How deals are selected
A short list, not a catalogue. The criteria every position is underwritten against, what you receive per deal, and what is deliberately absent.
The short answer
Axevil does not run a catalogue. The list of open deals is deliberately short: a limited number of companies, each underwritten in-house, each sized to matter, and the team invests alongside its investors on the same terms. What you receive on every deal is the reasoning and the terms — a deal memo, the valuation history, the entry terms and the cost structure — before you decide anything.
What a position has to clear
Category leadership Whether the company defines its category rather than competing inside someone else’s. Unit economics What the business actually earns per unit of what it sells, and whether that improves with scale. Cap table and rights Who else is on the register, what preferences sit above ordinary holders, and what the shares on offer actually entitle their holder to. Entry price The price relative to the last priced round and to what the secondary market has been paying — not the price in isolation. A company can be excellent and still fail the fourth test.
Everything the decision rests on, before the decision
A deal memo: what the company does, why this position, and what would have to be true for it not to work. Valuation history with dated sources, so you can see what changed and when. The entry terms and the structure of the costs, in the SPV’s own documents. The company’s own page on this site, where the public record is kept up to date independently of any deal. The catalogue of companies tracked — whether or not a deal is open — is at Market Intelligence, and how to read a company page explains the fields on it.
How a company gets onto the list
Sourcing. A holder willing to sell, or a company willing to allocate in a round. Most opportunities stop here: the shares exist, but the class, the price or the transfer restrictions make the position not worth holding. Underwriting. The four criteria above, worked through on the company’s own numbers and on the documents governing the shares — not on a sector thesis. Pricing. What the position costs against the last priced round and against what the secondary market has actually been paying. A good company at the wrong entry price is a decline. Structuring.
What you will not find in a deal memo
There are no return projections, no target multiples and no IPO dates. Not as a matter of tone — a projection about a private company is a guess dressed as an estimate, and presenting one would misrepresent what is knowable. Where a company’s own management has said something publicly about its listing plans, that is reported with the date and the source, and left as what it is: a statement by the company, not a forecast by Axevil. A short list is a position, not a limitation. Breadth is easy to manufacture; conviction is what it costs to hold.