TY - JOUR T1 - The Antidilution Death Spiral JF - The Journal of Private Equity SP - 35 LP - 44 DO - 10.3905/jpe.2002.320006 VL - 5 IS - 2 AU - Timothy J. Harris Y1 - 2002/02/28 UR - https://pm-research.com/content/5/2/35.abstract N2 - Private equity valuations in down rounds, when the portfolio company raises fresh money but the valuation is lower than in the prior round of funding, require careful computation because of previously negotiated antidilution provisions. These can be percentage-based or price-based antidilution. This article provides guidelines and an example of the calculations required to complete a down round when antidilution provisions are in force. ER -