×
Private & Confidential · Prepared for Santander Private Banking

A curated gateway to the
private markets for your HNWI clients

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.

Upscalers · Paris · ~1 deal / month
Opening soon London Miami UAE Singapore
Our flagship · partially exited
0x
Net multiple on Anthropicafter all fees & carry
Our flagship · partially exited
0%
IRR on our Anthropic positionOct 2025 → May 2026 exit
$1B–$10B
Our GP sweet spotwhere upside is still meaningful
18mo
Typical investment horizontargeting 2–3x, up to 5–7x

We curate deals. We are not a marketplace.

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.

01

High conviction, not high volume

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.

02

A defined sweet spot

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.

03

Aligned as a principal

We act as General Partner, not as a passive intermediary. Our outcomes are tied to the same returns your clients receive.

Every investment runs through a regulated vehicle

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.

FCA Regulated

Odin, UK trust & nominee

A tax-transparent UK trust acts as nominee on each deal. The structure is designed for cross-border private market participation with institutional governance.

KYC / KYB on investors

Full know-your-customer and know-your-business checks are run on every participating investor.

KYC / KYB on sellers

The same diligence is applied to the counterparties from whom we acquire shares, not just the buy side.

Full compliance scope

Odin handles the complete compliance workflow per transaction, keeping the process auditable end to end.

We run the entire process, idea to close

From the first signal to settled shares and beyond, your clients deal with one accountable team.

1

Sourcing

We surface opportunities through our network of founders, family offices, brokers, GPs and fund managers.

2

Diligence & structuring

We assess the company, price and terms, then structure the deal through the Odin regulated vehicle.

3

Execution & closing

KYC/KYB, settlement and onboarding are handled for both buyers and sellers, all the way to close.

4

Liquidity

When conditions allow, we provide exits internally or through the market, see below.

Conviction, converted into returns

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
Partially exited
$143Entry / shareOct 2025
$690.9Exit / shareMay 2026
4.83xGross multiple
4.10xNet multipleafter fees & carry
1,024%Net IRRannualised
Open secondary positions
SpaceX
Mark-up
  • EntryMar 2026 · $1.25T valuation
  • Current valuation$2T
  • Unrealised multiple1.60x
Revolut
Mark-up
  • EntriesJan & Mar 2026
  • Entry / current valuation$75B → $115B+
  • Unrealised multiple1.53x
Mercor
Mark-up
  • EntryApr 2026 · $10B valuation
  • Current valuation$20B
  • Unrealised multiple2.00x
Deel
Mark-up
  • EntryOct 2025 · $10.1B valuation
  • Current valuation$17.3B
  • Unrealised multiple1.71x
Perplexity
Mark-up
  • EntryJun 2026 · $17.8B valuation
  • Current valuation$20B
  • Unrealised multiple1.12x
  • Entry discount12% below market
Ψ PsiQuantum
Currently opening
  • Entry valuation$6B
  • SectorQuantum computing
  • Allocation windowQ3 2026 · flagship position
30+
Investments past 3 yearsacross primary, seed and secondary
7
Secondary dealsof which 6 currently marked up
4.10x
Highest secondary multiplenet, on Anthropic (partially realised)
1,024%
Realised IRRannualised, on realised secondaries
Full portfolio holdings
Company Date Stage Val. at entry Val. today Multiple IRR Status
Perplexity Perplexity Markup Answer engine and AI search. Entered at a 12% discount to market.
Jun 2026 Secondary $17.8B $20B 1.12x 424% Holding
Comp AI Comp AI Markup Compliance automation platform. Closed at $100M in May, re-marked to $175M in July 2026.
May 2026 Seed $100M $175M 1.75x 3,747% Holding
N Numurho AI labs for finance, building specialised models for capital markets.
May 2026 Seed $100M $100M 1.00x 0% Holding
Mercor Mercor Markup AI hiring platform connecting companies with elite global talent.
Apr 2026 Secondary $10B $20B 2.00x 1,799% Holding
SpaceX SpaceX Markup Aerospace manufacturer behind Starlink, Falcon 9 and Starship.
Mar 2026 Secondary $1.25T $2T 1.60x 334% Holding
Revolut Revolut · Tranche 2 Markup Follow-on tranche taken at the same $75B secondary quote.
Mar 2026 Secondary $75B $115B 1.53x 277% Holding
Revolut Revolut · Tranche 1 Markup Global neobank and financial superapp with 50M+ customers across 35+ countries.
Jan 2026 Secondary $75B $115B 1.53x 142% Holding
Anthropic Anthropic Partially exited Frontier AI lab. Our flagship position, partial exit realised in May 2026.
Oct 2025 Secondary $173B $1.15T 4.10x net 1,024% Partial exit
Deel Deel Markup Global HR and payroll platform enabling companies to hire and pay anyone, anywhere.
Oct 2025 Secondary $10.1B $17.3B 1.71x 108% Holding
Huskeys Huskeys Markup Edge Security Management platform modernising web application firewall tech for cloud-native environments.
Jun 2025 Seed $25M $105M 4.20x 283% Holding

← 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.

Co-investors alongside us on these deals
a16zMenlo Park, US
SequoiaMenlo Park, US
LightspeedMenlo Park, US
Index VenturesLondon, UK
20VCLondon, UK
Google VenturesMountain View, US
AccelPalo Alto, US
BlackstoneNew York, US

Selected co-investors on positions across the portfolio. Names shown for reference only, no endorsement implied.

Two concrete ways to serve your clients

1

Deal access for your clients

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.

2

Liquidity & secondary opportunities

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.

Why deals reach us first

Technology

Our own mobile platform efficiently matches investor demand with the right opportunities, the engine behind the curation.

Network

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.

Liquidity solutions

We actively help investors access liquidity through internal LP-to-LP transfers, buyer sourcing within our community, and external distribution across our broader network.

Due diligence pack for Santander

Direct answers to the seven follow-up questions you shared. Click on any question to reveal the full answer.

01 Are the underlying assets held or recognized within any custody or AUM framework, or are they entirely held off-platform?

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.

02 What is the total fee charged to the client, and what revenue-sharing or referral-fee arrangements would be available for the bank?

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.

03 Are you able to onboard and serve clients from Latin America, as well as non-U.S. and non-EU jurisdictions?

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.

04 What reporting capabilities do you provide to both the bank and the client?

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.

05 How do you value private shares, and what methodologies, market data, or comparable transactions support these valuations?

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.

06 What operational workflow would the bank need to implement, from client introduction through execution, settlement, and ongoing post-trade reporting?

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.