Unlisted shares and pre-IPO opportunities

Overview

Unlisted shares are shares of companies not traded on a stock exchange. Some investors consider them ahead of a possible public listing. Whether a listing happens, when it happens and at what price are all uncertain.

We help eligible investors approach these opportunities with discipline: understanding the company, the way the price was set, the exit options and how much of a portfolio, if any, belongs in such investments.

What clients typically look for

• Understanding of the business, financials and governance of the company
• A view on how the price was derived and whether it is reasonable
• Clarity on lock-ins, transfer mechanics and possible exits
• A small, deliberate allocation sized for potential total loss

Key considerations and risks

• There is no assurance that a company will list, or that it will list at a higher price
• Liquidity can be very limited and you may be unable to sell for a long time
• Valuations are harder to verify than for listed shares and information may be limited
• Prices can be negotiated rather than market-determined, which can widen the gap between buyers and sellers
• Due diligence on the company and the seller is essential
• You could lose your entire investment

How the conversation works

1. Assess suitability

   We discuss whether unlisted investments fit your risk capacity and liquidity needs.

2. Examine the opportunity

   We review available information on the company, price and transaction terms.

3. Weigh the risks

   We set out the liquidity, valuation and information risks in plain terms.

4. Decide with care

   If you proceed, we help you keep the allocation proportionate to your overall plan.

Frequently asked questions