Private Placement Memorandum (PPM)

On July 22, 2025, at 10 am Eastern Time, the Securities and Exchange Commission’s (“SEC”) Small Business Capital Formation Advisory Committee will hold an interactive conference regarding the proposed finder rule from five years ago. If adopted, the rule would create an exemption permitting certain capital raisers to receive transaction-based compensation for capital raising activities...

In private fund formation, fund managers face a critical decision: whether to structure their fund as a traditional blind pool fund or a deal-by-deal fund. Each structure offers distinct benefits and challenges, catering to different issuers, investors, and strategies. Understanding the key characteristics, advantages, and disadvantages is crucial for fund managers to select the vehicle...

So what exactly is a private placement memorandum (PPM) and why do I need one? What is a PPM? A private placement memorandum is an offering document, sometimes called a prospectus, offering circular, or PPM.  The majority of early startups and emerging growth companies commonly raise money through what are known as private placements.  It...