Tokenized pre-IPO: late-stage companies, one SPV per deal.
- Target gross multiple
- 2–3x
- Target entry
- 10–30% below last round
- Holding period
- 3–5 years
- Minimum
- $50,000 per deal
Targets, not guarantees. Capital at risk. Figures are indicative until the fund documents are issued.
Pre-IPO Strategy
Tokenized pre-IPO investing means owning a share of an SPV that holds a private company's stock before an IPO or a sale, with your interest recorded on a tokenized register. The return depends on the price paid on the way in and the value at the exit; there is no income while the company stays private.
The strategy
Buy well, check the shares, hold to the exit.
Companies stay private for longer, and much of their growth now happens before they list. Early employees and funds often want to sell part of their shares before an IPO, and they accept a discount to the last round for an early, certain sale.
The strategy focuses on late-stage companies (Series C and later) with revenue, institutional investors and a credible path to an IPO or a sale within three to five years. It targets entry prices 10% to 30% below the company's last round.
Each company gets its own SPV, so investors choose deal by deal and one company's result does not mix with another's. Before buying, the company's consent and right of first refusal are cleared, the share class and cap table are checked, and the seller's title is confirmed.
Investors hold tokenized SPV interests on a permissioned register. When the company lists or is sold, the SPV distributes the proceeds or the shares.
What a deal looks like
Late-stage companies
Series C and later, with revenue and institutional investors on the cap table.
Secondary entry
Shares bought from employees and early funds, where possible below the last round.
One SPV per company
Choose deal by deal; each SPV has its own documents, accounts and register.
Exit-driven
Returns come at an IPO, a sale of the company or a secondary sale.
Structure
Who holds what.
You
Investors
Hold tokenized SPV interests on a permissioned register. Transfers go only to checked, eligible investors.
Vehicle
SPV (one per company)
Buys and holds the shares. A manager runs it; an administrator keeps the register and the accounts.
Asset
Late-stage private company
Its shares, bought mostly from early holders, after the company's consent and right of first refusal are cleared.
Where the return comes from
How the target is built.
| Entry price below the company's last round | 10% to 30% lower |
|---|---|
| Company value at exit compared with the last round | 1.5x to 2.0x |
| Gross multiple: exit value divided by entry price | about 1.7x to 2.9x |
| Structuring fee and carried interest | −0.2x to −0.4x |
| Net multiple to investors in this scenario | about 1.5x to 2.5x |
Security
Four checks before a single share is bought.
- 01
Company consent
The company approves the transfer and its right of first refusal is cleared; no hidden or synthetic exposure.
- 02
Title and share class
The seller's ownership, the share class and its rights, and the cap table are verified with the company or its registrar.
- 03
Segregated SPV
Each company sits in its own SPV, with an administrator keeping the register and the accounts.
- 04
Permissioned register
Tokenized interests move only between checked, eligible investors, with every transfer recorded.
Portfolio rules
- Late-stage companies only (Series C and later)
- No purchase without company consent
- One company per SPV; no blind pools
- Entry price and valuation method disclosed in each deal memo
Key terms
The terms in one table.
- Target return
- A gross multiple of 2x to 3x on invested capital over a 3 to 5 year holdA target, not a forecast. Some deals can lose all their value.
- Entry price
- Target 10% to 30% below the price of the company's last funding round, mostly through secondary purchases
- What it buys
- Shares in late-stage private companies (Series C and later) with revenue, institutional investors and a credible path to an IPO or sale
- Structure
- One SPV per company holds the shares; investors hold tokenized SPV interests on a permissioned register
- Checks before buying
- Company consent and right of first refusal, share class and cap table, seller's title, information rights
- Income
- None while held; returns come at IPO, sale or a secondary exit
- Liquidity
- No redemption; transfers between eligible investors where the company and the SPV documents allow
- Fees
- Structuring fee up to 3%, once; carried interest 15% of profit; no annual management fee
- Minimum investment
- $50,000 per deal
- Reporting
- Company updates as the SPV receives them; annual SPV accounts and valuation
- Who can invest
- Professional or accredited investors, family offices and funds
Targets are not guaranteed and are not a forecast. Capital is at risk. Each strategy is offered only through its fund or SPV documents, to eligible professional or accredited investors, where the law allows. Nothing here is an offer, investment advice or a recommendation.
Reviewed . Indicative terms; the fund or SPV documents prevail.
Risks
What can go wrong.
- The company may never list or be sold, or may exit below the entry price; some deals can lose all their value.
- Holding periods are long, often 3 to 5 years and sometimes more, with no income in between.
- Private companies share less information than listed ones.
- Later funding rounds can dilute or rank ahead of existing shares.
- After a listing, lock-up periods can delay the sale of the shares.
- Transfers before the exit depend on the company and the SPV documents; there is no redemption.
- Targets are not guaranteed.
Who it suits
Built for long-term private-market investors.
Private investors
Professional or accredited investors who can hold for several years and size each deal as a small part of their wealth.
Family offices
Growth exposure to specific companies, chosen deal by deal, with a clear register.
Funds
Venture and growth funds adding late-stage secondaries alongside their primary book.
Wealth platforms
Platforms offering eligible clients access to single-company SPVs with controlled transfers.
How to invest
From first question to first report.
- 01
Request access
Tell us who you are and which strategy interests you. We reply within one business day.
- 02
Eligibility
We confirm you are a professional or accredited investor where you live. Some countries are excluded.
- 03
Dataroom
Review the strategy memorandum, terms, credit or investment policy and sample reports.
- 04
Subscribe
Through the fund or SPV documents, after the administrator's identity checks. Units are recorded on the register.
- 05
Reporting
Regular reports and distributions, with every document kept in the Dataroom.
Questions
Asked by investors.
What is a pre-IPO investment?
Buying shares in a private company before it lists on a stock exchange or is sold. Investors usually buy from early shareholders such as employees and early funds, through an SPV that holds the shares for a group of investors.
What does a tokenized SPV interest add?
Your interest in the SPV is recorded on a permissioned tokenized register. Ownership is clear, transfers go only to checked investors, and the record of who owns what is kept for the life of the SPV.
What return does the strategy target?
A gross multiple of 2x to 3x on invested capital over a 3 to 5 year hold. It comes from buying below the last round where possible and from the company's growth to an exit. It is a target, not a forecast, and some deals can lose all their value.
How do I get my money back?
When the company lists, is sold or a secondary buyer is found, the SPV distributes the proceeds or, after a listing, the shares. There is no redemption while the SPV holds the shares, and there is no income in the meantime.
Does the company know about the purchase?
Yes. A purchase goes ahead only after the company's consent and its right of first refusal are cleared. Deals that would need to hide the transfer from the company are declined.
What does it cost?
A structuring fee of up to 3%, once, and carried interest of 15% of profit. There is no annual management fee.
What is the minimum investment?
$50,000 per deal, for professional or accredited investors where the law allows.
Other strategies
Compare with the other two.
Trade finance
Trade Finance Strategy
Short-dated loans against real shipments, repaid by the buyer's payment.
- Target net return
- 9–11% a year
- Average asset term
- 60–120 days
- Distributions
- Quarterly
- Minimum
- $100,000
Loans secured by tokenized assets
Collateral Lending Strategy
Senior secured loans with collateral worth at least twice the loan.
- Target net return
- 9–12% a year
- Loan-to-value
- 50% max, 35% average
- Loan term
- 6–24 months
- Minimum
- $100,000
Read next
Read next
- Tokenized pre-IPO, explainedFor sponsors: how a pre-IPO SPV is structured and tokenized.
- Loans against SAFEs, SAFTs and SPV interestsHolders can borrow against SPV units instead of selling.
- Pre-IPO and equity case studiesCompany-reported deal summaries.
- All investor strategiesTrade finance, collateral lending and pre-IPO compared.
Targets are not guaranteed and are not a forecast. Capital is at risk. Each strategy is offered only through its fund or SPV documents, to eligible professional or accredited investors, where the law allows. Nothing here is an offer, investment advice or a recommendation.
Asset Haus provides the platform, the tokenized register and the Dataroom. Each strategy is managed by the fund manager named in its documents, which is responsible for investment decisions.