"Investors build portfolios across several layers: fund-of-funds investments provide broad diversification, venture capital and private equity funds target specific stages of company development, and direct investments allow investors to back selected companies alongside trusted fund managers.
For founders, understanding this structure can make fundraising more targeted and effective. It helps them identify the investors most relevant to their stage, understand how investment decisions are made and recognise when a fund or its investment partners could support their next round."
