From source to financial context
ACTA DIURNA reporting framework
The context
Coverage spans friends-and-family rounds, accelerators, angels and syndicates, venture and corporate venture capital, growth capital, buyouts, minority stakes and micro-acquisitions. Regulation D, Regulation Crowdfunding and Regulation A are distinct offering frameworks; their disclosures and eligibility conditions should be checked against the actual transaction rather than treated as interchangeable labels.
An attractive company may be inaccessible, or available only through a security with different rights from its last financing. A platform page is not an executable offer. Indicative quotations, commitments, funded cash and completed financing remain separate observations. A SAFE valuation cap is a conversion term, not a verified current company valuation.
What we track
Definitions and interpretation below describe our coverage. They are not live readings or mechanical buy/sell instructions.
Offering identity and funded progress
Issuer, instrument, exemption, filing accession, first-sale date, amount offered, amount sold and amendment history.
How to read it: A Form D notice is not SEC approval or a full census of private funding. Repeated amendments cannot be added as separate raises; commitments and targets are not the same as cash received.
Source & methodology ↗Cash runway and dilution
Cash and a clearly defined burn measure, financing need, security conversion terms, option pool and capitalization assumptions.
How to read it: Runway estimates depend on future spending and collections. A larger financing can lengthen operating time while reducing existing investors’ ownership; preferences and conversion mechanics may matter more than the stated headline valuation.
Source & methodology ↗Secondary price and rights comparability
Dated bid, ask or executed price, share class, preference, fees, carry, direct/SPV exposure, consent and transfer restrictions.
How to read it: A discount to the last preferred round is meaningful only when the economic rights and share basis are comparable. Issuer consent, right of first refusal and settlement conditions can prevent an apparently quoted transaction.
Source & methodology ↗Private-fund distributions and residual value
Paid-in capital, distributions and NAV supporting DPI, RVPI and TVPI, alongside gross/net IRR and fee definitions.
How to read it: DPI measures cash returned relative to paid-in capital; residual NAV is not realized proceeds. Subscription facilities, valuation dates and cash-flow timing can alter comparisons between managers and fund vintages.
Source & methodology ↗BDC portfolio and payout quality
NAV per share, net investment income, distribution coverage, non-accruals, payment-in-kind income, leverage and debt maturities.
How to read it: Reported yield can coexist with deteriorating credit or noncash income. Fair-value marks, borrower concentration and refinancing requirements deserve separate attention; a distribution rate does not establish investment return.
Source & methodology ↗Listed vehicle exposure and valuation
Holdings, fee-paying assets or portfolio NAV, fund expenses, leverage, market price and the relevant valuation dates.
How to read it: Manager shares, BDCs, investment companies, ETFs and closed-end funds provide different exposures. A price-to-NAV discount using an older NAV is indicative and may reflect fees, liquidity limits or uncertain valuations.
Source & methodology ↗How we cover it
Micro-acquisition analysis examines recurring revenue, customer cohorts, churn, owner labor, normalized profit, IP and contractor assignments, software security, contract transferability, working capital and seller transition. Processor verification covers only the observed payment channel, not the entire business.
Private-to-public transitions are tracked with the IPO section. Company status, actual share availability, fund redemption rights, tender windows and lockups require current documentation. Manager fundraising, deployment and realizations use each issuer’s definitions and do not substitute for an individual investor’s returns.
What the numbers can miss
Private-market reporting is uneven and often delayed. Unaudited seller claims, stale valuation marks and undisclosed preference structures can defeat apparently precise comparisons.
Public source links do not establish authenticated marketplace access, investor eligibility or permission to transact. Minimum investment, concentration and loss tolerance are transaction-specific considerations.
Sources & editorial context
Scope follows the recovered private-offerings reference. This educational guide contains no live offering inventory, eligibility certification, promised allocation or implied access to subscription-only databases.
- SEC — Exempt offerings
- SEC — Search company and transaction filings
- ILPA — Industry guidance and reporting standards
Coverage framework informed by the publisher’s Private Market Offerings reference discussion. Discussions guide the reporting agenda; factual claims and metrics are checked against the identified source institutions.