About Liquid Link
Why Liquid Link is defined as a platform.
Liquid Link is Build Capital's digital economy investment platform. The definition is broad on purpose, and this page explains what that buys and what it costs.
A platform, not a fund
The simplest way to describe a digital investment effort is to name a fund and let the name carry the meaning. Build Capital has deliberately not done that. Liquid Link is defined as a platform, and the definition is written so that it is not read as a single fund with a broad mandate.
The benefit of that choice is freedom of structure. A platform can hold areas that need entirely different treatment, and each one can be structured for what it actually is at the point it becomes real, rather than being forced through a vehicle chosen before anyone knew what would go in it.
The cost is that a platform definition explains less on first reading than a product name does. This site's answer to that is to say what each area covers, one page at a time, and to be explicit about the difference between a scope and a holding.
The second reason
A fund name implies a fund exists. A definition, stated as a definition, implies nothing has been raised, formed or offered, which is an accurate description of where Liquid Link stands and a poor one to have to walk back later.
How it relates to Build Capital
Build Capital sits above this section as its parent, and it carries the institutional side of the work: structure, review, and the relationship with counsel. Within that, Liquid Link covers the part of Build Capital pointed at the digital economy, and it is intended to read as related to the parent while being more forward-looking in tone.
That relationship is not decoration. It is the reason this section is written under the same standards as the rest of the site: the same absence of figures, the same conditional grammar for anything not yet true, and the same rule that an empty slot is labelled rather than filled. A section that adopted a looser standard because its subject sounds faster-moving would be the weakest part of the firm's front rather than the sharpest.
In practice the difference between the two is one of tone and subject, not of discipline. Liquid Link can be terser and can lead with the point. It cannot claim more than Build Capital can, and on this site it does not.
The relationship
Build Capital is institutional and durable. Liquid Link is meant to feel related to it, and more forward-looking.
What this section does not say
It does not describe activity, because there is none. It does not carry a figure, because every figure a reader would expect would be about something that has not happened. It does not describe an offering, and nothing here is one.
What it does carry is the definition, the five areas, and an honest statement of where each of them stands. The five are Digital, Ventures, Media, Interactive and Labs, and Liquid Link sets out how they fit together.
Standard
Where nothing backs a sentence, this site leaves a labelled empty slot instead of writing the sentence.