Which sequence best reflects the comprehensive process undertaken by venture capital firms, from initial proposal to strategic exit?

Submission of a business plan, minimal due diligence, immediate full capital injection, and rapid public listing with no follow$-$up involvement.

Presentation of a business plan, extensive due diligence, phased funding tied to performance milestones, followed by active monitoring and a strategic exit $($merger$,$ acquisition, or IPO$).$

Immediate acquisition of controlling equity based solely on an impressive pitch, with due diligence postponed until post$-$investment.

Issuance of convertible bonds without equity exchange, combined with a passive investment approach until natural profitability is achieved.