Quiet Capital

Structured equity is on the rise and most lawyers don’t know what to call it.
Not quite equity. Not quite debt. But definitely control.

You’re not failing.
But you’re not fundable - not in this cycle.

Revenue’s steady.
Burn is down.
The product works.

But the funding market has moved on.
And venture is chasing acceleration.

So you make the decks.
You run the process.
The warm intros go cold.

Then someone makes you an offer.

No valuation.
No headlines.
Just capital.

Redeemable preference shares.
1.5x back in 18 months.
Priority in the stack.

This isn’t convertible debt.
No deferral. No discount.
It’s capital priced for return - not upside.

No board seat. No press release.
No price to anchor. No hype to unwind.

It’s not priced like a funding round.
Because it isn’t one.

It’s capital.
Structured.
Quiet.
Senior.

You stay off Sifted.
You keep the optics clean.
But from that moment on -
you’re no longer steering the outcome.
You’re managing the optics.

You might see this in a mid-stage company with high gross margins, slowing growth, and a clear path to profitability - but no appetite for a down round.
They want time.
The investor wants priority.

This is the messy middle.

Where the story doesn’t break - but it bends.
Where lawyers don’t draft rounds - they negotiate survival.
Where founders get time - but give up control.

Most people won’t talk about this kind of funding.
Because it doesn’t feel like a win.
But it isn’t failure either.

It’s what happens when down rounds are too public,
and debt is too blunt.

It’s not bridge-to-nowhere money.
It’s bridge-to-optionality.

Structured capital isn’t here to believe.
It’s here to price risk.
And it wants control.

This is happening.
Not early-stage. Not angel rounds.
Real companies. Real risk.

And if you’re the GC,
this is when you earn your title.

These deals aren’t outliers anymore.
They’re signals.
And lawyers who can read them - lead them.

✍️ Note to self:
If it doesn’t feel like equity or debt, it’s probably smarter than both.