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Investing in a Private Company
Before those companies get big enough to go on to a stock exchange, to go public and have their stocks traded. As that company progresses, we call such things early stage or maybe seed stage companies. They're not publicly traded, which means those shares can't be easily sold. So the investors come in, they invest in these companies, and sometimes that happens with funds that specialize in either early stage or later stage companies before they go public.