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Access the complete body of work from The Source, featuring in-depth analysis, expert perspectives, and strategic commentary at the intersection of geopolitics, finance, and technology. Our archive is fully searchable and organized by topic, making it easy to find the insights most relevant to your interests.
Discover also our Word of the Day series — concise explorations of key terms and concepts that illuminate the evolving language of global strategy, policy, and markets.
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Carried Interest
"[...] represents a portion of the share of profits of a fund's investments paid to a fund manager in connection with its fund management...
The Source
Feb 151 min read
Evergreen Funds
"Evergreen funds are a type of investment vehicle that allows investors to make long-term investments in private companies. Unlike...
The Source
Jan 71 min read
Prisoner's Dilemma
"Two bank robbers happen to meet. They decide to pull a job together. The cops nab them, but without enough evidence to convict. They...
The Source
Jan 11 min read
Golden Handcuffs
"Golden handcuffs are a collection of deferred incentives that management provides employees to encourage them to stay with their company...
The Source
Dec 30, 20241 min read
Human Capital
"Human capital is defined [...] as “the skills the labor force possesses and is regarded as a resource or asset.” It encompasses the...
The Source
Dec 29, 20241 min read
Private Credit
"Nonbank corporate credit provided through bilateral agreements or small “club deals” outside the realm of public securities or...
The Source
Dec 27, 20241 min read
Floating Charge
"A floating charge gives flexibility to the chargor (company) and the chargee (creditor). The company is free to deal with its assets in...
The Source
Dec 26, 20241 min read
Roll-Up Strategy
"A roll-up is simply a growth strategy where a private equity firm, venture capital group or corporate venture fund invests in...
The Source
Dec 24, 20241 min read
Death Trap
" A provision in a plan whereby an impaired class receives a distribution, or an increased distribution, in exchange for the class’s...
The Source
Dec 20, 20241 min read
Fallen Angel
"A Fallen Angel (FA) is a corporate, or sovereign, bond downgraded from Investment Grade (IG) (minimum rating of BBB- with S&P, Moody’s...
The Source
Dec 18, 20241 min read
Regulatory Arbitrage
"Legal strategy or gamesmanship known as “regulatory arbitrage” has been defined in various ways, such as “transactions designed...
The Source
Dec 15, 20241 min read
J-Curve
"In private markets, the J-curve is the term commonly used to describe the tendency for investors in closed-end funds to experience...
The Source
Dec 13, 20241 min read
Legal Risk
" There are two dominant approaches to defining legal risk: • One is a broad definition of all business risks with legal consequences....
The Source
Dec 13, 20241 min read
PIPE Investment
"The term “PIPE” is shorthand for private investment in public equity. When companies offer PIPE investments, what they’re really...
The Source
Nov 5, 20241 min read
Exchange-Traded Fund
"Exchange-traded funds (ETFs) are [...] investment companies that offer investors a way to pool their money in a fund that invests in...
The Source
Nov 3, 20241 min read
Ponzi Scheme
"Investors are promised high returns and, at first, it appears to be successful and profitable. This attracts new investors. The money...
The Source
Nov 3, 20241 min read
Trade Secret
"All forms and types of financial, business, scientific, technical, economic, or engineering information, including patterns, plans,...
The Source
Nov 1, 20241 min read
Initial Coin Offering
"An Initial Coin Offering (ICO) is a fundraising mechanism in the cryptocurrency industry, akin to an Initial Public Offering (IPO) in...
The Source
Oct 15, 20241 min read
Cram Down
"[...] cram down occurs when a plan of reorganisation proposed in relation to a debtor is implemented, even though an entire class of...
The Source
Oct 7, 20241 min read
Incubator
"Startup incubators are organizations that offer help to entrepreneurs to develop their business ideas. These companies are characterized...
The Source
Oct 6, 20241 min read
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