Private Equity

Guest Opinions

Venture debt: Convertible note valuation using a decision tree

In part 23 of his series on venture debt, Zack Ellison from Applied Real Intelligence concludes a three-part deep dive on convertible notes, and walks through an example of a convertible note decision tree, complete with scenario probabilities, financial outcomes and expected value modeling.

5 min read · 27 August 2025

How to deal with upside-down cap tables

Here’s how VCs should think about diagnosing, managing and resolving challenges of upside-down cap tables, which undermine stakeholder alignment and threaten the viability of portfolio companies, writes attorney Davis Mello of Bass, Berry & Sims.

6 min read · 19 August 2025

Venture debt: How to structure convertible notes to protect against downside risk

In part 22 of his series on venture debt, Zack Ellison from Applied Real Intelligence identifies how investors can structure convertible notes to mitigate downside risk, avoid liquidity traps and better align incentives.

4 min read · 01 July 2025

Venture debt: The fundamentals of convertible notes

In part 21 of his series on venture debt, Zack Ellison from Applied Real Intelligence explores the fundamentals of convertible notes and why they are a staple of early-stage financing.

4 min read · 30 May 2025

Venture debt: The rise of non-sponsored growth credit deals

In part 20 of his series on venture debt, Zack Ellison from Applied Real Intelligence examines the emerging appeal of lending to non-sponsored, bootstrapped companies.

5 min read · 30 April 2025

Venture debt: How lenders can evaluate VCs to mitigate risks in sponsor-backed deals

In part 19 of his series on venture debt, Zack Ellison from Applied Real Intelligence shares how to evaluate VC sponsors to mitigate risk and maximize upside.

4 min read · 02 April 2025

Peace tech is a multibillion-dollar opportunity hiding in plain sight

While defense tech innovates to protect and deter, peace tech aims to prevent, mitigate or resolve conflict, writes Brian Abrams, founder and managing partner at B Ventures Group.

4 min read · 11 March 2025

Venture debt: Evaluating the strengths and weaknesses of VC-backed deals

In part 18 of his series on venture debt, Zack Ellison from Applied Real Intelligence shares the strengths and weaknesses of lending to VC-backed early-stage companies.

5 min read · 27 February 2025

Venture debt: Key aspects of legal diligence

In part 17 of his series on venture debt, Zack Ellison from Applied Real Intelligence examines the key areas of legal diligence in venture debt and growth credit transactions.

5 min read · 30 January 2025

Venture debt: Key lessons learned

In part 16 of his series on venture debt, Zack Ellison from Applied Real Intelligence reflects on key investment lessons he has learned.

4 min read · 13 January 2025

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