Liquidity paths that depend on approvals and relationships no cap table will show you.
A clean liquidation preference doesn't guarantee a clean exit. Outbound capital movement, listing approvals, and buyer eligibility all run through processes that sit outside the term sheet, and can move on their own timeline.
ZINVEO maps the actual mechanics behind a stated exit path: which approvals it depends on, which of those have precedent, and which are optimistic assumptions dressed up as a strategy.
Exit path, by mechanism
| Domestic IPO | Listing approval on current timeline | Regulatory review cycles and sector-specific freezes |
| Overseas listing | Smooth cross-border data & approval process | Data security review, SAFE approval for capital movement |
| Trade sale | Willing buyer at expected valuation | Buyer's own foreign-ownership and antitrust constraints |
ZINVEO does not decide. It exposes structural asymmetry. Final decision remains
with the Investment Committee.
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