Kerdo
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Private markets,
explained.

The terms, the mechanics and the costs of investing in private companies through a note, in plain language.

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Glossary

18 terms, from ISIN and compartment to lock-up and right of first refusal.

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— Market data

Private markets in numbers.

Public figures, each with its source and date.

— Glossary

Terms you will meet.

ISIN
International Securities Identification Number: the 12-character code that identifies a security. Each Kerdo transaction is issued as a note with its own ISIN.
Note
A debt security issued by the compartment. Its value and payments follow the asset held by that compartment, under the Final Terms of the series.
Compartment
A separate part of a Luxembourg securitisation company, with its own assets and investors. Under the Securitisation Law, the assets of one compartment are not available to the investors or creditors of another.
Securitisation Law
The Luxembourg law of 22 March 2004 on securitisation, which allows a company to create compartments and issue securities backed by specific assets.
Series
One issue of notes by a compartment, with its own terms. In Kerdo transactions, one series corresponds to one transaction.
Final Terms
The document that sets out the specific terms of a series: underlying asset, issue price, fees, maturity and payment conditions. It is read together with the programme documentation.
Paying agent
The institution that makes payments to holders of the notes, such as proceeds at an exit, through the settlement chain.
Custodian bank
The bank where the investor holds securities on a custody account. Kerdo notes are subscribed and held there.
Pre-IPO
A transaction in a company that has not yet listed its shares, typically at a late stage of development.
Secondary transaction
The purchase of existing shares from a current shareholder, such as an early investor, an employee or a fund, rather than new shares issued by the company.
Primary round
A financing round in which the company issues new shares to investors.
Right of first refusal (ROFR)
A right of the company or of existing shareholders to buy shares on the same terms before they are sold to a third party.
Lock-up
A period after an IPO during which existing shareholders may not sell their shares.
Club deal
A transaction in which a small group of investors acquires a position together, on identical terms.
Exit
The event through which an investment in a private company is realised: an IPO, a sale of the company or a sale of the position.
Dilution
The reduction of an existing shareholder’s percentage ownership when a company issues new shares.
Professional investor
A client who meets the criteria of professional client under MiFID II, or is treated as such. Kerdo is intended only for professional investors.
Orphan structure
An issuer whose shares are held by an independent foundation rather than by the arranger, so that the issuer is not part of the arranger’s group.
— Articles

Notes on private markets

Private credit30.10.2026

Structuring a club deal through a securitisation compartment

How a group of investors can finance or invest in a single company through notes issued from a dedicated Luxembourg securitisation compartment.

5 min read →
Wealth managers30.10.2026

Subscribing a note by ISIN: what a wealth manager needs

The practical steps for a wealth manager or EAM to subscribe a privately placed note for clients through a custodian bank.

4 min read →
Pre-IPO30.10.2026

Pre-IPO access in Europe: a note with an ISIN instead of a US SPV

Why European investors and distributors use notes with an ISIN, issued by a Luxembourg securitisation compartment, to access late-stage private companies.

5 min read →
Pre-IPO30.10.2026

Buying secondary shares in private companies through a note

How secondary transactions in private company shares can be organised through a securitisation compartment and offered to professional investors as a note.

4 min read →
Family office30.10.2026

Club deals for family offices: structure and governance

How families can co-invest in a single transaction on identical terms through a note issued by a securitisation compartment, and how decisions and information are organised.

5 min read →
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