From Fund Positions to Bankable Securities
Feeder, repackaging and co-investment structures for private equity and venture capital: issued through segregated Luxembourg compartments, with European ISINs, standard bank custody and a clearly documented waterfall.
The access problem
Private equity and venture capital remain the most operationally hostile asset classes for investors and distributors alike: high minimum commitments, subscription documents negotiated fund by fund, capital call administration over years, LP registers with transfer restrictions, and positions that cannot be held in a bank portfolio or shown on a custody statement. For fund managers, every additional investor means another register entry, another KYC file, another capital call to chase.
Five structures, one platform
Click a node to explore each structure.
Fund feeder notes
A dedicated compartment subscribes to the target fund and issues notes with a European ISIN. Investors buy the note through their custodian bank; the fund sees a single, professional entry in its register. Commitments, drawdowns and distributions are handled at compartment level and passed through according to the term sheet.
LP interest repackaging & secondaries
Existing LP interests (held directly or acquired on the secondary market) are wrapped into notes, converting an illiquid register position into a transferable security. Subject to the fund's transfer provisions, this opens exit and syndication routes that a raw LP position does not have.
Co-investment compartments
Deal-by-deal compartments structured alongside a fund or sponsor, giving a defined group of professional investors direct exposure to a single transaction with its own economics, governance and waterfall, separate from the main fund.
VC round syndication
Club-deal style compartments for direct venture rounds: the compartment holds the position in the company and investors hold notes. One entry in the startup's cap table instead of a dozen angels: cleaner for the founders, bankable for the investors, and a natural bridge into our pre-IPO note structures as companies mature.
Learn more about pre-IPO notes →Capital call mechanics, solved
Notes can be issued fully funded (eliminating capital call administration for investors entirely) or structured to replicate the fund's drawdown schedule where preserving the J-curve economics matters. Uncalled capital can be managed within the compartment to optimise cash drag.
Less administration, broader distribution
One register entry instead of many. A distribution-ready instrument that private banks and EAMs can actually process. Access to professional investors whose mandates or operational setup only allow securities. And the administrative load: KYC consolidation, capital calls, reporting, absorbed at compartment level.
Bankable private markets, no new complexity
A security with a European ISIN, held in your existing custody account and cleared through Euroclear and Clearstream. Reference pricing published by a regulated calculation agent. A documented waterfall, no subscription negotiations, and, where the note is fully funded, no capital calls to manage. The underlying economics remain those of private markets: illiquidity, periodic valuations and long horizons are features of the asset class, not removed by the wrapper.
Common questions
Can an existing fund position be repackaged?
Yes: LP interests held directly or acquired on the secondary market can be wrapped into notes, subject to the fund's transfer provisions and eligibility review.
Do note investors face capital calls?
Only if the structure is designed that way. Notes can be issued fully funded, or replicate the fund's drawdown schedule where that is preferable, the mechanics are defined in the term sheet.
Who is this for?
Fund managers and sponsors seeking cleaner distribution, and professional investors (family offices, EAMs, private banks) seeking bankable access to private equity and venture capital.