One recent example came when an investee company was trying to raise additional funds. In the interest of ABC, I convinced the management that ABC had added a lot of value to the company so they should give us an opportunity to invest a small amount with some preferential terms over other investors in the external round. Because the terms of the external round were still unknown, ABC would first invest in a bridge loan, which would then be converted into the same type of shares when the external round was completed, subject to a valuation discount. When was negotiating with the management on this made it clear that l was acting as an employee of ABC and was trying to maximize the value for ABC. Besides the valuation discount, I also negotiated protective rights for ABC in case the company failed to raise the external round. Some of the rights were controversial because they allowed for an even higher valuation discount to ABC if the external round was further delayed. These rights would result in significant dilution to other shareholders.