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Digital Assets
AML and Sanctions Controls for Digital Asset Managers: Build for the Transactions You Actually Make
A digital asset manager can collect extensive know-your-customer documents and still miss the transaction that creates its greatest illicit-finance risk. It can also buy an expensive wallet-screening tool and misunderstand what the resulting score proves. The control framework must begin with the manager’s legal status and actual activity. A closed-end …
Stablecoin Risk in Digital Asset Funds: Reserves, Redemption, and Counterparty Exposure
A stablecoin may function as cash inside a trading strategy without giving the fund the legal protections of cash in a bank account. The fund holds a token. Its value may depend on an issuer, a reserve portfolio, banks and custodians, a redemption process, smart contracts, and market makers. If …
Smart-Contract and Protocol Incidents: A Response Plan for Digital Asset Funds
A protocol exploit rarely arrives as a clean alert with an agreed loss figure. The first signal may be an abnormal price, a social-media post, a failed withdrawal, a governance message, or an unexplained transaction. The fund may have minutes to decide whether to revoke an approval, withdraw liquidity, hedge …
Token Classification and the Fund Mandate: When Legal Labels Change What a Manager Can Buy
A manager’s token-classification memo often ends with a conclusion such as “not a security” or “likely a digital commodity.” The investment process cannot end there. The fund still needs to determine whether the asset fits its governing documents, whether the adviser may trade it through the proposed venue, how it …
Staking and Liquid Staking in Digital Asset Funds: Disclosures Must Follow the Asset
A private fund may describe staking as a way to earn additional return on tokens it already intends to hold. That description is economically incomplete. Once an asset is staked, the fund may accept an unbonding period, validator performance risk, slashing exposure, a different custody arrangement, and a new process …
Valuing Illiquid and Thinly Traded Tokens in a Private Fund
A token may show a price every second and still lack a market in which a fund could sell its position. The displayed quote may come from a venue with little volume. Reported activity may include wash trading or transactions unavailable to the fund. Most circulating supply may be held …
Business Transactions
Founders Beware: How NDA Language Can Tilt the M&A Playing Field
At Veritas Global, we routinely advise startup founders navigating acquisition talks with larger companies. While most founders focus on valuation, deal terms, or equity treatment, one of the most dangerous landmines is often buried in the very first document you sign: the Non-Disclosure Agreement (NDA). The NDA sets the tone …
How to Navigate Mergers and Acquisitions Successfully
Mergers and acquisitions (M&A) can transform businesses, offering growth opportunities, expanded market reach, and operational efficiencies. However, navigating the complexities of an M&A deal requires meticulous planning, expertise, and strategic insight. Each stage presents its own challenges, from identifying compatible business partners to finalizing deal structures and managing post-merger integration …
Due Diligence
Key Information About Private Investments: What You Need to Know
Private investments, encompassing assets such as private equity, venture capital, and real estate, offer a distinct alternative to traditional public market investments. These opportunities can provide the potential for higher returns and greater portfolio diversification, attracting a growing number of investors. However, they also come with inherent risks. Understanding these …
Emerging Companies
SBIR/STTR Reauthorized, But Not Reset: 7 Practical Founder Moves to Make Now
This article builds on our earlier pieces, SBIR/STTR Reauthorized Through 2031: What Founders Need to Know Now, Strategic Breakthrough Awards: The Biggest New SBIR Opportunity for Founders?, SBIR/STTR and National Security: Why Foreign Ties Matter Even More Now, SBIR Proposal Limits Are Coming in FY2027: What Serial Applicants Need to …
SBIR/STTR Assistance Dollars Expanded: What Founders Should Know About Cybersecurity, Staffing, and I-Corps
This article builds on our earlier pieces, SBIR/STTR Reauthorized Through 2031: What Founders Need to Know Now, Strategic Breakthrough Awards: The Biggest New SBIR Opportunity for Founders?, SBIR/STTR and National Security: Why Foreign Ties Matter Even More Now, SBIR Proposal Limits Are Coming in FY2027: What Serial Applicants Need to …
Phase III Just Got More Important: What the New SBIR/STTR Law Means for Commercialization and Procurement
This article builds on our earlier pieces, SBIR/STTR Reauthorized Through 2031: What Founders Need to Know Now, Strategic Breakthrough Awards: The Biggest New SBIR Opportunity for Founders?, SBIR/STTR and National Security: Why Foreign Ties Matter Even More Now, and SBIR Proposal Limits Are Coming in FY2027: What Serial Applicants Need …
SBIR Proposal Limits Are Coming in FY2027: What Serial Applicants Need to Watch
This article builds on our earlier pieces, SBIR/STTR Reauthorized Through 2031: What Founders Need to Know Now and Strategic Breakthrough Awards: The Biggest New SBIR Opportunity for Founders? Those articles explain the broader reauthorization reset and the new commercialization upside created by the legislation. This article focuses on a quieter …
SBIR/STTR and National Security: Why Foreign Ties Matter Even More Now
This article builds on our earlier pieces, SBIR/STTR Reauthorized Through 2031: What Founders Need to Know Now and Strategic Breakthrough Awards: The Biggest New SBIR Opportunity for Founders? Those articles explain the broader reset in the SBIR/STTR framework and the new commercialization upside created by reauthorization. This article focuses on …
Emerging Managers
Digital Asset Custody: Wallet Controls Institutional LPs Need to See
A digital asset fund can name a recognized custodian in its private placement memorandum and still be unable to answer the most important custody question: who can move the assets? The answer may change by token, wallet, venue, and activity. Long-term holdings may sit in cold storage with a third-party …
Private Fund Operational Due Diligence: What Institutional LPs Test Before They Commit
A strong investment thesis may earn a fund manager a serious conversation with an institutional limited partner. It will not complete the diligence process. Before committing capital, an institutional investor may examine whether the manager can operate the fund it is selling. The investor will compare the limited partnership agreement, …
Valuation Policies for Illiquid and Hard-to-Value Private Fund Assets
A private company’s last financing price can be precise to the cent and still be the wrong answer for the fund’s current valuation. The round may be eighteen months old. The company may have missed its forecast, issued a new class with different rights, raised bridge debt, lost a major …
Co-Investment and Allocation Conflicts: Designing a Process LPs Can Test
Co-investment is easy to describe when there is enough capacity for everyone. The difficult questions begin when there is not. A flagship fund may want the full opportunity. An investor may have negotiated co-investment consideration. A strategic participant may improve the deal. A special-purpose vehicle may be needed to complete …
Private Fund Fees and Expenses: When Disclosures and Allocation Practices Diverge
A private fund expense can pass one legal test and fail the next. The limited partnership agreement may permit the charge. The private placement memorandum may not explain the related conflict clearly. The expense policy may assign it to a different entity. The fund administrator may apply the wrong allocation …
Side Letters and MFNs: Building an Obligation Matrix the Manager Can Operate
A side letter can be only a few pages long and still create obligations that last for the life of a fund. One investor may receive additional reporting. Another may have an excuse right tied to a policy or regulatory status. A third may negotiate notice of key-person events, transfers …
General
Side Letters and MFNs: Building an Obligation Matrix the Manager Can Operate
A side letter can be only a few pages long and still create obligations that last for the life of a fund. One investor may receive additional reporting. Another may have an excuse right tied to a policy or regulatory status. A third may negotiate notice of key-person events, transfers …
Emerging Manager Data Rooms: What Institutional LPs Expect to Find
An emerging manager can lose weeks in diligence without having a missing document. The problem may be that the limited partnership agreement in the data room is not the version described in the due diligence questionnaire. The track-record workbook may not tie to the deck. A compliance policy may name …
Private Fund First-Close Readiness: A Legal and Operational Timeline
A manager can be ready to announce a private fund and still be unprepared to admit its first investor. The limited partnership agreement may be nearly final while the bank account is not open. The administrator may be selected but not configured for investor-specific fee terms. A subscription package may …
Phase III Just Got More Important: What the New SBIR/STTR Law Means for Commercialization and Procurement
This article builds on our earlier pieces, SBIR/STTR Reauthorized Through 2031: What Founders Need to Know Now, Strategic Breakthrough Awards: The Biggest New SBIR Opportunity for Founders?, SBIR/STTR and National Security: Why Foreign Ties Matter Even More Now, and SBIR Proposal Limits Are Coming in FY2027: What Serial Applicants Need …
Choosing the Right SAFE for Your Startup: Discount vs. Valuation Cap vs. MFN
Founders love SAFEs because they’re fast, lightweight, and designed to get capital into a startup without the friction of a full priced equity round. But as we tell clients at Veritas Global, “simple” does not mean risk-free, and choosing the wrong SAFE structure can complicate future fundraising or misalign investor …
When a VC Asks for Both a Discount and a Valuation Cap: What Founders Should Really Hear
In our earlier Veritas Global articles on post-money SAFEs with a discount only and post-money SAFEs with a valuation cap, we explained that each SAFE variant solves a different problem. A discount-only SAFE is generally used when the parties are not ready to anchor the company’s value, while a post-money …
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