By implication, all investors and investment funds bound by regulatory frameworks and/or LP contracts that limits them to conventional equity, in fixed structures and fund cycles or previously made promises to investors and where you talk to individuals without the means and flexibility to invest autonomously may find it more difficult to invest in a steward-ownership aligned way. Additionally, investors whose main goal is to take over a company are not aligned with steward-ownership.

This doesn’t mean pitches shouldn’t be made or conversations avoided — on the contrary, more and more investors are open to this kind of investment, and your company’s case might be the one that prompts them to rethink their investment approach. However, these conversations and pitches might not be fruitful and be more difficult.

This particularly applies to: 

• Conventional VC and PE funds
• Corporate investors pursuing a buy and build strategy