Guides
How the machinery of private capital works, with real numbers and worked examples.
The capital stack from the founder's side
Senior debt, unitranche, mezzanine, preferred equity, sponsor loan notes and ordinary shares, read as a founder would.
How private credit prices a loan
Base rate, margin, fees, floors, payment in kind, call protection, covenants and tenor, with the numbers from 31,676 loans.
What investors check before they wire
The checks between a term sheet and the money, and the question behind each one.
How to read a Form D
The SEC's notice of a private raise, item by item, and how to read it without being misled.