Resource Center
Learn the difference between private and public companies, and how to invest in them. What is a Crowdfunding Portal? What is a SPAC? Who uses a Form-D, and many others.
- Investor Basics
Beginner's Guide to Alternative Investments
Start here for an introduction to alternative assets, including private equity, venture capital, hedge funds, and more.
- Private EquityInvestor Types
What is Private Equity?
Private equity refers to investment in private companies or buyouts of public companies, typically through funds. Learn about the structure and strategies.
- Private EquityVenture Capital
Venture Capital vs. Private Equity: Key Differences
Explore how venture capital and private equity differ in their investment approach, target companies, and typical returns.
- Investor Types
What is a Hedge Fund?
A hedge fund pools capital from accredited investors to pursue diverse and often high-risk strategies. Find out how they work and who invests.
- SPACsInvestor Basics
What is a SPAC?
A SPAC (Special Purpose Acquisition Company) is a "blank check" company formed to raise money through an IPO with the goal of acquiring or merging with an existing private company.
- Startup InvestingCrowdfunding
Understanding Angel Investing
Angel investors provide early-stage funding for startups, often in exchange for equity. Learn about the opportunities and risks involved.
- Investor Types
What is a Family Office?
A family office is a private wealth management firm established to serve one or a few ultra-high-net-worth families, handling everything from investments to tax and estate planning.
- SPACs
How Does a SPAC Work?
Learn the full life cycle of a SPAC—from raising capital to acquiring a target company and the implications for investors at each stage.
- SPACs
SPAC Sponsor vs. SPAC Underwriter: What's the Difference?
Understand the distinct roles of SPAC sponsors (who organize and lead the SPAC) and underwriters (who facilitate the IPO and fundraising process).
- SPACs
What is a SPAC Merger (De-SPAC Transaction)?
A "de-SPAC" transaction is when a SPAC finds and merges with a private company, taking it public in the process.
- CrowdfundingPrivate MarketsInvestor Basics
Investment Portals Explained: Crowdfunding vs. Accredited Platforms
Learn about investment portals for both non-accredited investors (crowdfunding, Reg A) and accredited-only platforms that use SPVs to aggregate capital.
- Private MarketsInvestor BasicsPrivate Equity
Special Purpose Vehicles (SPVs) as Private Placements
Understand SPVs as a specific type of private placement, how they work in private networks and accredited investor portals, and their role in democratizing access to institutional investments.
- CrowdfundingStartup Investing
What is Crowdfunding? (Equity, Debt, and Rewards-Based)
Crowdfunding allows startups and projects to raise small amounts of money from many people, often online, through equity, debt, or rewards-based models.
- Private MarketsInvestor Basics
Private Placements Explained
Private placements are investment offerings that are not sold through public markets, but directly to select investors. Discover how they work and what to watch for.
- SEC FormsCrowdfunding
Regulation A (Reg A, Reg A+) Explained
Regulation A, also called Reg A or Reg A+, is a way for companies to raise up to $75 million from both accredited and non-accredited investors, with fewer requirements than a full IPO.
- SEC FormsPrivate Markets
Regulation D (Reg D) and Form D Filings
Regulation D provides exemptions that allow companies to raise capital privately. Form D is a notice companies file with the SEC after selling securities without registration.
- CrowdfundingSEC Forms
Regulation CF (Crowdfunding): What Investors Should Know
Reg CF enables eligible companies to offer and sell securities through crowdfunding, subject to certain limits and investor protections.
- Private Markets
What is a Private Placement Memorandum (PPM)?
A Private Placement Memorandum is a legal document that provides detailed information about an investment offering in a private placement, designed to protect both issuers and investors.
- SEC FormsInvestor Basics
Differences Between Reg A, Reg D, and Reg CF
A side-by-side look at these three popular SEC exemptions for private capital raising—who can invest, how much, and what disclosures are required.
- Investor Basics
Who Qualifies as an Accredited Investor?
An accredited investor meets certain financial criteria, enabling access to private investment opportunities. See the requirements and what it means for your investment options.
- Investor BasicsInvestor Types
What is a Qualified Purchaser?
Qualified purchasers have a higher financial threshold than accredited investors, unlocking access to additional investment vehicles, such as certain hedge funds.
- SPACs
Who Are SPAC Sponsors?
SPAC sponsors are the individuals or entities that create, fund, and manage a SPAC through its life cycle, seeking a successful acquisition and upside.
- Public Markets
What Does an Underwriter Do?
Underwriters are financial institutions that manage the process of taking a company public, including pricing and selling shares to investors.
- Private Markets
Placement Agents Explained
Placement agents connect private companies or funds with investors, often playing a crucial role in fundraising for private placements and alternative assets.
- Startup Investing
What is a Lead Investor?
A lead investor sets the terms for a deal, conducts due diligence, and often attracts other investors to participate in a funding round.
- Venture CapitalStartup Investing
What is Venture Capital?
Venture capital funds provide capital to early-stage companies in exchange for equity, supporting innovation and startup growth.
- Investor Types
General Partner (GP) vs. Limited Partner (LP)
In investment funds, GPs manage the fund and make decisions; LPs provide capital and have limited liability and involvement.
- Startup InvestingInvestor Basics
What is a Cap Table?
A capitalization table ("cap table") shows the ownership structure of a company, including shares, options, and investor stakes.
- Investor Basics
Preferred Stock vs. Common Stock
Learn the differences in rights, risks, and rewards between preferred and common stock for private and public companies.
- Startup Investing
Convertible Notes and SAFEs: Startup Funding Tools
Convertible notes and SAFEs are alternatives to traditional equity rounds, letting startups raise money quickly while delaying valuation until later.
- Investor Basics
What is a Term Sheet?
A term sheet is a non-binding document that outlines the key terms and conditions of a potential investment or acquisition.
- SEC Forms
Form D: What Is It and Why Does It Matter?
Form D is a filing with the SEC required for most Regulation D offerings, providing transparency about private capital raises.
- CrowdfundingSEC Forms
Form C: For Crowdfunding
Form C is required for companies raising capital through Regulation CF (crowdfunding), providing key disclosures for investors.
- SEC Forms
What is Form 1-A?
Form 1-A is the SEC filing required for Regulation A offerings, outlining the terms of the deal and financials for potential investors.
- SEC Forms
Blue Sky Laws: State-Level Securities Regulation
Blue Sky Laws are state regulations designed to protect investors against fraud in securities offerings made within each state.
- Investor BasicsRisk
What is Due Diligence?
Due diligence is the research and verification process investors use to evaluate an opportunity before investing, including financials, legal compliance, and business risks.
- Private Markets
Secondary Markets: Can I Sell My Shares?
Secondary markets let investors buy and sell shares of private companies before a liquidity event—though often with restrictions.
- Investor Basics
Liquidity Events: What Are They?
A liquidity event occurs when investors can cash out—commonly through a sale, IPO, SPAC merger, or secondary transaction.
- Public Markets
What is an Initial Public Offering (IPO)?
An IPO is when a private company offers shares to the public for the first time, creating liquidity for investors and raising capital.
- SPACs
What Happens in a SPAC Liquidation?
If a SPAC can't find a target in time, it's liquidated, returning funds to investors. Here's what you need to know.
- Private MarketsInvestor Basics
Co-Investment Opportunities
Co-investment allows investors to put additional capital into a deal alongside a lead investor or fund, usually with lower fees.
- Public MarketsPrivate Markets
Lock-Up Periods Explained
A lock-up period is a set time after an offering or event when investors are restricted from selling their shares.
- Public MarketsPrivate Markets
What is a PIPE (Private Investment in Public Equity)?
A PIPE is a private placement of shares in a publicly traded company, often used to provide capital during SPAC mergers and other deals.
- Investor Basics
Dilution: What Does It Mean for Investors?
Dilution occurs when a company issues new shares, reducing existing investors' ownership percentages. Learn when and how it happens.
- Investor Basics
Waterfall Distribution: Who Gets Paid First?
A "waterfall" explains how profits from an investment are divided among investors, with priority order based on deal terms.
- RiskPrivate Markets
Risks and Rewards of Private Market Investing
Understand the unique risks, potential returns, and key factors to consider before investing in private companies and alternative assets.
- Investor BasicsRisk
How to Evaluate an Investment Opportunity
A step-by-step guide to analyzing deals, from reviewing documents to understanding management teams and market potential.
- Investor Basics
Glossary of Investment Terms
Confused by jargon? Our glossary breaks down key terms used throughout the learning center—use it as a quick reference.
- SEC FormsRegulationFunds
What is Form ADV?
The investment adviser registration form: Part 1A, Schedule D private fund data, Part 2 brochures, and how to read it to research a fund manager.
- FundsVenture CapitalPrivate Equity
What is a Fund Family?
How one manager's flagship, parallel, feeder and co-invest vehicles fit together, how they appear on Form ADV and Form D, and why the family view matters.
- SEC FormsVenture CapitalStartup Investing
Finding SPVs in SEC Filings
How single-deal vehicles show up on Form D: series LLC names, SPV platforms, what the filing reveals, and how to tell an SPV from a fund.
- SEC FormsVenture CapitalFundsRegulation
How Venture Funds File with the SEC
What a venture fund's Form D and its manager's Form ADV disclose: fund type, 3(c) exclusions, amounts, investors and partners, and what neither form shows.
- SEC FormsStartup InvestingVenture Capital
Tracking Startup Funding Rounds with Form D
How to read a startup's Form D filings as a record of its rounds: amounts sold, dates, investors and directors, and the limits of what Form D shows.
- Venture CapitalSEC FormsFundsPrivate Markets
How to Research a Venture Firm with Public Filings
A step-by-step method for profiling a VC firm from Form ADV and Form D: its funds, their sizes, its partners, its SPVs and its likely portfolio.