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Glossary

First close

First close is the initial legal closing that turns fundraising commitments into an active fund or financing.

Accurate as of Jun 4, 2026

Capital FinancingFund Mechanics

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Related terms

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Co-investmentCo-investment is an investment made alongside another investor, usually a fund, lead investor, financial sponsor, or syndicate lead, into the same company or transaction.Dry powderDry powder is capital that an investor or fund has available to deploy but has not yet invested.Final closeFinal close is the final transaction date that ends a fundraising process and locks the committed capital for that fund or round.

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Usage can vary across firms, programs, and jurisdictions; this definition describes the venture-scouting context.