A curated gateway to the
private markets for your HNWI clients

The underlying assets (shares in companies such as Anthropic, Revolut, PsiQuantum, and others) are held via SPV structures administered by Odin Investments, our FCA-regulated SPV provider. Odin acts as the legal vehicle and nominee holder on the cap table of the underlying company, meaning investor exposure is structured through a regulated entity rather than a purely private, uncustodied arrangement.

That said, there is no third-party custodian bank or prime broker holding these shares in the traditional public markets sense (as you'd see with listed securities). This is standard market practice for pre-IPO and secondary private company transactions, since private shares are not eligible for custody at conventional custodian banks. What replaces that layer here is:

• A regulated SPV issuer and administrator (Odin, FCA-regulated)
• Direct recognition of the SPV's position on the underlying company's cap table
• Formal subscription agreements, SPAs, and where applicable, board or ROFR approval from the underlying issuer

So to directly answer the framing of the question: the assets are not "off-platform" in the sense of an informal private arrangement. They sit within a regulated SPV structure, but they are not held under a formal custody/AUM regime in the way listed securities or fund-wrapped assets would be. This is the standard structure used across the private secondary and pre-IPO market (Forge, EquityZen, Hiive follow the same model), not something specific to us.

Happy to provide Odin's FCA registration details or the SPV documentation if that would help move the conversation forward on your side.

Fee structure and revenue-sharing. There's no fixed answer — it's deal-by-deal. Our baseline is 6% entry fee and 20% carry, no management fees. Actual terms shift depending on external factors: broker fees for the allocation (if any), GP fees if we're investing through a fund, and carry adjustments if that fund already charges its own carry. We always structure fees to keep the total load reasonable for the end investor.

Two examples:

• Perplexity: direct cap table investment, no broker. We charged 6% entry / 20% carry.
• SpaceX: we sit at Layer 3. Layer 2 (a US-regulated VC) charged us 10% entry / 0% carry / 0% management. We priced it to clients at 14.5% entry / 0% carry / 0% management — meaning we took 4.5% instead of our usual 6% to stay competitive. Of that 4.5%, we kept 3% and passed 1.5% to Odin for the SPV structure.

On working together. For each deal, we'll recommend a markup you can add on top for your clients. We propose a number, you decide — final call is always yours. We could suggest 2%, you might choose 1% or 3%.

Fees can also be fully customized per investor. One investor might see 7% entry / 20% carry, another investing $2M might see 6.5% / 15% carry. Nothing is fixed at the pool level.

Yes — we welcome investors globally, including Latin America and other non-U.S., non-EU jurisdictions. Clients can invest directly or through a holding structure. All KYC/KYB is handled by Odin, our FCA-regulated SPV provider.

The only restrictions come from the underlying companies themselves on specific deals, not from us. For example, SpaceX excludes Chinese and Russian investors at the issuer level. Outside of these deal-specific rules, we can onboard investors from virtually any jurisdiction.

We can build a tailored admin portal for your desk, giving you visibility across every deal your clients have invested in: original investment amount, current valuation (marked based on off-market positions, updated monthly whenever we identify a material change), and all supporting documentation for each transaction.

Your clients will each have their own individual access to track their own positions, valuations, and documents in real time.

We'd be happy to walk you through a live demo of the portal.

Private share valuations are set by the private market itself, based on supply and demand between buyers and sellers, rather than a formula we apply.

Where we add value is in assessing whether a given price is attractive. For every deal, we produce an internal investment memo covering our view on entry pricing relative to the last round, recent secondary activity, comparable transactions, and the broader thesis for the company — so investors understand the reasoning behind why we consider a valuation cheap or expensive at the time of the deal.

Minimal to none on your side. We're a tech company by design, built to run this end-to-end so it's as light as possible for your team.

We can shape the workflow around whatever works best for you — up to and including a setup where we never need to interact directly with your clients unless they specifically want to speak with us. Introduction, execution, settlement, and post-trade reporting can all run through us, with your desk staying as involved (or as hands-off) as you prefer.

Tailoring the process to fit your existing setup, rather than asking you to adapt to ours, is really the core of how we work.