Consider someone holding a share award in a private company.

They received it twelve months ago, during an optimistic conversation about growth and value creation. They signed the documents. They may even have paid something for it.

But ask them today what it is actually worth - not the number communicated, but what has to happen before they can make money from it - and many will struggle to answer. They know they have "equity". They are less clear on what they own, what sits ahead of them in the capital structure, what conditions apply and whether the exit timeline is realistic. READ MORE