LATE STAGE CAPITALThis can be particularly importantfor companies that operate in highlycompetitive markets, face signi昀椀cantregulatory or technological challenges,or simply want to capture the marketbefore their competitors do.Because late-stage companies havealready established a track record of success and often generate signi昀椀cant revenues, the risk associated with investingin these companies is lower than withearly-stage investments. Often it’s not a64question of failure or success, but ratherhow successful they will be.Larger and more established companieswith more predictable earnings streamsmake late-stage companies attractive toinvestors as they are more likely to provide a stable return on investment.Late-stage capital can be structured as equity or debt and is typically provided by institutional investors such as private equity昀椀rms, hedge funds or large venture capital昀椀rms. In addition, investors typically pro-vide skills and networks to the companiesthey invest in. Some investors thereforefocus on speci昀椀c industries and typically invest to help with growth activities,internationalization, generational change,management buyouts, turn-around, etc.While the amount of traditional latestage capital has grown in line with thestartup ecosystem, new opportunities arealso emerging. Opportunities such as anIPO on growth or venture exchanges orsecondary investors.The Guide
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