402Course · Professional

Private Markets

Ownership, before the ticker.

The Course

Private markets are where ownership sits before public listing. This course maps the stack, teaches the term sheet, and locates each sub-asset class on the risk-return spectrum.

You will finish able to read a mid-stage term sheet and name the three provisions that matter most.

Outcomes

01
Describe the private capital stack.
02
Read a term sheet.
03
Distinguish the sub-asset classes.

Prerequisites

— 401 — Public Markets.

Pacing

1 week · ~3 hours.

IModule · ~1.5 hours.
The stack
Seed to buyout to growth to structured.
Seed to buyout to growth to structured — the map of private capital and how each layer differs.
What You Will Be Able To Do
- — Name the layers of the stack.
- — Distinguish their return profiles.
- — State fund life for each.
Why here
The taxonomy prevents the beginner's error of conflating VC and PE.
1. 01The private capital taxonomyVisuals8m
IIModule · ~1.5 hours.
Term sheets
The document that governs the round.
The term sheet is the negotiated skeleton of the round. This module makes it readable.
What You Will Be Able To Do
- — Read a term sheet end-to-end.
- — Identify preference, control, and information rights.
- — Redline defensibly.
Why here
Founders and investors who skip the term sheet regret it at exit.
1. 01Anatomy of a term sheetInteractive20m
2. 02The three provisions that matter mostArticle12m

A Note from the Faculty

The term sheet is the document that governs the round. Learn to read it before you sign one.