# Private placement memorandum (PPM)

The disclosure a [searcher](https://searchspheresource.com/glossary/searcher) gives investors when raising a fund.

Investors in the traditional lane expect one before committing units, and sending it to investors is effectively the raise going live. A sloppy PPM reads as a preview of sloppy reporting. The securities rules behind it are real law, so counsel drafts it, not a template.

In numbers: A searcher raising $450k of [search capital](https://searchspheresource.com/glossary/search-capital) across 15 units circulates a PPM stating the unit price, the 150% [step-up on conversion](https://searchspheresource.com/glossary/step-up-on-conversion) into deal equity, the budget by year, and the risk that the search ends with no acquisition at all.

Source: https://searchspheresource.com/glossary/private-placement-memorandum
Not dated: A definition is editorial: what a term means, why it matters, and an example. None of it reads a source that can go stale, so there is no date to take and a stamped one would be the build time wearing a costume.

Site index for machines: https://searchspheresource.com/llms.txt