Raising and closing
Private placement memorandum
Also known as PPM
The disclosure document given to prospective investors in a private fund.
It describes the strategy, risks, fees, conflicts, team and terms in detail. It is the main legal disclosure, prepared with the fund's lawyers, and investors sign a subscription agreement that refers to it.
Why it matters when you raise
Investors rely on it, so it has to match everything else you tell them.
Related terms