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  "notes": "Includes a stacked bar chart comparing ownership percentages to invested capital distribution across Common, Series A, B, and C.",
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      "text": "Effect of Liquidation Preferences",
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      "text": "With pari passu preferences... With ranked preferences... Common shares are typically only worth something... At valuations between total capital raised...",
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      "text": "In the event of an exit at a valuation lower than a company has raised capital at, contractual liquidation preferences can skew the allocation of value away from % ownership towards the benefit of investors over management...",
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      "text": "LIQUIDATION PREFERENCES CAN CAUSE SOME IMMOBILITY IN OUR FAIR VALUES, IN PARTICULAR IN INVESTMENTS WHERE WE HAVE ONLY INVESTED IN ONE ROUND",
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