The term ‘private placement memorandum’(PPM), also known as an offering memorandum or offering document, refers to the legal document that is provided to prospective investors when selling stock or other securities. The disclosures included in the PPM vary depending on the exemption from registration type, the target investors, and the complexity of the terms of the offering. The presentation of the PPM is more factual and concrete than a business plan and addresses external and internal risks facing the company. Well drafted PPMs balance disclosure requirements with marketing elements designed to seal the deal.