Private markets · Structures

The structures behind pre-IPO investing

Most of the risk and cost in a pre-IPO investment lives in the structure, not the company. Start here.

Facts checked 7 Oct 2026 · By Dipankar Sarkar · Education only — not an offer

SPV vs direct shares

What you own, what you pay, and what can go wrong in each.

How much carry is normal?

Typical upfront fees, annual fees and carry, and how layering compounds them.

Pricing, ROFR and approval

Why secondary prices differ from round prices, and why deals fail to close.

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We keep a register of investor interest to understand where private-market demand is and on what terms. It is not an order and we do not arrange transactions. Or run an offer you've received through the calculator first.

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