Data Sources & Methodology
Figures and industry context shown across this site draw on the third-party data sources and firm records listed below, each with its as-at date. Figures are illustrative and for industry context only; third-party data has not been independently verified and is subject to change. Nothing here is an offer to sell or a solicitation of an offer to buy; any offer is made solely through the Confidential Offering Memorandum. Past performance of Fuel Venture Capital and its affiliated funds is not indicative of future results.
Market & industry data
- Jay Ritter, University of Florida - IPO (Initial Public Offering) statistics, including median age at IPO and historical IPO counts (data through 2025). site.warrington.ufl.edu/ritter
- Forge Global - pre-IPO secondary-market pricing, unicorn-IPO trends (2019–2025), and employee-equity data. forgeglobal.com
- Caplight - pre-IPO secondary-market transaction and pricing data (2024–2025). caplight.com
- Nasdaq Private Markets - secondary-market price indications for private companies (2024–2025). nasdaqprivatemarket.com
- Carta - employee-equity and option-exercise studies (2023–2024). carta.com
- Crunchbase - private-company funding and valuation data (June 2025). crunchbase.com
- PitchBook (Venture Monitor) - late-stage venture market norms (data as of 2024–2025). pitchbook.com
- Cambridge Associates - private-fund and venture performance benchmarks (2024–2025). cambridgeassociates.com
- National Venture Capital Association (NVCA) - standard venture fund terms and fund-formation guidance (e.g., the “2-and-20” fee structure and ~10-year fund life; norms as of 2024–2025). nvca.org
- S&P Dow Jones Indices - S&P 500 index-concentration data (2024). spglobal.com/spdji
Firm & portfolio data
- Fuel Venture Capital - firm-level AUM (Assets Under Management), fund count, and portfolio figures (as of December 31, 2025); past employee-option transaction data recorded through its investment vehicle, Fuel Innovation Market 100 (as of March 30, 2026); portfolio-company revenue figures as provided by company management (as-of dates shown on-page). fuelventurecapital.com
- Portfolio-company management - company-reported revenue / ARR (Annual Recurring Revenue) figures, including forward-looking estimates marked “Proj.” (provided by company management; not guarantees of future performance).
- Capital United / Cap-U internal analysis - internal estimates (e.g., trapped pre-exit equity), derived from the third-party data above.
Market events & news
- Press reporting on 2026 private-market events (e.g., issuer restrictions on SPV (Special Purpose Vehicle) share transfers) - drawn from contemporaneous reporting by outlets such as TechCrunch, CoinDesk, and Axios (May 2026).
Methodology notes
- Figures marked “illustrative,” “target,” or “Proj.” are estimates, not guarantees. Discount and return targets, and the methodology used to derive them, are described in the Confidential Offering Memorandum.
- Comparisons describe common characteristics of access routes in general and are not statements about any specific named provider; features, availability, and pricing differ by provider and over time.
- Unrealized MOIC (Multiple on Invested Capital) figures shown on past transactions are gross of management fees and carried interest; net returns to investors would be lower.
- Third-party data is used for industry context, has not been independently verified, and is subject to change without notice.
Substantiation
For the documented basis of any specific figure, please contact us through the Request Access process. Capital United maintains substantiation for the claims on this site in its books and records.