Private equity involves investing in companies that are not listed on the stock exchange. They are therefore less liquid (i.e. it is more difficult to buy or sell shares) and each acquisition or disposal involves a much longer process than for listed shares. Like other types of market, there are primary and secondary transactions. In this case, primary means that the investor finances the entrepreneur through a capital increase that will contribute to value creation within the company. He will then have cash to finance new projects. This is what we call growth capital. The secondary market consists of buying back the shares of the existing shareholder. This does not imply a cash injection for the company, but simply a transfer of rights between shareholders. At TheClubDeal, we focus almost exclusively on the primary market, our objective being to provide the necessary means to entrepreneurs to develop their projects.