How to use this module
Separate institution, fund and decision maker
A familiar organization name can contain several funds and mandates. The relevant capital pool, team and committee determine fit.
Equity provider
Founders
Individuals who establish and initially own the company.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Formation onward
- Capital position
- Common equity
- Common use
- Create and control the enterprise
- Risk lens
- Concentrated
- Capital source
- Personal savings, sweat equity and retained value
- Decision maker
- Founder or founding team
Illustrative public or category examplesFounding teams
Equity provider
Angel investors
Individuals deploying personal capital into early-stage companies.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Pre-seed to seed
- Capital position
- Equity or convertible
- Common use
- Back founders before institutional scale
- Risk lens
- Very high
- Capital source
- Personal wealth
- Decision maker
- Individual or syndicate lead
Illustrative public or category examplesAngel investorsOperator angelsSyndicates
Multi-asset investor
Family offices
Organizations managing the financial affairs and investments of one or more wealthy families.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- All stages
- Capital position
- Across the capital stack
- Common use
- Direct investment, co-investment and fund allocation
- Risk lens
- Flexible
- Capital source
- Family wealth
- Decision maker
- Principal, CIO or investment committee
Illustrative public or category examplesDFO ManagementSingle-family officesMulti-family offices
Fund investor
Venture-capital funds
Private funds investing pooled LP capital into high-growth companies.
Historical benchmark; no target IRR6.4% in H1 2025Cambridge Associates US Venture Capital Index return for the first half of 2025; this is historical period performance, not a forward IRR.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Seed to late stage
- Capital position
- Preferred equity
- Common use
- Build a portfolio of asymmetric growth outcomes
- Risk lens
- Very high
- Capital source
- Limited partners
- Decision maker
- Partners and investment committee
Illustrative public or category examplesSequoia CapitalIntel CapitalIFC-backed venture funds
Fund investor
Growth-equity funds
Funds investing in established, fast-growing companies, commonly through minority stakes.
Illustrative public proxy10.8% p.a.KKR 5-year USD expected annualized total return for private equity; this is neither a fund target nor a guaranteed IRR.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Scale-up to pre-IPO
- Capital position
- Preferred or common equity
- Common use
- Fund expansion and later-stage growth
- Risk lens
- High
- Capital source
- Institutional and private LPs
- Decision maker
- Investment committee
Illustrative public or category examplesBlackstone GrowthAres Private EquityGIC
Fund investor
Private-equity funds
Pooled private funds investing in buyouts, growth or structured equity.
Illustrative public proxy10.8% p.a.KKR 5-year USD expected annualized total return for private equity; this is neither a fund target nor a guaranteed IRR.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Established company
- Capital position
- Control or minority equity
- Common use
- Acquire and improve businesses
- Risk lens
- High
- Capital source
- Pensions, insurers, SWFs, endowments and private investors
- Decision maker
- Deal team and investment committee
Illustrative public or category examplesBlackstoneKKRAres Management
Institutional investor
Sovereign wealth funds
State-owned or state-mandated investment organizations managing public capital for long-term objectives.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- All stages
- Capital position
- Multi-asset
- Common use
- Preserve and grow public wealth or advance strategic objectives
- Risk lens
- Portfolio-specific
- Capital source
- State reserves, fiscal surpluses or transferred assets
- Decision maker
- Professional teams within statutory governance
Illustrative public or category examplesADIAGICPublic Investment Fund
Institutional investor
Pension funds
Pools of retirement assets invested to meet long-dated beneficiary obligations.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Long duration
- Capital position
- Multi-asset
- Common use
- Match long-term liabilities and earn portfolio returns
- Risk lens
- Policy-specific
- Capital source
- Employer and employee contributions
- Decision maker
- Board, CIO and investment committees
Illustrative public or category examplesPublic pension plansCorporate pension plansRetirement systems
Institutional investor
Insurance companies
Insurers invest premium-derived assets against regulated liabilities and capital requirements.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Medium to long duration
- Capital position
- Credit, public and private assets
- Common use
- Earn spread while matching claims and capital rules
- Risk lens
- Generally liability-aware
- Capital source
- Premiums and shareholder capital
- Decision maker
- CIO under risk and regulatory constraints
Illustrative public or category examplesLife insurersGeneral insurersReinsurers
Institutional investor
Endowments
Long-lived pools supporting universities, charities or other institutions.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Perpetual or long-term
- Capital position
- Multi-asset
- Common use
- Fund spending while preserving purchasing power
- Risk lens
- Policy-specific
- Capital source
- Donations and retained investment returns
- Decision maker
- Investment office and committee
Illustrative public or category examplesUniversity endowmentsCultural institutionsNonprofit endowments
Purpose-linked investor
Foundations
Organizations investing endowed or donated capital while funding a stated mission.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Long-term
- Capital position
- Multi-asset and program-related
- Common use
- Fund grants and mission-linked investments
- Risk lens
- Policy and mission-specific
- Capital source
- Endowment or donor capital
- Decision maker
- Trustees and investment committee
Illustrative public or category examplesPrivate foundationsCommunity foundationsCorporate foundations
Investment intermediary
Asset managers
Firms managing pooled or segregated portfolios for institutions and individuals.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Any
- Capital position
- Public and private assets
- Common use
- Implement investment strategies for clients
- Risk lens
- Mandate-specific
- Capital source
- Client and fund capital
- Decision maker
- Portfolio managers within mandate
Illustrative public or category examplesBlackstoneAres ManagementJ.P. Morgan Asset Management
Alternative fund
Hedge funds
Private pooled funds using flexible trading, leverage, hedging and event-driven strategies.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Liquid to event-driven
- Capital position
- Public securities, derivatives and private situations
- Common use
- Seek absolute or risk-adjusted returns
- Risk lens
- Strategy-specific
- Capital source
- Institutional and qualified private LPs
- Decision maker
- Portfolio manager and risk committee
Illustrative public or category examplesMulti-strategy fundsEvent-driven fundsCredit hedge funds
Public fund
Mutual funds
Registered pooled funds issuing redeemable shares and investing according to a prospectus.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Usually liquid
- Capital position
- Public securities
- Common use
- Provide diversified public-market exposure
- Risk lens
- Prospectus-specific
- Capital source
- Retail and institutional subscriptions
- Decision maker
- Portfolio manager within prospectus
Illustrative public or category examplesEquity fundsBond fundsBalanced funds
Strategic investor
Corporate investors
Operating companies investing for commercial and financial reasons.
Strategic and financial caseFinancial IRR may be secondaryStrategic investors may assess market access, technology, supply resilience or synergies alongside financial return.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Early to mature
- Capital position
- Equity, JV or acquisition
- Common use
- Secure technology, supply, distribution or market access
- Risk lens
- High
- Capital source
- Corporate balance sheet
- Decision maker
- Business sponsor, corporate development and investment committee
Illustrative public or category examplesIntel CapitalCorporate venture armsStrategic acquirers
Real-asset investor
Infrastructure funds
Funds investing in infrastructure projects, assets and operating platforms.
Illustrative public proxy10.3% p.a.KKR 5-year USD expected annualized total return for private infrastructure; project-level equity IRRs remain transaction-specific.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Development to operating
- Capital position
- Equity and sometimes debt
- Common use
- Build resilient, long-duration real-asset exposure
- Risk lens
- Medium to high
- Capital source
- Institutional LPs or balance-sheet capital
- Decision maker
- Investment committee
Illustrative public or category examplesBlackstone InfrastructureGICIFC
Real-asset investor
Real-estate funds
Funds investing in property equity, development, lending or special situations.
Illustrative public proxy8.9% p.a.KKR 5-year USD expected annualized total return for private real estate; property strategy and leverage can change outcomes materially.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Development to stabilized
- Capital position
- Equity or debt
- Common use
- Acquire, develop, reposition or lend against property
- Risk lens
- Medium to very high
- Capital source
- Institutional and private LPs
- Decision maker
- Investment committee
Illustrative public or category examplesBlackstone Real EstateADIAGIC
Purpose-linked investor
Impact funds
Funds with explicit financial and measurable impact objectives.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- All stages
- Capital position
- Debt, equity or blended
- Common use
- Finance social or environmental outcomes
- Risk lens
- Strategy-specific
- Capital source
- Institutional, philanthropic and public capital
- Decision maker
- Investment and impact committees
Illustrative public or category examplesIFCDevelopment finance institutionsSpecialist impact managers
Lender
Commercial banks
Deposit-taking institutions providing bilateral and syndicated credit under banking regulation.
Deal-specificReliable public range unavailableA single public range would create false precision. Use the term sheet, comparable transactions and current market evidence.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Operating or project
- Capital position
- Usually senior
- Common use
- Working capital, term debt, trade and project finance
- Risk lens
- Credit-policy specific
- Capital source
- Deposits, wholesale funding and equity
- Decision maker
- Credit committee
Illustrative public or category examplesRegional banksInternational banksRelationship banks
Intermediary and lender
Investment banks
Banks advising on transactions and underwriting or arranging securities and financing.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Corporate and capital markets
- Capital position
- Advisory, underwriting and bridge exposure
- Common use
- Execute M&A and capital-markets transactions
- Risk lens
- Transaction-specific
- Capital source
- Client mandate and, for banks, balance sheet
- Decision maker
- Commitment, underwriting and client committees
Illustrative public or category examplesGlobal investment banksRegional investment banksBoutique advisers
Lender
Private-credit funds
Private funds originating or acquiring non-public credit investments.
Illustrative public proxy6.7% return; 8.1% yieldKKR 5-year expected annualized return and current yield for direct lending in USD; deal pricing and realized loss experience vary.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Established to distressed
- Capital position
- Across the debt stack
- Common use
- Provide flexible non-bank financing
- Risk lens
- Medium to very high
- Capital source
- Institutional and private LPs
- Decision maker
- Credit investment committee
Illustrative public or category examplesAres CreditBlackstone CreditKKR Credit
Lender
Venture-debt funds
Specialist lenders financing venture-backed technology and life-sciences companies.
Deal-specificReliable public range unavailableA single public range would create false precision. Use the term sheet, comparable transactions and current market evidence.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Venture-backed growth
- Capital position
- Senior debt plus possible warrants
- Common use
- Extend runway between equity rounds
- Risk lens
- High
- Capital source
- Fund, BDC or bank balance sheet
- Decision maker
- Credit committee
Illustrative public or category examplesHercules CapitalInnovation banksSpecialist venture lenders
Junior lender
Mezzanine funds
Funds investing in subordinated debt, often with warrants or other equity participation.
Deal-specificReliable public range unavailableA single public range would create false precision. Use the term sheet, comparable transactions and current market evidence.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Buyout, recap or project
- Capital position
- Below senior debt
- Common use
- Fill gaps between senior debt and equity
- Risk lens
- High
- Capital source
- Institutional LPs
- Decision maker
- Credit investment committee
Illustrative public or category examplesMezzanine fundsPrivate-credit fundsSpecial-situations investors
Structured-credit investor
CLOs
Vehicles issuing tranched securities to finance portfolios of leveraged loans.
Illustrative public proxy5.9% return; 7.4% yieldKKR 5-year expected annualized return and current yield for leveraged loans in USD; this is not borrower all-in cost.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Syndicated loan market
- Capital position
- Loan portfolio funded by liabilities
- Common use
- Provide institutional demand for leveraged loans
- Risk lens
- Tranche-specific
- Capital source
- CLO note and equity investors
- Decision maker
- CLO manager within indenture tests
Illustrative public or category examplesCLO managersSenior-note investorsEquity-tranche investors
Public debt investor
Bond investors
Institutions or individuals buying tradable debt securities issued by governments, companies or projects.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Public markets
- Capital position
- Senior or junior bonds
- Common use
- Earn coupon and principal repayment
- Risk lens
- Security-specific
- Capital source
- Fund, institutional or personal capital
- Decision maker
- Portfolio manager or individual
Illustrative public or category examplesBond fundsPension fundsInsurance companies
Opportunistic investor
Special-situations funds
Funds investing around complexity, dislocation, distress, litigation, restructuring or event risk.
Deal-specificReliable public range unavailableA single public range would create false precision. Use the term sheet, comparable transactions and current market evidence.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Stressed or complex
- Capital position
- Debt, equity or claims
- Common use
- Underwrite complexity and downside recovery
- Risk lens
- Very high
- Capital source
- Institutional and qualified LPs
- Decision maker
- Investment committee
Illustrative public or category examplesAres Opportunistic CreditDistressed-debt fundsEvent-driven funds
Public or policy lender
Export credit agencies
Government-linked agencies providing loans, guarantees or insurance supporting eligible exports.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Trade and projects
- Capital position
- Debt, guarantee or insurance
- Common use
- Mobilize finance around export content
- Risk lens
- Policy and transaction-specific
- Capital source
- Government-backed capacity
- Decision maker
- Agency credit and policy committees
Illustrative public or category examplesNational export credit agenciesExport-import banks
Development investor
Development finance institutions
Publicly backed institutions investing to advance private-sector development and mobilize capital.
No universal returnMandate-specificThe capital-provider mandate, instrument, geography, currency, risk and duration determine the relevant return measure.
Last verified: 9 August 2026
Structure, risk and examples
- Stage / setting
- Emerging and frontier markets
- Capital position
- Debt, equity, guarantees and funds
- Common use
- Finance bankable projects with development impact
- Risk lens
- Development and credit mandate-specific
- Capital source
- Member governments and capital markets
- Decision maker
- Investment and development-impact committees
Illustrative public or category examplesIFCRegional development banksBilateral DFIs
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