EXPLORE PRE-IPO STOCKS

The same company. Very different rights.

Two investments referencing one company can have different fees, voting rights, transfer restrictions, and exposure. Read the documents.

Direct shares

Direct private shares

Confirm the issuer, share class, seller ownership, transfer approvals, and any rights of first refusal. Review the current governing and transfer documents.

Read: One company can mean different ownership rights ↗Ask about direct shares

SPV interests

An SPV or fund interest

Understand the vehicle manager, fees, distributions, voting rights, and what happens if the underlying position is never acquired. Confirm whether exposure is direct or layered.

Read: Questions for an employee-share secondary transaction ↗Ask about spv interests

Secondary transactions

Employee secondary shares

Ask whether the seller has vested and transferable securities, what approvals apply, and who bears exercise costs or taxes. Use qualified legal and tax advice for the transaction.

Read: Direct shares, funds, and SPVs: ask what you own ↗Ask about secondary transactions

TAKE THE NEXT STEP

Make room for a better-informed decision.

Ask an ownership question