Glossary
The terms of art, used correctly.
Plain, accurate definitions of the vocabulary a private-capital deal runs on.
Ten terms
Disclosure packThe complete set of company information a party assembles once and discloses in stages — a brief, a data room, and a closing package — rather than answering the same questions repeatedly to different counterparties.Evidence ladderThree tiers a disclosed field can meet — preferred, alternative, minimum — so a business without an audited statement is not penalised for lacking a document it never had reason to hold.Single-notice ruleA diligence discipline borrowed from documentary credit practice: an examining party raises every discrepancy for a given stage in one notice, rather than a drip of individual requests over weeks. It exists to prevent the specific failure mode where a raise stalls because requests keep arriving one at a time.Condition precedentA condition that must be satisfied, or explicitly waived on the record, before a deal is permitted to close. The term comes from contract law generally, not from any one platform's implementation of it.Beneficial ownershipThe natural person or persons who ultimately own or control an entity, as distinct from whoever is named as the registered legal owner on paper. Beneficial-ownership disclosure is a standard requirement in most jurisdictions' anti-money-laundering frameworks.Legal Entity Identifier (LEI)A 20-character alphanumeric code, issued under the ISO 17442 standard, that uniquely identifies a distinct legal entity party to a financial transaction. LEIs are maintained by accredited Local Operating Units under the Global LEI Foundation.Soft-circleA non-binding indication of interest from a prospective investor, ahead of a committed allocation. A soft-circled amount signals intent but carries no obligation to fund.Sealed exportA terminal artefact issued to every party at close, combining the record's chain, its terminal hash, the parties involved, and every reference cited during the deal — intended to be the one document a party can file and later prove was not altered.Release classThe permission tier attached to a document release, controlling who may view a given document and under what confidentiality instrument they are bound before viewing it.Term setThe group of deal terms — valuation, instrument, investor rights, and similar — that move together through a negotiation as one unit rather than being agreed individually and separately.