Private & Confidential · Prepared for

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 Investment Platform · Paris · London · ~1 deal / month
0x
Net multiple on Anthropicafter all fees & carry
0%
IRR on our Anthropic positionOct 2025 entry
$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 Entry Oct 2025 · $173B valuation
Realised — Exited
$143Entry / share
$660Exit / share
4.5xGross multiple
3.82xNet multipleafter fees & carry
1,290%IRR
SpaceX
Open position
  • EntryApril 2026 · $105 / share
  • OutlookExit expected post lock-up (6–12 mo)
  • Projected~3x gross in 15 months
Revolut
Open position
  • EntriesJan & Mar 2026
  • Entry valuation$75B · $1,381.06 / share
  • Current valuation$115B+
Deel
Open position
  • EntrySept 2025 · $10B valuation
  • Mark-up$300M round @ $17B — 6 weeks later
  • Implied1.7x in 6 weeks, unrealised
Perplexity
Open position
  • Initially offeredSept 2025 · $20B LR — declined (model not yet hypergrowth)
  • Conviction triggerLaunch of Comet · tested first-hand — immediate conviction
  • EntryJust closed · $17.8B valuation (12% discount to Sept LR)
  • Next roundSept–Oct 2026 · expected 2–3x mark-up
  • 2-yr outlook$300B valuation thesis
Other notable transactions
Mercor
Currently opening PsiQuantum
Active allocation

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

Below are direct answers to the seven follow-up questions you shared. Each block is self-contained so any teammate of yours can review it independently.

02
Question

Custody & AUM framework — on-platform or off-platform

Custodian
Legal vehicle Odin (FCA-regulated UK trust & nominee) — detail to be expanded
AUM recognition

Explanation of how shares are held (nominee / SPV / direct), and whether they can be recognised inside Santander's custody perimeter or remain off-platform.

03
Question

Total client fee + revenue sharing / referral with the bank

Entry fee
Management fee
Carry on gains
Available to Santander Rev-share / referral — to be defined together

Detail of the all-in client cost, what is paid to Upscalers vs Odin, and the rev-share / referral structures available to Santander.

04
Question

Client onboarding across LatAm, non-US, non-EU jurisdictions

Supported
On request / case-by-case
Not supported

KYC/AML perimeter via Odin, LatAm-specific notes, and any required local entity / wrapper.

05
Question

Reporting to the bank and the client

For the client
  • Position statements
  • Valuations
  • Cash flow reports
  • Tax documentation
  • Capital calls
  • Exit proceeds
For the bank
  • Aggregate positions
  • Valuation snapshots
  • Activity feed
  • Reconciliation file

Cadence (monthly / quarterly), format (PDF / API / CSV) and integration options.

06
Question

Private share valuation methodology & data

  • Primary Last primary round (post-money) — detail to add
  • Secondary Observed secondary prints — sources to list
  • Comparables Public & private comparables — framework to add
  • Independent Third-party data providers / valuation reviews

Frequency of revaluation, mark policy, and how stale rounds are handled.

07
Question

Operational workflow for the bank — intro to post-trade reporting

  1. 1 Client introduction
  2. 2 Onboarding & KYC
  3. 3 Deal selection & commitment
  4. 4 Execution & settlement
  5. 5 Ongoing reporting
  6. 6 Exit & distribution

What is on Santander side, what is on Upscalers / Odin side, and the touchpoints in between.

Need supporting documents? Request the full data room

Let's explore the synergies over coffee

I would be delighted to speak with your colleague and explore potential synergies in more detail. If she is in Europe next week, I would be happy to meet — Paris would be easiest, though I can also travel to London if more convenient.

Reply to arrange a meeting
☕ Paris ✈ London

Looking forward to hearing from you and discussing next steps.