Small markets. Global capital. Big ambition.

RAISING FINANCE · INVESTORS

Think like an investor

Investors don't make money when they invest. They make money when they exit.

WHAT THEY SAY THEY NEED, A YEAR

3–4x

Private equity

~22%

Venture capital

~31%

in 3–5 years

That's 25%+ a year

Venture investors also look for about 5x on each deal, because most deals fail.

The five questions, every time

How big, beyond your island?

MARKET

Who pays, how much, how often?

REVENUE

Why you, and why can't others copy it?

ADVANTAGE

Who buys this business, and for how much?

EXIT

What will this money prove, and by when?

MILESTONES

Investors back milestones, not totals.

Asking for US$5m+? Show what the first US$1–2m proves.

Sources: Gompers, Kaplan & Mukharlyamov, What Do Private Equity Firms Say They Do? (NBER, 2015); Gompers, Gornall, Kaplan & Strebulaev, How Do Venture Capitalists Make Decisions? (NBER, 2016). Annual returns for 3–4x over 3–5 years calculated (3x in 5 years ≈ 25% a year).

Small markets. Global capital. Big ambition. · CIF 2026 closing keynote takeaways · Piers Linney MBE

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