Most transactions do not fail due to lack of capital.
They fail due to lack of structure.
In private capital markets, capital does not begin with a business.
Capital begins with a transaction.
A transaction must define:
Capital requirement
Capital instrument
Use of funds
Risk allocation
Return expectation
Control and governance
Timeline
Exit pathway
If these are undefined, capital cannot evaluate participation.
Many transactions approach capital with a business plan but without a defined transaction structure.
Capital does not structure transactions. Capital evaluates structure.
A transaction becomes capital-ready only when structure, risk, return, and capital role are defined.
Until then, the transaction remains inadmissible to capital.
Structure determines whether capital participates.
