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We are not another platform. We are a GP that curates a single high-conviction opportunity each month, executes the full process through a regulated UK vehicle, and provides liquidity when the market allows, so your clients access the deals that matter, cleanly and compliantly.
Your clients are sophisticated, but their time is scarce and the private secondary market is opaque. Rather than handing them a catalogue of hundreds of listings to filter alone, we do the hard work upstream (sourcing, diligence, structuring and execution) and bring forward roughly one conviction opportunity per month.
We invest in roughly one deal a month, on companies we would put our own capital into, typically on the company's own cap table as GP.
Companies valued between $1B and $10B, where there is still meaningful upside, targeting 2–3x, and in select cases 5–7x, within an ~18-month horizon.
We act as General Partner, not as a passive intermediary. Our outcomes are tied to the same returns your clients receive.
Investments are structured through Odin, a tax-transparent UK trust acting as nominee, and FCA-regulated. Odin provides the full scope of compliance for each transaction, so your clients invest within a clean, institutional framework.
A tax-transparent UK trust acts as nominee on each deal. The structure is designed for cross-border private market participation with institutional governance.
Full know-your-customer and know-your-business checks are run on every participating investor.
The same diligence is applied to the counterparties from whom we acquire shares, not just the buy side.
Odin handles the complete compliance workflow per transaction, keeping the process auditable end to end.
From the first signal to settled shares and beyond, your clients deal with one accountable team.
We surface opportunities through our network of founders, family offices, brokers, GPs and fund managers.
We assess the company, price and terms, then structure the deal through the Odin regulated vehicle.
KYC/KYB, settlement and onboarding are handled for both buyers and sellers, all the way to close.
When conditions allow, we provide exits internally or through the market, see below.
A selection of positions across our portfolio. Figures are net of all fees and carry where stated.
Anthropic
Our flagship position · Entry Oct 2025 · $173B valuation
SpaceX
Revolut
Mercor
Deel
Perplexity
← scroll to see full table →
IRR annualised, holding period as of Jul 2026. Additional positions available in the full data room. Figures reflect latest available valuations; older cycle positions may include IRR realised at exit rather than unrealised markups.
Selected co-investors on positions across the portfolio. Names shown for reference only, no endorsement implied.
We provide your clients with access to selected private market opportunities where we act as GP, often investing directly on the companies' cap tables. You offer a differentiated, curated service without building the sourcing engine yourself.
We source liquidity solutions, secondary transactions and bespoke opportunities through our network of investors, family offices, brokers and fund managers, giving your clients optionality that is hard to access elsewhere.
Our own mobile platform efficiently matches investor demand with the right opportunities, the engine behind the curation.
A community of founders, C-level executives and senior leaders from leading technology companies and unicorns, extended through founders, family offices, brokers and GPs across the private markets.
We actively help investors access liquidity through internal LP-to-LP transfers, buyer sourcing within our community, and external distribution across our broader network.
Direct answers to the follow-up questions you shared. Click on any question to reveal the full answer.
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:
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:
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.
All performance is unrealised except Anthropic, our first realised position. We made our first late-stage pre-IPO investments in September 2025.
To clarify the platform/vehicle distinction: Upscalers is not an open platform like Hiive or Forge. We vet every investor before granting app access, and investors then choose which of our curated deals to participate in on a deal-by-deal basis. In a nutshell, we don't display deals in which we don't invest and manage the SPV, so our interests are fully aligned on deal quality over deal quantity.
Each deal is structured as its own SPV via Odin, so performance is tracked per deal rather than at a blended "platform" level. All investors access deals through a dedicated Upscalers vehicle, which aligns our interests closely with those of a GP.
We also act as an intermediary in certain cases: if a client wants exposure to a name we don't hold ourselves, we can source access through our network of GPs, asset managers, VCs, brokers, and founders.
All vehicles are set up via Odin, an FCA-regulated entity with a robust compliance process.
Process:
For investors:
Closing:
The app always displays the latest official (last-round) valuation. In parallel, through our network (200+ market contacts), we track where positions are trading informally and periodically update the app with an "Estimated Valuation" when we have strong, corroborated evidence, not on a fixed daily/weekly schedule, since private valuations don't move that frequently.
This gives investors a market reference point and can prompt sell orders. Example: an investment made in Revolut at a $75B valuation, later updated to an estimated $115B based on confirmed market activity. An investor could then place a partial sell order at, say, $110B, which we would work to execute.
Execution priority for sell orders:
Smaller order sizes are harder to place directly in the market. This is where collective liquidity across our investor base becomes an advantage, and is relevant given your clients' $500K to $5M ticket range.
Example: on Anthropic, we had 56 investors. 6 wanted to increase exposure, 30 wanted to sell in part or full, the rest held. We matched $500K in trades within 24 hours, oversubscribed. Anthropic is our most liquid, most in-demand name.
Key constraints:
Typical timeline: 4 to 6 weeks for a full transaction, though this varies by name and demand, occasionally faster, occasionally up to 6 months depending on market interest.
Standard terms:
We adjust fees where the underlying allocation itself is more expensive (e.g., high-demand names like Anthropic or SpaceX, where standard market terms can run 15 to 20% entry plus 10% carry). In those cases we reduce our own fees (minimum 3%) and sometimes waive carry entirely.
Examples:
For a partnership structure, we'd propose sharing 30% of our carry with Santander. On entry fee-sharing, this still needs to be worked through so we don't over-charge final LPs, particularly as larger tickets typically warrant reduced fees.
As a reminder, we have full flexibility to customize terms per investor. As an illustrative (deliberately extreme) example, we could charge one investor 2% entry / 0% carry and another 6% entry / 20% carry on the same deal. In practice, terms applied vary but stay within a fairly close range.
ROFR: standard process, once the STN is signed, it's submitted to the company for ROFR. We generally have advance visibility on the likelihood of a waiver.
Transfer restrictions / issuer approval: relevant when we sit within a third-party GP's vehicle. This is where GP trust matters most, and we sometimes favor a higher-cost but more reliable GP over a cheaper option with less certainty.
Example: in Revolut, we invested through a Tier 1 GP that signed the 2021 SHA, which carried no transfer restrictions. Those restrictions were introduced later, under the 2024 SHA, so we avoid opportunities where investors entered under that later agreement.
We're sector-agnostic but focus on AI, Robotics, Power, Quantum, and Health. Current/recent pipeline includes PsiQuantum, Lila Science, and Nyobolt. (We passed on Kalshi as pricing moved from $13B to a now-expected $40B round.)
This pipeline reflects late-stage pre-IPO deals, generally targeting 2x to 5x with reduced risk, assumed to be the relevant category for your clients. We also access early-stage opportunities for investors with a higher risk appetite (potential 0x or 50 to 100x+ outcomes).
Cadence: roughly one deal per month on average, with some months bringing 2 to 3 and others none. We target 10 to 15 closed deals per year.
Subscription documents are confidential and can't be shared externally, but we can provide a sample investment memo. We don't distribute formal periodic reporting, as portfolio companies generally don't disclose information beyond a small set of major investors. However, we do share relevant company and industry updates as they become available through our network.
No standard restrictions on investor profile. Eligibility is governed by Odin's KYC/KYB process. Restrictions occasionally apply at the company level (e.g., SpaceX excluded Chinese investors, though Singapore was permitted), but in the large majority of cases there are no profile- or geography-based restrictions.
Yes, this would sit alongside our existing fee structure. We're aligned on structuring this so Santander is fairly compensated for distribution while we continue to protect client capital and keep terms competitive.
