts-waiting-for-money.htmlThu, 05 Nov 2026 08:00:00 GMTIn Texas and New York, 629 power projects have signed a grid agreement and not started building. Together they are 140.6 gigawatts. Most say they will be running by the end of 2028. https://review.norviancapital.com/case-studies/ocker-hill-battery-toll.htmlhttps://review.norviancapital.com/case-studies/ocker-hill-battery-toll.htmlThu, 05 Nov 2026 08:00:00 GMTIn May 2025 a 99-megawatt battery in the West Midlands borrowed £37m from NatWest and SMBC. The sponsor had never raised UK project debt before. What changed was a ten-year contract that fixed the battery's income. https://review.norviancapital.com/case-studies/westshore-grand-hotel-capital-stack.htmlhttps://review.norviancapital.com/case-studies/westshore-grand-hotel-capital-stack.htmlThu, 05 Nov 2026 08:00:00 GMTIn October 2023 the owners of a 325-key hotel in Tampa replaced a $53.5m loan from 2019 with $47m of new debt. Only $31.3m of it was senior. Two mezzanine lenders wrote the other $15.7m, and the owners put in new equity. https://review.norviancapital.com/case-studies/alpine-fire-refinancing.htmlhttps://review.norviancapital.com/case-studies/alpine-fire-refinancing.htmlWed, 04 Nov 2026 08:00:00 GMTA Bury fire suppression company founded in 1992 passed through two private equity owners in four years. In October 2024 it refinanced with Shawbrook and HSBC to buy a rival. Its accounts show every layer of the capital beneath it, and what each one costs. https://review.norviancapital.com/notes/regulation-a-companies-sell-a-median-11-percent.htmlhttps://review.norviancapital.com/notes/regulation-a-companies-sell-a-median-11-percent.htmlTue, 03 Nov 2026 08:00:00 GMTRegulation A lets a US company sell shares to the public without listing them. Operating companies that reported a final figure sold a median 11% of the amount they registered. Only one in six sold 90% or more. https://review.norviancapital.com/notes/texas-advertises-california-fills.htmlhttps://review.norviancapital.com/notes/texas-advertises-california-fills.htmlMon, 02 Nov 2026 08:00:00 GMTIn 2024 and 2025, 22.3% of Texas private raises were advertised to the public, against 12.1% in California. Texas raises sold in full 28.2% of the time, California's 38.4%. Massachusetts, which barely advertises, filled 40.4%. https://review.norviancapital.com/notes/the-second-raise-is-written-by-fewer-larger-cheques.htmlhttps://review.norviancapital.com/notes/the-second-raise-is-written-by-fewer-larger-cheques.htmlFri, 30 Oct 2026 08:00:00 GMTA US company's first private raise has a median of ten investors writing $235,000 each. Its second has seven, writing $494,000. By the third and fourth the cheque is near $650,000. Each raise is a different market. https://review.norviancapital.com/essays/a-short-history-of-asking-for-money.htmlhttps://review.norviancapital.com/essays/a-short-history-of-asking-for-money.htmlThu, 29 Oct 2026 08:00:00 GMTFrom a maid's hundred guilders in Amsterdam to two trillion dollars of private credit, every turning point in the raising of capital has changed two things, who may be asked and what they must be told. The act of asking has hardly changed at all. https://review.norviancapital.com/notes/oil-and-gas-raises-are-the-hardest-to-fill.htmlhttps://review.norviancapital.com/notes/oil-and-gas-raises-are-the-hardest-to-fill.htmlWed, 28 Oct 2026 08:00:00 GMTOnly 13.2% of US oil and gas raises sell in full, and three in four sell less than half. Commercial banks fill 65.4% of theirs. The gap between industries is wider than the gap between good years and bad. https://review.norviancapital.com/notes/industry-barely-moves-the-price-of-a-private-loan.htmlhttps://review.norviancapital.com/notes/industry-barely-moves-the-price-of-a-private-loan.htmlTue, 27 Oct 2026 08:00:00 GMTAcross twenty-six industries, the median private loan pays between 4.50 and 5.25 percentage points over the base rate. But the share lent with some interest paid in kind runs from 2.7% in insurance to 32.9% in environmental services. https://review.norviancapital.com/reports/the-map-of-american-private-capital.htmlhttps://review.norviancapital.com/reports/the-map-of-american-private-capital.htmlMon, 26 Oct 2026 08:00:00 GMTPrivate raising in the United States has moved south and east since 2015. California files a quarter fewer raises than it did, Florida three fifths more. The money to fill those raises has not moved with them. https://review.norviancapital.com/case-studies/todays-dental-dunport.htmlhttps://review.norviancapital.com/case-studies/todays-dental-dunport.htmlFri, 23 Oct 2026 08:00:00 GMTIn May 2023 a one-year-old dental group with twelve practices borrowed £20m from a Dublin private credit fund. Two years later the same lender had committed £40m, with £20m more available. The public filings show how the facility was priced, secured and used. https://review.norviancapital.com/notes/pre-revenue-raises-sell-in-full-one-time-in-five.htmlhttps://review.norviancapital.com/notes/pre-revenue-raises-sell-in-full-one-time-in-five.htmlThu, 22 Oct 2026 08:00:00 GMTOf the US companies that told the SEC they had no revenue when they raised, 19.5% sold everything they set out to sell. Companies with $5m to $25m of revenue managed 48.4%. Revenue is the single strongest line in the filings. https://review.norviancapital.com/case-studies/space-forge-series-a.htmlhttps://review.norviancapital.com/case-studies/space-forge-series-a.htmlWed, 21 Oct 2026 08:00:00 GMTIn May 2025 a Cardiff company that grows semiconductor material in orbit announced a £22.6m Series A led by the NATO Innovation Fund. The share filings show most of the money was allotted ten months earlier, and that 37% of it was a 2023 bridge converting at a 20% discount. https://review.norviancapital.com/notes/fifteen-months-between-raises.htmlhttps://review.norviancapital.com/notes/fifteen-months-between-raises.htmlTue, 20 Oct 2026 08:00:00 GMTAcross 40,147 pairs of raises by the same US company, the median gap between one and the next is 15.2 months. A quarter come back within nine months. https://review.norviancapital.com/notes/texas-raises-fill-less-often-even-in-technology.htmlhttps://review.norviancapital.com/notes/texas-raises-fill-less-often-even-in-technology.htmlMon, 19 Oct 2026 08:00:00 GMTTechnology raises begun from 2022 to 2024 sold in full 39% of the time in California and 33% in Texas. In real estate the gap is wider. What each state raises for explains part of the difference, and only part. https://review.norviancapital.com/case-studies/bk-plus-accountancy-roll-up.htmlhttps://review.norviancapital.com/case-studies/bk-plus-accountancy-roll-up.htmlFri, 16 Oct 2026 08:00:00 GMTIn September 2023 two accountancy founders sold their Midlands firm to a new holding company and rolled into it beside Palatine Private Equity. They kept about 27% of the shares. The filings show what that 27% sits behind, and why the investor runs the board with less than half. https://review.norviancapital.com/guides/the-capital-stack-from-the-founders-side.htmlhttps://review.norviancapital.com/guides/the-capital-stack-from-the-founders-side.htmlThu, 15 Oct 2026 08:00:00 GMTEvery company's money comes in layers, each with its own claim, price and say in what happens next. Here is each layer from the bottom up, what it costs, who provides it, and what it means for the people who own the ordinary shares. https://review.norviancapital.com/notes/above-100m-half-of-private-raises-sell-less-than-half.htmlhttps://review.norviancapital.com/notes/above-100m-half-of-private-raises-sell-less-than-half.htmlWed, 14 Oct 2026 08:00:00 GMTOf US private raises of $100m to $250m, 49.2% sold less than half of the amount offered. One in four paid a placement agent. The median cheque was $3.8m. Large private raises are a different business from small ones. https://review.norviancapital.com/notes/second-lien-costs-225-basis-points-more.htmlhttps://review.norviancapital.com/notes/second-lien-costs-225-basis-points-more.htmlTue, 13 Oct 2026 08:00:00 GMTIn the loan books of the US business development companies, the median first-lien loan pays 5.00 percentage points over the base rate. Second-lien and mezzanine loans pay 7.25. More than a quarter of the money in second-lien loans takes some of its interest in more debt. https://review.norviancapital.com/notes/equity-crowdfunding-raises-a-median-122000.htmlhttps://review.norviancapital.com/notes/equity-crowdfunding-raises-a-median-122000.htmlMon, 12 Oct 2026 08:00:00 GMTOf US crowdfunding offerings that reported what they raised, the median brought in $122,000 and three quarters raised less than $331,000. Only 2.3% raised $2.5m or more. The portals take a median 7% in cash. https://review.norviancapital.com/essays/reading-in-the-dark.htmlhttps://review.norviancapital.com/essays/reading-in-the-dark.htmlFri, 09 Oct 2026 08:00:00 GMTOn private capital, which now finances most of what gets built and publishes almost nothing, and on the curious, almost literary skill that such darkness rewards. https://review.norviancapital.com/reports/the-visible-book.htmlhttps://review.norviancapital.com/reports/the-visible-book.htmlThu, 08 Oct 2026 08:00:00 GMTBusiness development companies are the one part of private credit that must show every loan it holds. Their filings for June 2026 cover $371.7bn lent to 7,316 companies. They show who lends, at what price, to whom, and when the money comes due. https://review.norviancapital.com/notes/massachusetts-raises-for-medicine-texas-for-property-and-oil.htmlhttps://review.norviancapital.com/notes/massachusetts-raises-for-medicine-texas-for-property-and-oil.htmlWed, 07 Oct 2026 08:00:00 GMTHealth and life sciences are 31% of private raises in Massachusetts, more than in any other state. Real estate is 44% of raises in Texas and energy another 12%. Each state's private market inherits the habits of what it builds. https://review.norviancapital.com/notes/californias-share-of-private-raises-has-fallen-by-a-third.htmlhttps://review.norviancapital.com/notes/californias-share-of-private-raises-has-fallen-by-a-third.htmlTue, 06 Oct 2026 08:00:00 GMTIn 2015 and 2016, 22.1% of US private raises came from Californian companies. In 2024 and 2025, 15.1%. Texas and Florida took most of the difference. https://review.norviancapital.com/case-studies/skylight-debt-not-equity.htmlhttps://review.norviancapital.com/case-studies/skylight-debt-not-equity.htmlFri, 02 Oct 2026 08:00:00 GMTSkylight makes digital photo frames and family calendars in Los Angeles. Between August 2023 and September 2026 it borrowed from two private credit lenders in four steps, to $75m, and sold no equity. Its founder says that at times the debt cost 15 to 20% a year. https://review.norviancapital.com/guides/how-private-credit-prices-a-loan.htmlhttps://review.norviancapital.com/guides/how-private-credit-prices-a-loan.htmlThu, 01 Oct 2026 08:00:00 GMTA private credit loan has a headline rate and a dozen other terms that decide what it really costs. Here is each one, with what the loan books of 165 US lenders say is normal. https://review.norviancapital.com/case-studies/freetrade-down-round.htmlhttps://review.norviancapital.com/case-studies/freetrade-down-round.htmlWed, 30 Sep 2026 08:00:00 GMTIn November 2021 Freetrade's customers paid £9.2499 a share at a £650m valuation. In August 2023 the price was £2.60, and in 2025 IG bought the company for £160m. The filings show how two notes, a bridge and a class of shares issued at nominal value decided who was paid what. https://review.norviancapital.com/notes/a-tenth-of-private-credit-pays-in-kind.htmlhttps://review.norviancapital.com/notes/a-tenth-of-private-credit-pays-in-kind.htmlTue, 29 Sep 2026 08:00:00 GMTAt 156 business development companies, the share of term loans that pay some interest in kind rose from 9.91% to 10.32% of principal in the three months to June. The largest borrowers use it most. https://review.norviancapital.com/case-studies/kasada-nairobi-development-finance.htmlhttps://review.norviancapital.com/case-studies/kasada-nairobi-development-finance.htmlThu, 24 Sep 2026 08:00:00 GMTIn July 2022 a hotel fund backed by the Qatar Investment Authority and Accor bought the former Crowne Plaza Nairobi. In June 2023 IFC and Proparco lent $22m against it. The $49.5m in the headlines included $27.5m of insurance on the fund's own equity. https://review.norviancapital.com/notes/the-advertised-raise-fills-a-third-as-often.htmlhttps://review.norviancapital.com/notes/the-advertised-raise-fills-a-third-as-often.htmlTue, 22 Sep 2026 08:00:00 GMTTwice as many US private raises are now advertised as in 2015. Those that are advertised report selling in full 12% of the time. Those that are not, 37%. https://review.norviancapital.com/guides/what-investors-check-before-they-wire.htmlhttps://review.norviancapital.com/guides/what-investors-check-before-they-wire.htmlThu, 17 Sep 2026 08:00:00 GMTBetween a signed term sheet and money in the account sits diligence. Most raises that fail after the term sheet fail here. Here is what a professional investor checks, in roughly the order they check it, and what each check is really asking. https://review.norviancapital.com/notes/the-placement-agent-premium-is-zero.htmlhttps://review.norviancapital.com/notes/the-placement-agent-premium-is-zero.htmlTue, 15 Sep 2026 08:00:00 GMTIn 2024, US private raises that paid a placement agent sold in full 31.0% of the time. Raises that paid nobody, 30.7%. The gap has been closing for four years. https://review.norviancapital.com/case-studies/dexory-series-b.htmlhttps://review.norviancapital.com/case-studies/dexory-series-b.htmlThu, 10 Sep 2026 08:00:00 GMTIn October 2024 a British warehouse robotics company announced an $80m Series B. The share filings show something more interesting than a headline. It was preferred equity, growth debt with warrants, and a founder secondary turned into senior shares, signed three months before anyone was told. https://review.norviancapital.com/notes/advertising-private-raises-has-spread-south.htmlhttps://review.norviancapital.com/notes/advertising-private-raises-has-spread-south.htmlWed, 09 Sep 2026 08:00:00 GMTIn 2015, 7.6% of US private raises were advertised to the public under Rule 506(c). In 2025, 16.3%. In Texas the share went from 12% to 21%. In Massachusetts it barely moved. https://review.norviancapital.com/notes/fewer-investors-larger-cheques.htmlhttps://review.norviancapital.com/notes/fewer-investors-larger-cheques.htmlTue, 08 Sep 2026 08:00:00 GMTThe median US private raise had ten investors in 2021. In 2024 and 2025 it had six. The median cheque rose from $291,000 to $330,000.