Pre-IPO Access
A Streamlined Way to Access Pre-IPO Companies
FNEX structures special purpose vehicles, or SPVs, that give institutional and accredited investors a single, efficient path to a specific pre-IPO company. Each SPV pools investor capital into one vehicle that holds the underlying private security, backed by the same institutional infrastructure behind the FNEX Institutional Dark Pool.
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Recent Pre-IPO Transactions
The Structure
Why Investors Use an SPV to Access Pre-IPO Shares
Lower Investment Minimums
Pooling capital into a single vehicle can reduce the minimum needed to gain exposure to a specific pre-IPO company compared to a direct secondary purchase.
A Simplified Structure
One subscription and one Schedule K-1 stand in place of the administrative steps involved in holding a direct position on a company’s cap table.
Access to Late-Stage Names
An SPV can offer a route to companies that are difficult to access directly in the secondary market, subject to availability and issuer restrictions.
Why FNEX
How FNEX Structures and Sources Pre-IPO SPVs
Direct Cap Table Positioning
Many pre-IPO vehicles are structured as an SPV that holds an interest in another SPV, adding a layer between the investor and the company. FNEX structures its SPVs to take a position directly on the underlying company’s cap table, keeping investors closer to the source.
Global Capacity
With a global network of financial professionals and inter-banking relationships, FNEX brings broad reach and deep experience to every SPV it structures.
Confidential Structuring
Each SPV is formed and administered with the same discretion FNEX applies across its private securities business, protecting the underlying position and its investors.
Proprietary Deal Sourcing
FNEX’s platform and data tools help identify and evaluate underlying opportunities, giving investors access to deal flow sourced through the FNEX network.
Our Track Record
Put Our Experience to Work for You
- Over $26B in transactions
- Global institutional client relationships
- Vast and multi-sector private company relationships
- Proprietary secondary transaction deal flow
- Proprietary price and market data through FNEX platforms
Explore More
FNEX Private Market Solutions
Beyond SPVs, FNEX offers additional ways to access the private markets.
Pre-IPO Stock
Direct secondary access to pre-IPO shares through the FNEX Institutional Dark Pool.
Explore Pre-IPO Stock →FNEX Alternatives Market
A marketplace for alternative investments and private market offerings across asset classes.
Explore the Alternatives Market →FNEX Ventures Fund
A private fund offering RIAs and accredited investors exposure to a portfolio of late-stage private companies.
Explore FNEX Ventures Fund →FAQ
Frequently Asked Questions
FNEX offers special purpose vehicles, giving accredited and institutional investors a pooled, single-position path into late-stage private companies before they go public. Unlike an SPV that holds an interest in another SPV, an FNEX-structured SPV takes a position directly on the underlying company’s cap table.
A pre-IPO SPV, or special purpose vehicle, is a single-purpose legal entity formed to hold one position, such as shares in a private, venture-backed company. FNEX structures pre-IPO SPVs so that investors gain exposure to a specific company by acquiring an interest in the SPV rather than purchasing shares directly.
A direct secondary transaction often carries a higher minimum and requires the buyer to be added directly to the company’s cap table, subject to company and board approval. FNEX pools capital from multiple investors into a single SPV that then holds the shares, which can create a more efficient path to exposure with a lower minimum commitment.
Participation in an FNEX pre-IPO SPV is limited to accredited investors, institutional investors, family offices, and registered investment advisors, consistent with the Reg D 506(c) private placement exemption governing each offering.
Minimums vary by SPV and by the underlying opportunity. Contact FNEX to review current terms for a specific vehicle.
Investors in an FNEX SPV typically receive an annual Schedule K-1 reflecting their allocable share of the vehicle’s activity. Investors should consult their own tax advisor regarding the treatment of an SPV interest.
SPV interests are illiquid, may involve additional layers of fees, and carry the same underlying risks as the private security itself, including possible loss of principal. FNEX does not guarantee a fixed holding period or outcome.
Disclaimer: This material does not constitute tax, legal, insurance or investment advice, nor does it constitute a solicitation or an offer to buy or sell any security or other financial instrument. Securities offered through FNEX Capital, member FINRA, SIPC. SPV interests are offered as private placements under Regulation D, Rule 506(c), and are available only to accredited investors and other qualified participants. Private placements involve a high degree of risk, may be illiquid, and may result in the loss of principal.
