Late-stage investing refers to the practice of investing in established companies that are in the final stages of private funding before they go public or are acquired. Late-stage investing typically involves investing in companies that have already achieved a significant level of success, such as high revenue growth or market dominance in their industry. Investors may seek to invest in these companies in order to benefit from their proven track record and potential for continued growth. Late-stage investors may include venture capital firms, private equity firms, and hedge funds, among others. These investors typically have significant financial resources and may invest large amounts of capital in late-stage companies in exchange for an ownership stake. Late-stage investing can be risky, as the high valuations of these companies may not always be justified by their performance or growth prospects. However, investors who are able to identify promising late-stage companies may stand to benefit from significant returns on their investment, as these companies often have a clear path to profitability and may be well-positioned to capture a larger share of their market.