Few transactions
A small number of transactions, selected for the quality of the company, the entry price and the counterparty.
— Approach
Private companies,
held like a bond.
Kerdo selects the transaction and structures it in Luxembourg as a security with its own ISIN. You subscribe and hold it through your bank, and receive the proceeds at exit.
— The path
Four steps, every time.
01
Selection
Kerdo selects a position in a private company: a funding round, a secondary sale or a club deal.
02
Structure
The position is placed in a dedicated Luxembourg structure, separate for each transaction.
03
The security
Investors receive a note with its own ISIN, a format every bank can hold.
04
Your bank
You subscribe and hold the note on your custody account, like any other security.
— Principles
How we work.
One compartment each
Every transaction has its own compartment, its own assets and its own investors. Nothing is pooled.
A security
Investors hold a note with an ISIN at their own bank, with standard settlement and a paying agent.
Terms in writing first
Structure, fees and risks are set out in the documentation of each series before any subscription.
— Note vs private vehicle
Why a note with an ISIN.
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
— Questions
Frequently asked.
Who can invest?
Professional investors, such as family offices, wealth managers acting for professional clients, and institutional investors. The website and the deal room are not intended for retail investors.
What exactly do I buy?
A note issued by a compartment of a Luxembourg securitisation company. The compartment holds the exposure to the private company, directly or through an intermediate holding. The note has its own European ISIN.
How do I subscribe?
Through your custodian bank, using the ISIN of the series. Subscription conditions, the minimum amount and the settlement date are set out in the Final Terms of each series.
What happens at an exit?
When the company lists, is sold or makes a distribution, the compartment realises its position under the terms of the series and pays the proceeds to noteholders through the paying agent, net of costs.
Can I sell before the exit?
The notes are not listed on a trading venue and there is no organised secondary market. You should plan to hold until the exit event, which may take several years and is not guaranteed.
How is Kerdo paid?
Fees are set out in the documentation of each series before subscription. They typically include an arranging fee and, where applicable, a share of the gain at exit.
Is my investment segregated?
Under the Luxembourg Securitisation Law, the assets of each compartment are available only to the investors and creditors of that compartment, and not to those of other compartments.
What are the main risks?
Loss of the capital invested, illiquidity, absence of an exit, valuation uncertainty, limited information from the company, currency risk and the risk of counterparties in the holding chain. Read the risk factors of each series.
General information for professional investors. The programme documentation and the Final Terms of each series prevail.
— Members
Join Kerdo.
Free for professional investors. Create your account in two minutes; full access after a one-off verification.