Kerdo
— Investments · 01

Pre-IPO & secondaries

Positions in late-stage private companies, bought in a funding round or from existing shareholders, and held at your own bank.

Late-stageSecondariesSingle company

Late-stage companies often stay private for many years and raise capital from a limited circle of institutional investors. Early shareholders, employees and funds approaching the end of their life sell part of their positions before a listing.

Kerdo selects a small number of these transactions and turns each one into a security that investors subscribe and hold through their own bank. Its value follows the position, and it pays out when the position is sold at an IPO, a sale of the company or a distribution.

— The market

Why the years before the IPO matter.

Public data on how long companies stay private and how the secondary market has grown.

— Types of transaction

What it can look like.

Secondary purchase

Shares bought from existing shareholders, such as early investors, employees or funds.

Primary round

Participation in a funding round alongside the company’s other investors, where an allocation is available.

Holding vehicle

Exposure acquired through an existing vehicle that holds the shares, where a direct purchase is not possible.

— Process

Step by step.

  1. 01

    Selection

    Kerdo reviews the company, the entry price, the seller and the transfer conditions.

  2. 02

    Structuring

    A dedicated Luxembourg structure, separate for this transaction, acquires the position.

  3. 03

    Subscription

    You subscribe the security, with its own ISIN, through your bank. Terms and fees are set out before you commit.

  4. 04

    Exit

    At an IPO, a sale of the company or a distribution, proceeds are paid to noteholders through the paying agent.

— Points to consider

Risks.

The risk factors of each transaction are set out in its documentation, which prevails.

  • The price of a private company is not observable on a market and may differ from the price at a later round or listing.
  • An IPO or a sale may take longer than expected, or may not happen.
  • Transfers of private shares often require the company’s consent and may be subject to pre-emption rights.
  • Information available on private companies is more limited than for listed companies.
  • Shares received at an IPO may be subject to a lock-up period before they can be sold.
— For whom
  • Family offices
  • Wealth managers and EAMs for professional clients
  • Professional investors
— Other areas
VentureRead →Private equity & club dealsRead →Capital marketsRead →

General information for professional investors about an area of activity. It does not present or offer any specific transaction. Transactions are shown only to registered members in the Kerdo platform, on the basis of the documentation of each series.

— Contact

Questions on pre-ipo & secondaries?

A question on a transaction, on access for your clients or on a company you would like to present.

info@kerdo.io

— Members

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