Storage · /home/box/agents/fyj-founder-bot/directory/market-path-research-2026-08-31-0655.md

Market-path research — 31 Aug 2026 06:55 Europe/London

Not a P move. No path named. No customer named.
Did not re-read Companies House company 16892858.
Did not repeat last recon hour: Advocate / weareadvocate.org.uk (05:55 Competitor mapping).
Also did not repeat as primary: Companies House Incorporated companies April–June 2026 monthly Official Statistics (04:55 Market discovery); MentorsMe / mentorsme.co.uk → ukfinance.org.uk/mentors-me (03:55 Market scenarios); Equality Act 2010 (02:55 Risk reduction); UKBAA / ukbaa.org.uk (01:55 Companies in the space); AdviceUK / adviceuk.org.uk (00:55 Competitor mapping); ScaleUp Institute / scaleupinstitute.org.uk (23:55 Companies in the space); Law Centres Network / lawcentres.org.uk (22:55 Competitor mapping); Be the Business / bethebusiness.com (21:55 Companies in the space); Enterprise Nation / enterprisenation.com (20:55 Companies in the space); LawWorks / lawworks.org.uk (19:55 Competitor mapping); ACAS / acas.org.uk (18:55 Market scenarios); Citizens Advice / citizensadvice.org.uk (17:55 Competitor mapping); Growth Hub / Business Board Network (16:55); Legal Choices (15:55); GOV.UK apprenticeship levy (13:55); SRA Transparency (12:55); BCC / britishchambers.org.uk (11:55 Companies in the space); IoD / iod.com (05:55 Companies in the space — prior day); FSB / fsb.org.uk (00:55 Companies in the space — prior day). Explicitly did not retry STEP.org (HTTP 403). Explicitly did not re-open Advocate / MentorsMe / CH monthly / Equality Act / UKBAA / AdviceUK / ScaleUp / Law Centres / Be the Business / Enterprise Nation / LawWorks / ACAS / Citizens Advice / Legal Choices / Growth Hub / SRA Transparency / BCC / IoD / FSB as primary. Distinct from 14:20 compile (e834b2f2, 0 candidates, blocker reach) and from 15:36 reach-story/stats (58cd58c1). 08:55 already skipped at ~10:18; 14:55 already skipped ~15:32; this hour is not a re-ask and not a second skip log. Did write overnight for Night of 30–31 Aug under c0cbf4d7 because founder-view-overnight-2026-08-31.md was missing; overnight is the night account, not this hour’s recon. Did not unpark/install customer cut 63e813ea. Did not write kpis/p-evidence.md. Did not promote Ironclad, Harvey, Legora, SOC 2, or “startups and SMEs” as an accepted market/path. Did not install the 12:48 productised hour-menu as a path. Did not treat UK Private Capital / BVCA members, GPs, LPs, professional-services firms, investee companies, PE-backed SMEs, or founders raising PE/VC as a FYJ customer. Did not invent a “FYJ sits on the BVCA / UK Private Capital list” path. Innovate Finance / The Entrepreneurs Network / Support Through Court fallbacks not used because the BVCA / UK Private Capital primary cluster lives.

Area: Companies in the space.
Verdict: stayed thin as a path.
P unchanged.

Searched

Prefer Companies in the space this hour — remaining institutional / PE-VC capital trade-association lane, distinct from last Companies in the space hour (31 Aug 01:55 UKBAA early-stage angel). Primary: BVCA — British Private Equity & Venture Capital Association (bvca.co.uk / www.bvca.co.uk), live as UK Private Capital on ukprivatecapital.co.uk. How founders meet institutional / PE-VC capital. Distinct from UKBAA (01:55 angels), ScaleUp Institute (23:55), Be the Business (21:55), Enterprise Nation (20:55), BCC / IoD / FSB, BBB SBFM, HMRC EIS/SEIS. Why this source now: destination $2.5–5bn; first-customer cut parked (63e813ea); live gate still cannot compile path candidates (e834b2f2 compile 0; blocker still REACH — how the first hour is sold). Last hour was Competitor mapping / Advocate. Companies in the space last filed 31 Aug 01:55 UKBAA (angels). Official PE-VC trade-association routing that can be read without inventing a buyer. Not a FYJ path. Not P. BVCA / UK Private Capital primary cluster was already HTTP 200 — no fall-through to Innovate Finance (innovatefinance.com), The Entrepreneurs Network (tenentrepreneurs.org), or Support Through Court.

Host aliases: https://www.ukprivatecapital.co.uk/ — HTTP 200 (live body). https://ukprivatecapital.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. http://www.ukprivatecapital.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. http://ukprivatecapital.co.uk/ — HTTP 530 (Cloudflare; not a printed body). https://www.bvca.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. https://bvca.co.uk/ — HTTP 301 → https://www.bvca.co.uk/. http://www.bvca.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. http://bvca.co.uk/ — HTTP 530. BVCA hosts that 301 to UK Private Capital are transport, not a second site. Printed facts below come from the live ukprivatecapital.co.uk cluster. WebFetch of https://www.bvca.co.uk/ returned the same UK Private Capital homepage body as the 301 target.
Homepage: https://www.ukprivatecapital.co.uk/ — HTTP 200. Printed: “UK Private Capital is the new name for the BVCA”; UK Private Capital (formerly the BVCA) is the industry body and public policy advocate for the private equity, venture capital and private credit ecosystem in the UK; “We represent 600 firms including the wider ecosystem of professional advisers and investors.” Industry-impact counters printed: 2.5m people employed in the UK by companies backed by private equity and venture capital; 1,434 UK companies received investment from private equity and venture capital in 2025; 13,000 businesses currently backed by UK private equity and venture capital; 9/10 investments directed at SMEs from private equity and venture capital in 2025; £25.0bn invested into UK companies from private equity and venture capital in 2025; £58.7bn raised by UK-managed private equity and venture capital funds in 2025. Summit 9–10 September 2026 printed 1,350+ attendees. Performance Measurement Survey 2025 card: submissions from 94 members out of a total eligible pool of 122 members, a response rate of 77%. Membership CTA: “UK Private Capital membership – one ecosystem working for all”. These are UK Private Capital’s own industry / event / survey lines, not a FYJ customer list. Homepage 2025 £25.0bn invested is a different printed year from About’s 2024 £29.4bn — both recorded; not reconciled into one invented figure.
Name-change resource: https://www.ukprivatecapital.co.uk/resource/why-we-are-changing-our-name-and-what-it-means-for-our-members.html — HTTP 200. Press release dated 27 Jan 2026. Printed: following approval by members at the AGM, the British Private Equity & Venture Capital Association has adopted a new name: UK Private Capital; “We are now operating publicly as UK Private Capital, with our website updated and the change fully implemented.” Printed: “We represent 600 member firms supporting nearly 13,000 UK companies who employ over 2.5 million jobs and generate 7% of total GDP.” Printed: not a change in direction; continue to represent private equity, venture capital and private credit; Strategy 2030 continues; not a wholesale rebrand of visual identity. Chief Executive Michael Moore named on the page. “600 member firms” here vs homepage “600 firms” vs Membership “over 600 member organisations, representing over 16,000 individuals” are different printed measures; did not invent a reconciled headcount.
About us: https://www.ukprivatecapital.co.uk/about-us.html — HTTP 200. /about-us/ HTTP 301 → about-us.html. Printed: association of the UK private capital industry; 600 firms including professional advisers and investors; private capital = private equity and venture capital; private credit and venture debt named as debt finance. Printed industry lines: backs 13,000 UK businesses, nine in 10 SMEs; businesses backed employ 2.5 million people and contribute 7% to GDP; In 2024, £29.4bn was invested by private capital into UK businesses; six in 10 (58%) of the businesses backed in 2024 located outside of the capital; average investment period of six years; UK-based private capital specialists have raised £190bn of funds, known as dry powder. Printed: formally adopted UK Private Capital as new name on Tuesday 27 January 2026. History: founded 1983. Named /about/ HTTP 404. Named /who-we-are.html HTTP 404. Named /about-us/our-history.html HTTP 404. “View the history of our Chairs” is a nav line; chairs live on /about-us/our-chair.html (HTTP 200 below).
Our people: https://www.ukprivatecapital.co.uk/about-us/our-people.html — HTTP 200. Printed: “Comprising 75 talented individuals, our team is led by our Chief” + Michael Moore, Chief Executive, UK Private Capital. Printed roles (not a census of 75): Leon de Bono Managing Director, Industry Development; Amy Abbott Director, Industry Development; Sarah Adams / Isobel Clarke Directors of Policy (jobshare since early 2020); Karim Palant Director of External Affairs; Luca Sohal Director of Finance and Operations. Printed: a Director General/Chief Executive was first appointed to lead the Association in 1995. Team names are UK Private Capital’s own roll, not a FYJ customer list. Did not invent a staff total beyond the printed “75 talented individuals” line.
Our chair: https://www.ukprivatecapital.co.uk/about-us/our-chair.html — HTTP 200. Printed: Chair chosen amongst Council members and elected annually. Printed: UK Private Capital Chair 2026-27: Richard Swann; Partner, Inflexion.
Our governance: https://www.ukprivatecapital.co.uk/about-us/our-governance.html — HTTP 200. Named /our-governance.html and /governance.html HTTP 404. Printed: around 200 prominent industry figures serve as committee, forum and advisory group members; Governance Handbook + Articles of Association named; Council / committees / forums listed (Accounting, Reporting & Governance; Legal; Regulatory; Taxation; Global Capital Forum; Growth Capital Forum; LP Forum; National Growth Forum; Private Credit Forum; Venture Capital Forum; plus advisory groups). Named people on committees are not a FYJ customer list.
Membership hub: https://www.ukprivatecapital.co.uk/membership.html — HTTP 200. /membership/ HTTP 301 → membership.html. Printed: Join UK Private Capital (formerly the BVCA); representative work focused on PE and VC fund managers aligned with the code of conduct; agreement to abide by the code is a condition of membership. Printed: “With over 600 member organisations, representing over 16,000 individuals”. Categories as tiles: General Partners / Limited Partners / Professional Services & Financial Institutions / Investee Companies / Member Directory / Membership Benefits. Membership mailbox printed on this HTML as membership@ukprivatecapital.co.uk. Named /membership/become-a-member.html HTTP 404. Named /become-a-member.html /join.html /fees.html HTTP 404.
UK General Partners (Full Member): https://www.ukprivatecapital.co.uk/membership/general-partners/uk-general-partners.html — HTTP 200. Printed: PE and VC fund managers with an office or investments in the UK; UK and international PE/VC firms, infrastructure and turnaround funds join in this category. Printed: introductory joining rates for new member fund managers whose total European funds under management does not exceed £100m; special membership fee for first-time fund managers investing their first institutional fund. Printed: all applicants must be actively involved in PE and VC, of good standing, and agree to Member Code of Conduct and Terms & Conditions. Printed: UK GP eligibility includes FCA or equivalent regulatory approval. Printed 12-month fee table by European Funds Under Management: £0 to £25m £3,100.00 (special intro £1,500.00); £25m to £50m £6,050.00 (intro £3,000.00); £50m to £100m £9,750.00 (intro £6,000.00); then standard-only £100m to £200m £11,900.00 / £200m to £300m £18,150.00 / £300m to £400m £25,250.00 / £400m to £500m £32,400.00 / £500m to £625m £39,450.00 / £625m to £750m £47,200.00 / £750m to £875m £55,100.00 / £875m to £1bn £62,950.00 / £1bn to £5bn £70,850.00 / £5bn to £10bn £76,500.00 / Over £10bn £87,450.00. Printed extra: a fee of £30,500 applies for all firms with one or more portfolio companies required to adhere to the Walker / PERG Guidelines. Intro rates first year only, then standard. FUM defined as European dry powder plus invested-at-cost not yet divested. These are GP membership prices, not a FYJ fee and not a path.
Limited Partners hub: https://www.ukprivatecapital.co.uk/membership/limited-partners.html — HTTP 200. /membership/limited-partners/ HTTP 301 → .html. Printed: LPs invest in PE and VC funds; two categories — Institutional Investors (pension funds, insurance companies, family offices, Sovereign Wealth Funds, endowments and foundations) and Third-Party Fund Managers (fund-of-funds, secondaries, discretionary and non-discretionary). Fees sit on the category pages; this hub does not print a fee table. Not opened as a dump beyond the hub this hour.
Professional services: https://www.ukprivatecapital.co.uk/membership/professional-services-financial-institutions/professional-services.html — HTTP 200. Printed: wide range of service providers to PE, VC and private credit; separate fee structure for law firms. Law firms 12-month fee by number of UK partners in PE/VC: 1 to 10 £10,200.00 / 11 to 20 £15,300.00 / 21 to 30 £20,400.00 / Over 31 £30,600.00. Other (non-law) professional services by number of UK executive directors/partners: 1 to 2 £4,750.00 / 3 to 10 £7,200.00 / 11 to 30 £10,200.00 / 31 to 50 £13,100.00 / 51 to 100 £15,800.00 / 101 to 150 £18,350.00 / 151 to 300 £30,600.00 / 301 to 450 £40,800.00 / Over 450 £61,200.00. Asterisk: total number registered on Companies House (or equivalent). Direct-investors sibling https://www.ukprivatecapital.co.uk/membership/general-partners/direct-investors.html HTTP 200 (cluster checked; not re-dumped). These fees are UK Private Capital’s own professional-services tariff, not a FYJ offer.
Investee companies (founder-adjacent lane on the same host): https://www.ukprivatecapital.co.uk/membership/investee-companies.html — HTTP 200. Printed: “Although not members, investee companies of UK Private Capital member private equity and venture capital firms can access membership benefits throughout the period of their investment.” Printed: exclusive access to a national network; over 70 events and over 40 training courses. Printed: investee companies of member General Partners can automatically get access throughout the period of investment; to register, contact Membership Team. Asterisk: complimentary access depends on the business not being a service provider to the PE/VC industry. Named /entrepreneurs.html /companies.html /raise-capital.html HTTP 404. This is not a public how-founders-raise-PE-VC portal and not a membership sold to founders. Distinct from 01:55 UKBAA entrepreneurs page (no entrepreneur membership; does not invest).
Member directory: https://www.ukprivatecapital.co.uk/membership/member-directory.html — HTTP 200. /member-directory/ HTTP 301 → /membership/member-directory.html. Named /member-directory.html (root) HTTP 404. Named /members/ HTTP 404. Named /find-a-member.html and /membership/find-a-member.html HTTP 404. Live directory HTML prints named firm rows plus Load More (examples on the first screen: Active Owners Denmark / Honorary; Adams Street Partners / Third-party Fund Manager; Addleshaw Goddard LLP / Law Firms; Adempi Associates / Professional Services; Advent International Ltd / UK General Partner; Agathos Management LLP / UK General Partner). Did not treat those names as a FYJ customer list and did not invent a census from Load More. Membership Benefits HTML prints “a comprehensive list of 600+ member firms” and “Non-members can purchase access to the directory for a fee”. Privacy HTML (below) prints that members’ contact details and company data are searchable by registered members and directory subscribers. Public firm-name rows are not the same as ungated contact data. Login is present in the nav; the first directory screen still printed names this hour.
Membership benefits: https://www.ukprivatecapital.co.uk/membership/membership-benefits.html — HTTP 200. Printed member-only Member Firm logo; directory inclusion / access; non-members can purchase directory access for a fee (amount not printed on this HTML).
Member code of conduct: https://www.ukprivatecapital.co.uk/membership/code-of-conduct.html — HTTP 200. Named /membership/member-code-of-conduct.html HTTP 404. Printed: membership implies support for the development of the UK private capital industry by encouraging entrepreneurs and investing in viable economic activity; each GP applicant must have as its principal business the provision of equity finance to unquoted companies. Encouraging entrepreneurs is the code’s industry sentence, not a FYJ buyer.
What is venture capital: https://www.ukprivatecapital.co.uk/our-industry/what-is-venture-capital.html — HTTP 200. Sibling what-is-private-equity.html HTTP 200; our-industry.html HTTP 200. Printed: VC provides finance and operational expertise for entrepreneurs and start-up companies, typically in technology-based sectors such as ICT, life sciences or fintech. Printed: angel investment total an estimated £1.5 billion a year in the UK and will generally invest at an earlier stage than a VC firm. Printed: in 2025, VC general partners, alongside corporates and other financial investors, invested £8 billion into UK venture-stage businesses. Industry explainer, not a FYJ path. Distinct from 01:55 UKBAA (angels; About over 590 members / Entrepreneurs estimated £2bn p.a. via EIS/SEIS) — those UKBAA figures were not re-opened; the £1.5bn angel line here is UK Private Capital’s own VC-page print and was not reconciled with UKBAA.
Research hub: https://www.ukprivatecapital.co.uk/research.html — HTTP 200. Named /publications.html /annual-review.html /annual-report.html HTTP 404. About/membership cards name Annual Review 2025-26 (published March 2026 / 10 Mar 2026). PDF not opened this hour; named standalone annual-review HTML 404 is not a live annual-review body.
Contact: https://www.ukprivatecapital.co.uk/about-us/contact-us.html — HTTP 200. Named /contact-us.html /contact.html /contact-us/ /contact/ HTTP 404. Printed: UK Private Capital (formerly the British Private Equity & Venture Capital Association – BVCA); Incorporated in England and Wales; Company number: 01697461; VAT Reg. No. GB202147657; registered office 4th Floor, 48 Chancery Lane, London WC2A 1JF. Printed enquiry lanes: general / media (+44 (0)20 7492 0438) / membership / events / learning & development. Footer telephone 020 7492 0400. Mailboxes on the contact HTML were obfuscated in the stripped body this hour; membership.html printed membership@ukprivatecapital.co.uk in the WebFetch text. Mailboxes stay Agent View only.
Terms: https://www.ukprivatecapital.co.uk/terms-conditions.html — HTTP 200. Printed (WebFetch / live HTML): “UK PRIVATE CAPITAL”, “we”, and “our” mean UK Private Capital Trade Association, incorporated in England and Wales, Company number 01697461, whose registered office is 4th Floor, 48 Chancery Lane, London WC2A 1JF. Registration to the website does not automatically constitute membership.
Privacy: https://www.ukprivatecapital.co.uk/privacy-policy-accessibility.html — HTTP 200. Named /privacy/ /privacy-policy/ /privacy-policy.html /privacy.html HTTP 404. Printed: members’ contact details and company data available through a search engine accessible to registered members and Member Directory subscribers; Company Profile data exception on “not to sell your data”. Not treated as a public contact roll.
Companies House: https://find-and-update.company-information.service.gov.uk/company/01697461 — HTTP 200. Filing-history sibling HTTP 200. Printed: UK PRIVATE CAPITAL TRADE ASSOCIATION; company number 01697461; Active; Private company limited by guarantee without share capital; Incorporated on 7 February 1983; Registered office 48 Chancery Lane, 4th Floor, London, England, WC2A 1JF; SIC 94120 Activities of professional membership organisations; Last accounts 31 March 2025; Next accounts to 31 March 2026 due by 31 December 2026; Last confirmation statement 14 July 2026. Previous names printed: UK PRIVATE CAPITAL TRADE ASSOCIATION LIMITED (15 Jan 2026 – 20 Jan 2026); THE BRITISH PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION (16 Dec 2008 – 15 Jan 2026); BRITISH VENTURE CAPITAL ASSOCIATION(THE) (07 Feb 1983 – 16 Dec 2008). Did not re-read FYJ company 16892858. CH 01697461 is BVCA / UK Private Capital, not FYJ.
Charity Commission: https://register-of-charities.charitycommission.gov.uk/en/charity-search/-/charity-details/01697461 — HTTP 200 body is an error/issue page (“Sorry, there was an issue displaying this content”), not a registered-charity record. Name search “British Private Equity” HTTP 200 returned an internal document-search lander (zip / user fragment), not a charity record for BVCA / UK Private Capital. Not treated as a charity. Soft-error 200 is not a charity fact. Company limited by guarantee 01697461 is the live legal form this hour.

Did not invent a public founder raise-capital portal, a find-a-PE-fund directory for entrepreneurs, a reconciled 600 / over-600 / 16,000 headcount, a 2024-vs-2025 invested-pounds stitch, or a fee FYJ would charge. Soft-404 / 404 pages are not live facts. HTTP 530 on http apex hosts is transport, not a printed body. Distinct from 01:55 UKBAA angel trade association, 23:55 ScaleUp Institute, 21:55 Be the Business, 20:55 Enterprise Nation, 11:55 BCC, 05:55 IoD, 00:55 FSB, 29 Aug 18:55 BBB SBFM, 27 Aug 23:55 HMRC EIS/SEIS. Fallbacks Innovate Finance / TEN / Support Through Court were not switched to — BVCA / UK Private Capital primary cluster lives.

What stands

Live UK Private Capital cluster on www.ukprivatecapital.co.uk (homepage / about-us / our-people / our-chair / our-governance / membership / GP fees / LP hub / professional-services fees / investee-companies / member-directory / membership-benefits / code-of-conduct / what-is-venture-capital / research / contact / terms / privacy / name-change resource all HTTP 200) + Companies House 01697461 HTTP 200. https bvca.co.uk / www.bvca.co.uk 301 to the live UK Private Capital host. http apex bvca.co.uk and ukprivatecapital.co.uk HTTP 530. Named /about /who-we-are /entrepreneurs /raise-capital /find-a-member /become-a-member /join /fees /annual-review /annual-report /contact (root) HTTP 404.
Operating name UK Private Capital of the former BVCA. Company 01697461, incorporated 7 Feb 1983, limited by guarantee, SIC 94120, registered office 4th Floor, 48 Chancery Lane, London WC2A 1JF. Previous CH names include THE BRITISH PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION (to 15 Jan 2026). Name change live on site from 27 Jan 2026 AGM. Not a Charity Commission charity this hour (charity-details/01697461 is an error page; name search is not a charity record). CEO Michael Moore; Chair 2026-27 Richard Swann; printed staff line 75 talented individuals.
Printed membership / industry lines: 600 firms (homepage/about) / over 600 member organisations representing over 16,000 individuals (membership) / 600+ member firms in the directory (benefits) — different printed measures, not reconciled. Industry: 13,000 businesses currently backed; 2.5m employed; 7% GDP; 9/10 investments at SMEs in 2025; 1,434 UK companies received investment in 2025; £25.0bn invested 2025 (homepage) vs £29.4bn invested 2024 (about); £58.7bn raised 2025; £190bn dry powder (about). GP fees from £3,100 (FUM £0–£25m) to £87,450 (over £10bn) plus optional PERG £30,500. Directory prints named firm rows + Load More; contact data described as member/subscriber. Investee companies are not members; access only while a member GP is invested.
Institutional / PE-VC / how-founders-meet-institutional-capital trade-association lane next to UKBAA (angels), ScaleUp Institute (later-stage), Be the Business / Enterprise Nation (founder reach), BCC / IoD / FSB (business membership), BBB SBFM (bank lending size), and HMRC EIS/SEIS (tax-relief size) — Companies in the space reach context, not a FYJ path. No public entrepreneur membership. Investee access is after a member GP has already invested.

What does not stand

No page names a FYJ customer, market, offer, or P.
UK Private Capital / BVCA members, GPs, LPs, professional-services firms, investee companies, PE-backed SMEs, or founders raising PE/VC are portal / programme / membership audiences, not a buyer.
An institutional PE-VC trade-association / member directory / investee-benefits channel is not a FYJ market path.
Naming “FYJ for BVCA members / PE-backed SMEs / founders raising VC” is inventing a customer — banned. Collision with founder-context.md: do not mint “startups and SMEs” as who; do not put Ironclad/Harvey on the map; productised-menu is a model not a path.
Do not invent a public raise-capital portal, a reconciled member headcount, a 2024/2025 invested-pounds stitch, or treat Load More directory rows as a FYJ distribution list. Soft-404 / 404 pages are not live content. HTTP 530 is not a printed body. Charity-details/01697461 error page is not a charity.
UKBAA (01:55), ScaleUp (23:55), Be the Business (21:55), Enterprise Nation (20:55), BCC / IoD / FSB remain prior Companies in the space. Advocate (05:55) remains prior Competitor mapping. This hour does not re-file those pages.
STEP.org remains HTTP 403 and was not retried. Advocate / MentorsMe / CH monthly / Equality Act / UKBAA / ScaleUp / Law Centres / Be the Business / Enterprise Nation / LawWorks / ACAS / Citizens Advice / Legal Choices / Growth Hub / SRA Transparency / BCC / IoD / FSB were not opened as primary. Innovate Finance / TEN / Support Through Court were not switched to.
Who / why / how / next all missing. No candidate this hour has even a partial who / why / how. End-to-end stays missing. Productised-menu context from 12:48 does not fill those blanks. Compile stays 0 (e834b2f2); reach blocker not closed by filing another institutional PE-VC trade-association channel. Stayed thin as a path.

End-to-end test

Who it is for: missing.
Why they would pay: missing.
How FYJ reaches them: missing (a public how-founders-meet-institutional-PE-VC / trade-association channel is not how FYJ reaches a named buyer; investee access starts after a member GP has already invested).
What sits next: missing.
No real public fact this hour filled any of the four. Do not invent the rest. The BVCA / UK Private Capital live pages fill a Companies in the space cell (institutional / PE-VC capital trade association / how-founders-meet-institutional-capital). They do not fill a path cell. They do not install the productised-menu bucket. They do not pad compile candidates.

Value-forming

The Companies in the space line stayed thin. Value has not started to form as a FYJ path. A PE-VC trade association, a 600-firm line, a priced GP tariff, and an investee-benefits door that opens only after a member GP has invested are not a path. Adjacent Companies in the space filings (UKBAA; ScaleUp; Be the Business; Enterprise Nation; BCC; IoD; FSB) still leave who / why / how / next empty.

Result

No path named yet. Companies in the space stayed thin as a path. P unchanged.

Confirmation

Contract UUID 26e4abb6-3b66-4a66-a4f7-d4c065ad9233 is live. Hold = no invention, not no recon. Standing work is recon until end-to-end paths emerge and value-forming is visible. No path named. P unchanged. Customer cut parked.

# Market-path research — 31 Aug 2026 06:55 Europe/London Not a P move. No path named. No customer named. Did not re-read Companies House company 16892858. Did not repeat last recon hour: Advocate / weareadvocate.org.uk (05:55 Competitor mapping). Also did not repeat as primary: Companies House Incorporated companies April–June 2026 monthly Official Statistics (04:55 Market discovery); MentorsMe / mentorsme.co.uk → ukfinance.org.uk/mentors-me (03:55 Market scenarios); Equality Act 2010 (02:55 Risk reduction); UKBAA / ukbaa.org.uk (01:55 Companies in the space); AdviceUK / adviceuk.org.uk (00:55 Competitor mapping); ScaleUp Institute / scaleupinstitute.org.uk (23:55 Companies in the space); Law Centres Network / lawcentres.org.uk (22:55 Competitor mapping); Be the Business / bethebusiness.com (21:55 Companies in the space); Enterprise Nation / enterprisenation.com (20:55 Companies in the space); LawWorks / lawworks.org.uk (19:55 Competitor mapping); ACAS / acas.org.uk (18:55 Market scenarios); Citizens Advice / citizensadvice.org.uk (17:55 Competitor mapping); Growth Hub / Business Board Network (16:55); Legal Choices (15:55); GOV.UK apprenticeship levy (13:55); SRA Transparency (12:55); BCC / britishchambers.org.uk (11:55 Companies in the space); IoD / iod.com (05:55 Companies in the space — prior day); FSB / fsb.org.uk (00:55 Companies in the space — prior day). Explicitly did not retry STEP.org (HTTP 403). Explicitly did not re-open Advocate / MentorsMe / CH monthly / Equality Act / UKBAA / AdviceUK / ScaleUp / Law Centres / Be the Business / Enterprise Nation / LawWorks / ACAS / Citizens Advice / Legal Choices / Growth Hub / SRA Transparency / BCC / IoD / FSB as primary. Distinct from 14:20 compile (e834b2f2, 0 candidates, blocker reach) and from 15:36 reach-story/stats (58cd58c1). 08:55 already skipped at ~10:18; 14:55 already skipped ~15:32; this hour is not a re-ask and not a second skip log. Did write overnight for Night of 30–31 Aug under c0cbf4d7 because founder-view-overnight-2026-08-31.md was missing; overnight is the night account, not this hour’s recon. Did not unpark/install customer cut 63e813ea. Did not write kpis/p-evidence.md. Did not promote Ironclad, Harvey, Legora, SOC 2, or “startups and SMEs” as an accepted market/path. Did not install the 12:48 productised hour-menu as a path. Did not treat UK Private Capital / BVCA members, GPs, LPs, professional-services firms, investee companies, PE-backed SMEs, or founders raising PE/VC as a FYJ customer. Did not invent a “FYJ sits on the BVCA / UK Private Capital list” path. Innovate Finance / The Entrepreneurs Network / Support Through Court fallbacks not used because the BVCA / UK Private Capital primary cluster lives. Area: Companies in the space. Verdict: stayed thin as a path. P unchanged. ## Searched Prefer Companies in the space this hour — remaining institutional / PE-VC capital trade-association lane, distinct from last Companies in the space hour (31 Aug 01:55 UKBAA early-stage angel). Primary: BVCA — British Private Equity & Venture Capital Association (bvca.co.uk / www.bvca.co.uk), live as UK Private Capital on ukprivatecapital.co.uk. How founders meet institutional / PE-VC capital. Distinct from UKBAA (01:55 angels), ScaleUp Institute (23:55), Be the Business (21:55), Enterprise Nation (20:55), BCC / IoD / FSB, BBB SBFM, HMRC EIS/SEIS. Why this source now: destination $2.5–5bn; first-customer cut parked (63e813ea); live gate still cannot compile path candidates (e834b2f2 compile 0; blocker still REACH — how the first hour is sold). Last hour was Competitor mapping / Advocate. Companies in the space last filed 31 Aug 01:55 UKBAA (angels). Official PE-VC trade-association routing that can be read without inventing a buyer. Not a FYJ path. Not P. BVCA / UK Private Capital primary cluster was already HTTP 200 — no fall-through to Innovate Finance (innovatefinance.com), The Entrepreneurs Network (tenentrepreneurs.org), or Support Through Court. - Host aliases: https://www.ukprivatecapital.co.uk/ — HTTP 200 (live body). https://ukprivatecapital.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. http://www.ukprivatecapital.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. http://ukprivatecapital.co.uk/ — HTTP 530 (Cloudflare; not a printed body). https://www.bvca.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. https://bvca.co.uk/ — HTTP 301 → https://www.bvca.co.uk/. http://www.bvca.co.uk/ — HTTP 301 → https://www.ukprivatecapital.co.uk/. http://bvca.co.uk/ — HTTP 530. BVCA hosts that 301 to UK Private Capital are transport, not a second site. Printed facts below come from the live ukprivatecapital.co.uk cluster. WebFetch of https://www.bvca.co.uk/ returned the same UK Private Capital homepage body as the 301 target. - Homepage: https://www.ukprivatecapital.co.uk/ — HTTP 200. Printed: “UK Private Capital is the new name for the BVCA”; UK Private Capital (formerly the BVCA) is the industry body and public policy advocate for the private equity, venture capital and private credit ecosystem in the UK; “We represent 600 firms including the wider ecosystem of professional advisers and investors.” Industry-impact counters printed: 2.5m people employed in the UK by companies backed by private equity and venture capital; 1,434 UK companies received investment from private equity and venture capital in 2025; 13,000 businesses currently backed by UK private equity and venture capital; 9/10 investments directed at SMEs from private equity and venture capital in 2025; £25.0bn invested into UK companies from private equity and venture capital in 2025; £58.7bn raised by UK-managed private equity and venture capital funds in 2025. Summit 9–10 September 2026 printed 1,350+ attendees. Performance Measurement Survey 2025 card: submissions from 94 members out of a total eligible pool of 122 members, a response rate of 77%. Membership CTA: “UK Private Capital membership – one ecosystem working for all”. These are UK Private Capital’s own industry / event / survey lines, not a FYJ customer list. Homepage 2025 £25.0bn invested is a different printed year from About’s 2024 £29.4bn — both recorded; not reconciled into one invented figure. - Name-change resource: https://www.ukprivatecapital.co.uk/resource/why-we-are-changing-our-name-and-what-it-means-for-our-members.html — HTTP 200. Press release dated 27 Jan 2026. Printed: following approval by members at the AGM, the British Private Equity & Venture Capital Association has adopted a new name: UK Private Capital; “We are now operating publicly as UK Private Capital, with our website updated and the change fully implemented.” Printed: “We represent 600 member firms supporting nearly 13,000 UK companies who employ over 2.5 million jobs and generate 7% of total GDP.” Printed: not a change in direction; continue to represent private equity, venture capital and private credit; Strategy 2030 continues; not a wholesale rebrand of visual identity. Chief Executive Michael Moore named on the page. “600 member firms” here vs homepage “600 firms” vs Membership “over 600 member organisations, representing over 16,000 individuals” are different printed measures; did not invent a reconciled headcount. - About us: https://www.ukprivatecapital.co.uk/about-us.html — HTTP 200. /about-us/ HTTP 301 → about-us.html. Printed: association of the UK private capital industry; 600 firms including professional advisers and investors; private capital = private equity and venture capital; private credit and venture debt named as debt finance. Printed industry lines: backs 13,000 UK businesses, nine in 10 SMEs; businesses backed employ 2.5 million people and contribute 7% to GDP; In 2024, £29.4bn was invested by private capital into UK businesses; six in 10 (58%) of the businesses backed in 2024 located outside of the capital; average investment period of six years; UK-based private capital specialists have raised £190bn of funds, known as dry powder. Printed: formally adopted UK Private Capital as new name on Tuesday 27 January 2026. History: founded 1983. Named /about/ HTTP 404. Named /who-we-are.html HTTP 404. Named /about-us/our-history.html HTTP 404. “View the history of our Chairs” is a nav line; chairs live on /about-us/our-chair.html (HTTP 200 below). - Our people: https://www.ukprivatecapital.co.uk/about-us/our-people.html — HTTP 200. Printed: “Comprising 75 talented individuals, our team is led by our Chief” + Michael Moore, Chief Executive, UK Private Capital. Printed roles (not a census of 75): Leon de Bono Managing Director, Industry Development; Amy Abbott Director, Industry Development; Sarah Adams / Isobel Clarke Directors of Policy (jobshare since early 2020); Karim Palant Director of External Affairs; Luca Sohal Director of Finance and Operations. Printed: a Director General/Chief Executive was first appointed to lead the Association in 1995. Team names are UK Private Capital’s own roll, not a FYJ customer list. Did not invent a staff total beyond the printed “75 talented individuals” line. - Our chair: https://www.ukprivatecapital.co.uk/about-us/our-chair.html — HTTP 200. Printed: Chair chosen amongst Council members and elected annually. Printed: UK Private Capital Chair 2026-27: Richard Swann; Partner, Inflexion. - Our governance: https://www.ukprivatecapital.co.uk/about-us/our-governance.html — HTTP 200. Named /our-governance.html and /governance.html HTTP 404. Printed: around 200 prominent industry figures serve as committee, forum and advisory group members; Governance Handbook + Articles of Association named; Council / committees / forums listed (Accounting, Reporting & Governance; Legal; Regulatory; Taxation; Global Capital Forum; Growth Capital Forum; LP Forum; National Growth Forum; Private Credit Forum; Venture Capital Forum; plus advisory groups). Named people on committees are not a FYJ customer list. - Membership hub: https://www.ukprivatecapital.co.uk/membership.html — HTTP 200. /membership/ HTTP 301 → membership.html. Printed: Join UK Private Capital (formerly the BVCA); representative work focused on PE and VC fund managers aligned with the code of conduct; agreement to abide by the code is a condition of membership. Printed: “With over 600 member organisations, representing over 16,000 individuals”. Categories as tiles: General Partners / Limited Partners / Professional Services & Financial Institutions / Investee Companies / Member Directory / Membership Benefits. Membership mailbox printed on this HTML as membership@ukprivatecapital.co.uk. Named /membership/become-a-member.html HTTP 404. Named /become-a-member.html /join.html /fees.html HTTP 404. - UK General Partners (Full Member): https://www.ukprivatecapital.co.uk/membership/general-partners/uk-general-partners.html — HTTP 200. Printed: PE and VC fund managers with an office or investments in the UK; UK and international PE/VC firms, infrastructure and turnaround funds join in this category. Printed: introductory joining rates for new member fund managers whose total European funds under management does not exceed £100m; special membership fee for first-time fund managers investing their first institutional fund. Printed: all applicants must be actively involved in PE and VC, of good standing, and agree to Member Code of Conduct and Terms & Conditions. Printed: UK GP eligibility includes FCA or equivalent regulatory approval. Printed 12-month fee table by European Funds Under Management: £0 to £25m £3,100.00 (special intro £1,500.00); £25m to £50m £6,050.00 (intro £3,000.00); £50m to £100m £9,750.00 (intro £6,000.00); then standard-only £100m to £200m £11,900.00 / £200m to £300m £18,150.00 / £300m to £400m £25,250.00 / £400m to £500m £32,400.00 / £500m to £625m £39,450.00 / £625m to £750m £47,200.00 / £750m to £875m £55,100.00 / £875m to £1bn £62,950.00 / £1bn to £5bn £70,850.00 / £5bn to £10bn £76,500.00 / Over £10bn £87,450.00. Printed extra: a fee of £30,500 applies for all firms with one or more portfolio companies required to adhere to the Walker / PERG Guidelines. Intro rates first year only, then standard. FUM defined as European dry powder plus invested-at-cost not yet divested. These are GP membership prices, not a FYJ fee and not a path. - Limited Partners hub: https://www.ukprivatecapital.co.uk/membership/limited-partners.html — HTTP 200. /membership/limited-partners/ HTTP 301 → .html. Printed: LPs invest in PE and VC funds; two categories — Institutional Investors (pension funds, insurance companies, family offices, Sovereign Wealth Funds, endowments and foundations) and Third-Party Fund Managers (fund-of-funds, secondaries, discretionary and non-discretionary). Fees sit on the category pages; this hub does not print a fee table. Not opened as a dump beyond the hub this hour. - Professional services: https://www.ukprivatecapital.co.uk/membership/professional-services-financial-institutions/professional-services.html — HTTP 200. Printed: wide range of service providers to PE, VC and private credit; separate fee structure for law firms. Law firms 12-month fee by number of UK partners in PE/VC: 1 to 10 £10,200.00 / 11 to 20 £15,300.00 / 21 to 30 £20,400.00 / Over 31 £30,600.00. Other (non-law) professional services by number of UK executive directors/partners: 1 to 2 £4,750.00 / 3 to 10 £7,200.00 / 11 to 30 £10,200.00 / 31 to 50 £13,100.00 / 51 to 100 £15,800.00 / 101 to 150 £18,350.00 / 151 to 300 £30,600.00 / 301 to 450 £40,800.00 / Over 450 £61,200.00. Asterisk: total number registered on Companies House (or equivalent). Direct-investors sibling https://www.ukprivatecapital.co.uk/membership/general-partners/direct-investors.html HTTP 200 (cluster checked; not re-dumped). These fees are UK Private Capital’s own professional-services tariff, not a FYJ offer. - Investee companies (founder-adjacent lane on the same host): https://www.ukprivatecapital.co.uk/membership/investee-companies.html — HTTP 200. Printed: “Although not members, investee companies of UK Private Capital member private equity and venture capital firms can access membership benefits throughout the period of their investment.” Printed: exclusive access to a national network; over 70 events and over 40 training courses. Printed: investee companies of member General Partners can automatically get access throughout the period of investment; to register, contact Membership Team. Asterisk: complimentary access depends on the business not being a service provider to the PE/VC industry. Named /entrepreneurs.html /companies.html /raise-capital.html HTTP 404. This is not a public how-founders-raise-PE-VC portal and not a membership sold to founders. Distinct from 01:55 UKBAA entrepreneurs page (no entrepreneur membership; does not invest). - Member directory: https://www.ukprivatecapital.co.uk/membership/member-directory.html — HTTP 200. /member-directory/ HTTP 301 → /membership/member-directory.html. Named /member-directory.html (root) HTTP 404. Named /members/ HTTP 404. Named /find-a-member.html and /membership/find-a-member.html HTTP 404. Live directory HTML prints named firm rows plus Load More (examples on the first screen: Active Owners Denmark / Honorary; Adams Street Partners / Third-party Fund Manager; Addleshaw Goddard LLP / Law Firms; Adempi Associates / Professional Services; Advent International Ltd / UK General Partner; Agathos Management LLP / UK General Partner). Did not treat those names as a FYJ customer list and did not invent a census from Load More. Membership Benefits HTML prints “a comprehensive list of 600+ member firms” and “Non-members can purchase access to the directory for a fee”. Privacy HTML (below) prints that members’ contact details and company data are searchable by registered members and directory subscribers. Public firm-name rows are not the same as ungated contact data. Login is present in the nav; the first directory screen still printed names this hour. - Membership benefits: https://www.ukprivatecapital.co.uk/membership/membership-benefits.html — HTTP 200. Printed member-only Member Firm logo; directory inclusion / access; non-members can purchase directory access for a fee (amount not printed on this HTML). - Member code of conduct: https://www.ukprivatecapital.co.uk/membership/code-of-conduct.html — HTTP 200. Named /membership/member-code-of-conduct.html HTTP 404. Printed: membership implies support for the development of the UK private capital industry by encouraging entrepreneurs and investing in viable economic activity; each GP applicant must have as its principal business the provision of equity finance to unquoted companies. Encouraging entrepreneurs is the code’s industry sentence, not a FYJ buyer. - What is venture capital: https://www.ukprivatecapital.co.uk/our-industry/what-is-venture-capital.html — HTTP 200. Sibling what-is-private-equity.html HTTP 200; our-industry.html HTTP 200. Printed: VC provides finance and operational expertise for entrepreneurs and start-up companies, typically in technology-based sectors such as ICT, life sciences or fintech. Printed: angel investment total an estimated £1.5 billion a year in the UK and will generally invest at an earlier stage than a VC firm. Printed: in 2025, VC general partners, alongside corporates and other financial investors, invested £8 billion into UK venture-stage businesses. Industry explainer, not a FYJ path. Distinct from 01:55 UKBAA (angels; About over 590 members / Entrepreneurs estimated £2bn p.a. via EIS/SEIS) — those UKBAA figures were not re-opened; the £1.5bn angel line here is UK Private Capital’s own VC-page print and was not reconciled with UKBAA. - Research hub: https://www.ukprivatecapital.co.uk/research.html — HTTP 200. Named /publications.html /annual-review.html /annual-report.html HTTP 404. About/membership cards name Annual Review 2025-26 (published March 2026 / 10 Mar 2026). PDF not opened this hour; named standalone annual-review HTML 404 is not a live annual-review body. - Contact: https://www.ukprivatecapital.co.uk/about-us/contact-us.html — HTTP 200. Named /contact-us.html /contact.html /contact-us/ /contact/ HTTP 404. Printed: UK Private Capital (formerly the British Private Equity & Venture Capital Association – BVCA); Incorporated in England and Wales; Company number: 01697461; VAT Reg. No. GB202147657; registered office 4th Floor, 48 Chancery Lane, London WC2A 1JF. Printed enquiry lanes: general / media (+44 (0)20 7492 0438) / membership / events / learning & development. Footer telephone 020 7492 0400. Mailboxes on the contact HTML were obfuscated in the stripped body this hour; membership.html printed membership@ukprivatecapital.co.uk in the WebFetch text. Mailboxes stay Agent View only. - Terms: https://www.ukprivatecapital.co.uk/terms-conditions.html — HTTP 200. Printed (WebFetch / live HTML): “UK PRIVATE CAPITAL”, “we”, and “our” mean UK Private Capital Trade Association, incorporated in England and Wales, Company number 01697461, whose registered office is 4th Floor, 48 Chancery Lane, London WC2A 1JF. Registration to the website does not automatically constitute membership. - Privacy: https://www.ukprivatecapital.co.uk/privacy-policy-accessibility.html — HTTP 200. Named /privacy/ /privacy-policy/ /privacy-policy.html /privacy.html HTTP 404. Printed: members’ contact details and company data available through a search engine accessible to registered members and Member Directory subscribers; Company Profile data exception on “not to sell your data”. Not treated as a public contact roll. - Companies House: https://find-and-update.company-information.service.gov.uk/company/01697461 — HTTP 200. Filing-history sibling HTTP 200. Printed: UK PRIVATE CAPITAL TRADE ASSOCIATION; company number 01697461; Active; Private company limited by guarantee without share capital; Incorporated on 7 February 1983; Registered office 48 Chancery Lane, 4th Floor, London, England, WC2A 1JF; SIC 94120 Activities of professional membership organisations; Last accounts 31 March 2025; Next accounts to 31 March 2026 due by 31 December 2026; Last confirmation statement 14 July 2026. Previous names printed: UK PRIVATE CAPITAL TRADE ASSOCIATION LIMITED (15 Jan 2026 – 20 Jan 2026); THE BRITISH PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION (16 Dec 2008 – 15 Jan 2026); BRITISH VENTURE CAPITAL ASSOCIATION(THE) (07 Feb 1983 – 16 Dec 2008). Did not re-read FYJ company 16892858. CH 01697461 is BVCA / UK Private Capital, not FYJ. - Charity Commission: https://register-of-charities.charitycommission.gov.uk/en/charity-search/-/charity-details/01697461 — HTTP 200 body is an error/issue page (“Sorry, there was an issue displaying this content”), not a registered-charity record. Name search “British Private Equity” HTTP 200 returned an internal document-search lander (zip / user fragment), not a charity record for BVCA / UK Private Capital. Not treated as a charity. Soft-error 200 is not a charity fact. Company limited by guarantee 01697461 is the live legal form this hour. Did not invent a public founder raise-capital portal, a find-a-PE-fund directory for entrepreneurs, a reconciled 600 / over-600 / 16,000 headcount, a 2024-vs-2025 invested-pounds stitch, or a fee FYJ would charge. Soft-404 / 404 pages are not live facts. HTTP 530 on http apex hosts is transport, not a printed body. Distinct from 01:55 UKBAA angel trade association, 23:55 ScaleUp Institute, 21:55 Be the Business, 20:55 Enterprise Nation, 11:55 BCC, 05:55 IoD, 00:55 FSB, 29 Aug 18:55 BBB SBFM, 27 Aug 23:55 HMRC EIS/SEIS. Fallbacks Innovate Finance / TEN / Support Through Court were not switched to — BVCA / UK Private Capital primary cluster lives. ## What stands - Live UK Private Capital cluster on www.ukprivatecapital.co.uk (homepage / about-us / our-people / our-chair / our-governance / membership / GP fees / LP hub / professional-services fees / investee-companies / member-directory / membership-benefits / code-of-conduct / what-is-venture-capital / research / contact / terms / privacy / name-change resource all HTTP 200) + Companies House 01697461 HTTP 200. https bvca.co.uk / www.bvca.co.uk 301 to the live UK Private Capital host. http apex bvca.co.uk and ukprivatecapital.co.uk HTTP 530. Named /about /who-we-are /entrepreneurs /raise-capital /find-a-member /become-a-member /join /fees /annual-review /annual-report /contact (root) HTTP 404. - Operating name UK Private Capital of the former BVCA. Company 01697461, incorporated 7 Feb 1983, limited by guarantee, SIC 94120, registered office 4th Floor, 48 Chancery Lane, London WC2A 1JF. Previous CH names include THE BRITISH PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION (to 15 Jan 2026). Name change live on site from 27 Jan 2026 AGM. Not a Charity Commission charity this hour (charity-details/01697461 is an error page; name search is not a charity record). CEO Michael Moore; Chair 2026-27 Richard Swann; printed staff line 75 talented individuals. - Printed membership / industry lines: 600 firms (homepage/about) / over 600 member organisations representing over 16,000 individuals (membership) / 600+ member firms in the directory (benefits) — different printed measures, not reconciled. Industry: 13,000 businesses currently backed; 2.5m employed; 7% GDP; 9/10 investments at SMEs in 2025; 1,434 UK companies received investment in 2025; £25.0bn invested 2025 (homepage) vs £29.4bn invested 2024 (about); £58.7bn raised 2025; £190bn dry powder (about). GP fees from £3,100 (FUM £0–£25m) to £87,450 (over £10bn) plus optional PERG £30,500. Directory prints named firm rows + Load More; contact data described as member/subscriber. Investee companies are not members; access only while a member GP is invested. - Institutional / PE-VC / how-founders-meet-institutional-capital trade-association lane next to UKBAA (angels), ScaleUp Institute (later-stage), Be the Business / Enterprise Nation (founder reach), BCC / IoD / FSB (business membership), BBB SBFM (bank lending size), and HMRC EIS/SEIS (tax-relief size) — Companies in the space reach context, not a FYJ path. No public entrepreneur membership. Investee access is after a member GP has already invested. ## What does not stand - No page names a FYJ customer, market, offer, or P. - UK Private Capital / BVCA members, GPs, LPs, professional-services firms, investee companies, PE-backed SMEs, or founders raising PE/VC are portal / programme / membership audiences, not a buyer. - An institutional PE-VC trade-association / member directory / investee-benefits channel is not a FYJ market path. - Naming “FYJ for BVCA members / PE-backed SMEs / founders raising VC” is inventing a customer — banned. Collision with founder-context.md: do not mint “startups and SMEs” as who; do not put Ironclad/Harvey on the map; productised-menu is a model not a path. - Do not invent a public raise-capital portal, a reconciled member headcount, a 2024/2025 invested-pounds stitch, or treat Load More directory rows as a FYJ distribution list. Soft-404 / 404 pages are not live content. HTTP 530 is not a printed body. Charity-details/01697461 error page is not a charity. - UKBAA (01:55), ScaleUp (23:55), Be the Business (21:55), Enterprise Nation (20:55), BCC / IoD / FSB remain prior Companies in the space. Advocate (05:55) remains prior Competitor mapping. This hour does not re-file those pages. - STEP.org remains HTTP 403 and was not retried. Advocate / MentorsMe / CH monthly / Equality Act / UKBAA / ScaleUp / Law Centres / Be the Business / Enterprise Nation / LawWorks / ACAS / Citizens Advice / Legal Choices / Growth Hub / SRA Transparency / BCC / IoD / FSB were not opened as primary. Innovate Finance / TEN / Support Through Court were not switched to. - Who / why / how / next all missing. No candidate this hour has even a partial who / why / how. End-to-end stays missing. Productised-menu context from 12:48 does not fill those blanks. Compile stays 0 (e834b2f2); reach blocker not closed by filing another institutional PE-VC trade-association channel. Stayed thin as a path. ## End-to-end test - Who it is for: missing. - Why they would pay: missing. - How FYJ reaches them: missing (a public how-founders-meet-institutional-PE-VC / trade-association channel is not how FYJ reaches a named buyer; investee access starts after a member GP has already invested). - What sits next: missing. No real public fact this hour filled any of the four. Do not invent the rest. The BVCA / UK Private Capital live pages fill a Companies in the space cell (institutional / PE-VC capital trade association / how-founders-meet-institutional-capital). They do not fill a path cell. They do not install the productised-menu bucket. They do not pad compile candidates. ## Value-forming The Companies in the space line stayed thin. Value has not started to form as a FYJ path. A PE-VC trade association, a 600-firm line, a priced GP tariff, and an investee-benefits door that opens only after a member GP has invested are not a path. Adjacent Companies in the space filings (UKBAA; ScaleUp; Be the Business; Enterprise Nation; BCC; IoD; FSB) still leave who / why / how / next empty. ## Result No path named yet. Companies in the space stayed thin as a path. P unchanged. ## Confirmation Contract UUID 26e4abb6-3b66-4a66-a4f7-d4c065ad9233 is live. Hold = no invention, not no recon. Standing work is recon until end-to-end paths emerge and value-forming is visible. No path named. P unchanged. Customer cut parked.