Cap Table
A capitalisation table showing the equity ownership, dilution, and value of equity in a company across each round of investment.
Cap Table explained
A cap table answers who owns what, on what terms, and what happens to each holder in the next round or at exit. The complexity is rarely the equity itself; it comes from options, convertibles, warrants and liquidation preferences interacting. For an investor, the cap table is the bridge between headline valuation and actual expected proceeds.
How it works in practice
- Fully diluted ownership is modelled, not just issued shares.
- Preferences and participation terms are read before any return is quoted.
- Each round is stored as a version, so dilution over time is visible.
Common mistake
Quoting an ownership percentage from a term sheet without checking the option pool assumption behind it.
Why it matters in private capital
Cap Table sits inside a chain of decisions that runs from sourcing through diligence, investment committee, portfolio monitoring and LP reporting. When each stage lives in a different tool, the evidence behind the decision is rebuilt at every handover. Keeping the concept on one record is what makes the fund able to explain, not just report, what it did.
How Reuben AI handles Cap Table
Reuben AI is one platform for the full private capital workflow. Deal intake and screening at /deal-flow-management, diligence and IC memos at /ic-memo-software, portfolio monitoring and LP reporting at /lp-reporting-software all read from the same record, so Cap Table does not need to be re-entered per tool. Pricing is at /pricing.
Frequently asked questions
What is Cap Table?
A capitalisation table showing the equity ownership, dilution, and value of equity in a company across each round of investment.
How does Cap Table work in practice?
A cap table answers who owns what, on what terms, and what happens to each holder in the next round or at exit. The complexity is rarely the equity itself; it comes from options, convertibles, warrants and liquidation preferences interacting. For an investor, the cap table is the bridge between headline valuation and actual expected proceeds.
What is the most common mistake with Cap Table?
Quoting an ownership percentage from a term sheet without checking the option pool assumption behind it.
How does Reuben AI handle Cap Table?
Reuben AI keeps Cap Table on the same record as sourcing, diligence, investment committee, portfolio monitoring and LP reporting, so the underlying evidence does not have to be rebuilt for each workflow.
Related terms
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