LiquidityRecord year
Global secondary market volume
US$ bn · First half of 2026: US$118bn, +15% year on year.
Source: Jefferies, Global Secondary Market Review (January 2025, February 2026, July 2026)NewThe Kerdo platform is open Pre-IPO & private markets,
Pre-IPO & private markets,
made bankable.
Selected pre-IPO, secondary, venture and club deal opportunities in private companies. Each investment is held at your own bank, like any other security.
— The opportunity
US tech companies now go public after 12 years.
In 1999 it was 4. Kerdo gives you access to the years in between.
Public data on private companies, secondaries and IPOs. Every figure links to its source.
Staying private longer
Median age of US tech companies at IPO
years since founding
Companies now spend more than a decade as private companies before listing.
Source: Jay R. Ritter, University of Florida, IPO statistics (December 2025)Exits
Global IPO market, 2025
1,293IPOs worldwide
US$171.8bnraised, +39% on 2024
105IPOs in Europe, US$17.3bn raised
The opportunity set
Private companies valued at US$1bn or more
1,300+
Venture-backed private companies worldwide with a valuation of at least US$1bn.
Source: CB Insights, The Complete List of Unicorn Companies (March 2026)— Why Kerdo
Private markets,
with the plumbing of public ones.
No vehicle agreements to sign, no private registers to track. You subscribe through your bank, hold the security in your custody account and receive payments through a paying agent.
XS •••• •••• ••
A security, held at your bank.
Every investment is a note with its own European ISIN. You subscribe it, hold it and receive payments like any other security.
Ring-fenced, deal by deal.
Each transaction sits in its own structure, separate from every other one.
Held at your own bank.
No private register: the note sits on your custody account.
Members-only deal room.
Transactions are shown only to approved professional investors.
Pre-IPOSecondariesVentureClub deals
Across the life of a company.
Growth rounds, late-stage positions and established companies.
— Investments
Four ways into private companies.
One simple way to hold them.
From growth rounds to the last round before the IPO, and club deals in established companies. Whatever the area, you hold the same thing: a security at your bank.
Core focus01 / 04
Pre-IPO & secondaries
Shares in late-stage companies, in the years before the IPO.
Positions in late-stage private companies, bought in a funding round or from existing shareholders, and held at your own bank.
Late-stageSecondariesSingle company02 / 04Venture
Growth-stage companies, alongside established lead investors.
Growth stageCo-investmentLonger horizon03 / 04Private equity & club deals
Established companies, alongside other families and investors.
Established companiesClub dealGovernance04 / 04 · FoundationCapital markets
The structure behind every Kerdo investment.
SecuritisationISINCustody— Platform
Every deal, fully documented.
Inside the platform.
Create a free account to see current opportunities. Get verified to open company names, full documentation and allocation requests.
Level 01
Member
As soon as you create your account: the current opportunities with sector, stage, structure and indicative ticket, and the Kerdo Briefing.
Level 02
Verified
After verification (details, investor status, ID and proof of residence) approved by Kerdo: company names, documentation and downloads, terms, and the option to request an allocation.
After subscription
Series updates
The note stays in your bank’s custody. Notices and documents of each series are published in the platform for verified members, and payments reach holders through the paying agent.
— Why a note
A security at your bank,
not a private vehicle register.
Most access to private companies goes through private vehicles. A Kerdo note settles and is held like any other security.
Typical private vehicle
Kerdo note
What you hold
Private vehicleAn interest in a private vehicle
Kerdo noteA note with a European ISIN
Where it is held
Private vehicleRegister kept by the vehicle manager
Kerdo noteYour own custody account
Settlement
Private vehiclePrivate transfer documents
Kerdo noteStandard securities settlement
Payments
Private vehicleFrom the vehicle manager
Kerdo noteThrough the paying agent of the series
Documentation
Private vehicleA vehicle agreement for each deal
Kerdo noteProgramme documentation and Final Terms
— Structure
Separate roles, by design.
Kerdo selects and arranges. The securities are issued by an independent Luxembourg company, with assets kept separate for each transaction.
Selection & arrangingKerdoSelects and arranges each transaction
arranges
IssuerSecuritisation companyLuxembourg · one compartment and one ISIN per transaction
issues to
InvestorYour bankNote held on your custody account
— Briefing
Private markets, explained in five minutes.
Private credit
Structuring a club deal through a securitisation compartment
5 min read →Wealth managersSubscribing a note by ISIN: what a wealth manager needs
4 min read →Pre-IPOPre-IPO access in Europe: a note with an ISIN instead of a US SPV
5 min read →Kerdo briefing
Get new pre-IPO opportunities in your inbox.
For professional investors. One email when there is something worth reading.
— Contact
Talk to Kerdo.
A question on a transaction, on access for your clients or on a company you would like to present.
info@kerdo.io— Members
Join Kerdo.
Free for professional investors. Create your account in two minutes; full access after a one-off verification.