After the due diligence phase, the final step is to facilitate a transaction that enables the investor to build a significant position in the stock without impacting the market price of the security. Whether the transaction is a private placement to raise capital for the issuer, or a privately-negotiated sale on behalf of an affiliate or other large shareholder, this is a crucial piece of the process. Without such a "closing" event, i.e. a large block of stock to buy, many institutions would not spend the time or energy that is required to make a large investment in a small, illiquid company.