How it works
The mechanics of a private-market deal at Axevil: one SPV per company, how it is selected and priced, and what has to happen before anyone is paid.
Articles
What an SPV is, and why every deal has one. Every Axevil deal is a separate special purpose vehicle holding the shares of one company. What that means for what you own and what you can sell. How deals are selected. A short list, not a catalogue. The criteria every position is underwritten against, what you receive per deal, and what is deliberately absent. Fees and costs. What the cost of participating in a deal is made of, where the exact rates are written down, and the four questions to ask of any structure. How an exit works. Three routes to liquidity for a position held through an SPV — listing, acquisition, secondary sale — and why none of them has a date. How the valuation of a position is updated. The valuation on your position moves on events at the company, not on a schedule — and it is not a price at which you can sell.
- What an SPV is, and why every deal has one
- How deals are selected
- Fees and costs
- How an exit works
- How the valuation of a position is updated
Common questions
Am I buying shares in the company?
No — you hold an interest in the SPV, and the SPV holds the shares. Your economics follow the company, but the shareholder of record is the vehicle, which decides who votes, who signs and who is paid first. What an SPV is sets out what that changes.
Can I sell my interest before an IPO?
As a rule, no. Transfers of an SPV interest are restricted by the vehicle’s own documents and by the company’s transfer restrictions, and there is no exchange to sell on. Plan on a horizon of years and treat money you may need on a date as unsuitable — how an exit works.
What are the fees?
The structure is explained in fees and costs; the rates that apply to a given deal are in that SPV’s documents, which you read and sign before any money moves. They are not uniform across deals, so this page does not quote a number that would be wrong somewhere.
What happens if the company never goes public?
An acquisition or a secondary sale of the position can still produce a return, and neither is guaranteed either. A private company can also fail, and the whole investment can be lost. That is the base case to underwrite, not the exception — see how an exit works.
Why has the valuation of my position not moved in months?
Because it moves on events at the company — a priced round, a tender offer, a reported secondary trade — and not on a daily mark. Between events there is nothing new to price it against. How the valuation of a position is updated explains what counts as an event.
Does Axevil invest alongside its investors?
Yes. The team participates in the deals it underwrites, which is one of the reasons the list of companies is short rather than a catalogue. How deals are selected describes what a position has to clear before it is offered.