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In this book I have built on this background with the aim of describing a coherent, integrated way of providing risk capital for hire on a commercial basis, grounded in established business practice. The result shows a means for enterprises of all forms and sizes to raise risk capital without losing their independence, or borrowing. At the same time it respects the interests of investors with regard to security, risk and return.

The book is based on practical observations of individual cases over many years, ranging from projects carrying all the risks of start-up enterprises and new technology to major capital undertakings and infrastructure projects in Britain and overseas. In this period I had the pleasure and interest of working with a number of very able and motivated people. It is they who inspired and maintained my interest in this absorbing and challenging area of finance.

Yet all too often, sadly, the lack of risk capital on suitable terms frustrates the ambitions of such people. Much worse, it can lead them into unsuitable arrangements, often followed by debt and distress for themselves and for others involved in their enterprises. So while there is no single or simple solution to the difficulties associated with the provision of risk capital, if this book can lead to one complementary route, suited to finance providers and users alike, it will achieve its purpose.