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What is a Private Placement Memorandum?

A Private Placement Memorandum, or “PPM,” is a disclosure document often used in connection with a private offering of securities. It contains a compilation of information about the company issuing the securities, the terms of the securities, and the risks of investing in those securities. This article explains the legal background underlying why a PPM is commonly used and overviews what is typically included in a PPM. Why Use a PPM? Put simply, a PPM is used to inform potential investors about an offering of securities. The amount of disclosures included in a disclosure document like a PPM varies among private companies...

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