MoonfareSecondary Market

The first European digital platform to offer liquidity to your private equity portfolio

Tradeable After 1 Year

Potential to sell your investments after one year

Seamless Process

Streamlined technology platform matches buyers and sellers to execute transfers

High Transparency

All participants see the same transparent reporting and performance information

MoonfareSecondary Market

The first European digital platform to offer liquidity to your private equity portfolio

Tradeable After 1 Year

Potential to sell your investments after one year

Seamless Process

Streamlined technology platform matches buyers and sellers to execute transfers

High Transparency

All participants see the same transparent reporting and performance information

End-to-End Digital Experience

Order Placement

You can indicate your interest to buy/sell when the Moonfare Secondary Window opens

Price Matching

You will be notified of potential matches

Transaction Execution

You accept the match and your transaction is executed

Frequently Asked Questions

Order Placement

NAVs represent an updated assessment of investment value. This value is reported quarterly by the underlying fund managers and determined in line with strict valuation guidelines. The fund managers we work with are large organizations with large investors like life insurance companies and pension funds, who have high standards with regards to accuracy and control of the valuation process. Moonfare and its investors benefit from their high standards. The NAV reported to our investors additionally includes any potential cash reserves and liabilities of the feeder vehicles.

The Bid / Ask price indication is related to the NAV of the fund as per the most recent quarterly statement. Indications do not include the seller’s remaining commitments, however the buyer assumes the obligation to meet this commitment in full.

Moonfare currently offers Secondary Windows as a service free of charge to investors. Depending on demand and experience with the service, we might change this model at a later stage.

The identity of the transacting parties will be disclosed when a transaction is executed, not during the matching process.

You can change or cancel your order during the Secondary Market Window. Facilitated transactions are not reversible after having been executed. In the next Secondary Window, you can once again express your interest in buying or selling.

Interests may be bought or sold during Secondary Windows. At the conclusion of each Secondary Window, buyers and sellers are notified whether their orders were matched, and provided transfer documentation and funding instructions. In general, the windows will be open for 7 days; we broadly announce official start and end dates.

Price Matching

We are dedicated to providing the best execution for buyers and sellers. Orders are matched by price and time priority.
Price priority: For buyers, this means higher prices are prioritized. For sellers, lower prices are prioritized. All matches occur at the same clearing price,as long as it is better than or equal to each participant’s order price.
Time priority: For identical price indications, orders are filled in the order in which they are received.

Lower prices result in fewer sellers while higher prices result in fewer buyers. The clearing price is the single price at which the highest (commitment) volume of interested buyers and sellers are successfully matched.

Transaction Execution

Once a trade is matched, documents are required to be completed and funds transferred within the periods provided in the match notification. Moonfare will facilitate execution of completed transfers once documents are approved and funding is confirmed from all participants. As part of the approval process, Moonfare will collect approval of transfers from the underlying fund‘s general partner, which cannot be unreasonably withheld.

Bids are binding upon the close of the Secondary Window. If you wish to change or cancel your bid, you may contact us before then.

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A Solution for TraditionallyIlliquid Investments

Long hold periods on direct private equity investments mean that invested capital is typically tied up for 5+ years until invested funds have been returned, and another 5+ years until the full capital gain has been received, limiting many investors’ willingness to participate in these opportunities.

Moonfare Secondary Windows

You can now invest in private equity fund opportunities on our platform knowing that you can sell your investment after 1 year. Although Moonfare cannot guarantee demand at the price you choose, Moonfare’s network opens up your offer to a broad set of potential buyers.

Invest With Moonfare

Invest with greater flexibility. Attractive long-term return potential, with the potential to sell after only one year.