Fund risk disclosures and closing conditions
Fund investing carries every risk of the underlying private company, plus structural risks of the vehicle itself.
Total-loss risk
Private securities are speculative and illiquid. The underlying company may never IPO, be acquired, or permit transfers — and can fail entirely. Invest only what you can afford to lose.
Closing conditions
A fund closes only if it reaches sufficient commitments by its deadline and the underlying share purchase completes (including any issuer right-of-first-refusal window, typically 30 days). If closing conditions fail, committed funds are returned from escrow.
No control
Fund investors hold units of the vehicle, not direct shares. Voting and information rights belong to the vehicle's manager, and information about private companies is limited and unaudited.
Pricing
The unit price is set at offering time from the platform's own order book and recent transaction data. It is not an appraisal, and later marketplace prices may be lower.
Fees are non-refundable
Platform technology fees are earned when charged and are non-refundable, including where a transaction later fails to complete.