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Digital Assets
Crypto Fund Transfer Controls: Private Keys, Approvals, and Business Continuity
A two-of-three signing policy sounds resilient. It may not be. If two signing devices are stored in the same office, one event can disable both. If the chief investment officer controls one key and can reset another signer’s access, the arrangement may still depend on one person. If the emergency …
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 …
Wrapped Tokens and Airdrops Under the SEC’s New Framework: What Founders Need to Know Before Using Either
The SEC’s new crypto interpretation closes its operational guidance with two issues founders routinely treat as product mechanics rather than securities-law questions: wrapping and airdrops. That is exactly why this final piece in the series matters. These are not edge-case topics. Wrapped tokens sit at the center of interoperability, cross-chain …
Protocol Mining, Staking, and Liquid Staking Under the SEC’s New Framework: Where the Securities Line Now Sits
The SEC’s new crypto interpretation does more than classify tokens. It also addresses a question that has sat at the center of infrastructure, exchange, custody, and protocol design for years: when do mining and staking activities involve the offer and sale of a security, and when do they not? The …
When a Non-Security Token Becomes an Investment Contract—and When That Connection Can End
The SEC’s new crypto interpretation does more than create a five-part token taxonomy. It also addresses one of the most important legal questions in the market: how a token that is not itself a security can still become subject to the federal securities laws when it is offered and sold …
Tokenized Securities Under the SEC’s New Framework: Onchain Does Not Mean Outside Securities Law
The SEC’s new token taxonomy gives the market a clearer vocabulary for digital assets, but one part of the framework is especially important for founders, CFOs, funds, and infrastructure providers working in tokenization: digital securities are still securities. In the SEC’s fact sheet, digital securities, also described as tokenized securities, …
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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