Strategies
IPOs
Pre-IPO and new-issue allocations.
The typical shape of this kind of investment over time. An illustration, not a forecast.
Available by invitation only to eligible, self-certified investors. Nothing on this page is a public offer or an invitation to invest.
Overview
New issues are shares offered to investors when a company lists on an exchange for the first time, and pre-IPO investments are stakes taken before a listing. Access is often limited and allocations may be scaled back.
They can be volatile and hard to value, and shares are frequently subject to a lock-up period after listing.
Typical structure
An allocation of shares in a company at or before its public listing, usually subject to a lock-up period restricting sale for a fixed number of months.
Illustrative, to explain the general shape of this asset class. Individual products vary, and each carries its own terms.
Who it may suit
- Investors comfortable with high risk and uncertainty
- Those who can accept lock-up periods and delayed liquidity
- Investors who already hold diversified core positions
Typical characteristics
- Liquidity
- Limited; lock-ups apply
- Typical horizon
- 3+ years
- Role in a portfolio
- Growth, at higher risk
- Typical risk range
- 6–7 of 7
- Typical minimum
- $25,000
Key risks
- Valuation uncertainty: there is little trading history to anchor a price
- Lock-ups can prevent selling for months after listing
- Prices can be volatile in the first days and weeks of trading
- A planned listing may be delayed, repriced or cancelled
- Loss of some or all of the amount invested
This is a summary, not a full list. See the Risk Warning and each product's offering documents.
How it appears in your portfolio
Shown with a custom projection schedule of waypoints we set for each allocation, since there is no single formula for how a new issue will behave.
Further reading
Events that moved ipos
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