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• Private markets 101

  Private markets in ten steps: GPs and LPs, the main asset classes, closed-end and evergreen funds, capital calls, fees and carry, the J-curve and vintage years.

  1. 1What private markets are
  2. 2GPs and LPs
  3. 3The main asset classes
  4. 4Closed-end and evergreen funds
  5. 5Commitments and capital calls
  6. 6Fees and carry
  7. 7How investors get paid
  8. 8The J-curve
  9. 9Vintage years
  10. 10Where to go next
  Start the track
• Private equity 101

  How a private equity fund works, in ten steps: the LPA, capital calls, fees, carried interest, the waterfall, the J-curve, exits and wind-down.

  1. 1What a private equity fund is
  2. 2The LPA
  3. 3Capital calls
  4. 4Management fees
  5. 5Carried interest
  6. 6The distribution waterfall
  7. 7The J-curve
  8. 8Holding and growing a company
  9. 9Exits and distributions
  10. 10Fund life and wind-down
  Start the track
• Private credit 101

  How private credit works, in ten steps: direct lending, senior and junior debt, floating rates, covenants, asset-based finance, defaults, CLOs and NAV loans.

  1. 1What private credit is
  2. 2Direct lending and the unitranche
  3. 3Senior and subordinated debt
  4. 4What a lender earns
  5. 5Covenants
  6. 6Asset-based finance
  7. 7Default and recovery
  8. 8CLOs
  9. 9NAV loans and fund finance
  10. 10How investors in a credit fund are paid
  Start the track
• Venture capital 101

  Venture capital in ten steps: rounds and valuation, SAFEs, runway, the power law, liquidation preferences, down rounds, paper value and exits.

  1. 1What venture capital is
  2. 2How a venture fund works
  3. 3Rounds and valuation
  4. 4SAFEs and convertible notes
  5. 5Burn rate and runway
  6. 6Why a few winners carry a fund
  7. 7Liquidation preferences
  8. 8Down rounds and anti-dilution
  9. 9Paper value and cash back
  10. 10Exits and early liquidity
  Start the track

Each term defined in a sentence, with a simple example and why it matters.

Short videos on one term each, with the words written out.

• Why good funds look bad in year two
• 10 business days to wire $2M: the capital call
• Both doubled your money. One was far better.
• You can't spend TVPI
• Same fund, different deal: the side letter
• The manager sold the company. To itself.

Free picture books about private markets, to read on a phone or an iPad.

• The ABCs of Private Equity · Brock the badger helps small companies grow
• The ABCs of Private Credit · Olive the owl lends money and looks after it carefully
• The ABCs of Venture Capital · Sadie the squirrel plants small ideas and helps them grow
• The ABCs of Real Estate · Stanley the snail knows all about buildings. He carries one.
• The ABCs of Infrastructure · Bea the beaver builds what a town relies on
• Tilda and the Orchard · A story about patient money
• The First Yes · A story about starting a fund
• Herman Finds a New Shell · A story about a continuation fund

• Fund closes and launches

  Every fund close and launch we have covered since March 2026: firm, fund, size, asset class, region, date and the source report. Search, filter, sort; subscribers can download it as CSV.