Guide · 5 min

Assume startup investments are illiquid and can go to zero

Why loss capacity and time horizon matter before route selection.

Startup and early-stage investments are speculative. The company may fail and you may lose the entire amount invested.

Private securities may have transfer restrictions and no willing buyer. A stated holding period is not a promise of an exit.

If you may need the money in the near term, none of the five routes is a sensible next step based on that fact alone.