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.

Interest to buy or sell may be indicated during secondary windows. After the secondary window is closed, our auctioning process commences after which buyers and sellers are notified. Transfer documentation and funding instructions are being provided to the transacting parties. Typically, a secondary window will be open for 7 days. Start and end dates are being broadly announced.

Price Matching

Moonfare pledges to utilize a streamlined auctioning process yielding fair results at scale for both buyers and sellers. While a secondary window is open, an investor can indicate an interest to sell, stating the minimum reserve price for their whole commitment in a particular fund. In the meantime, buyers submit an interest to buy at a maximum price (the “Bid Price”). After the secondary window is closed, interest to buy and sell is analyzed and matches for a particular commitment size are made at the same clearing price, which is equal to the lowest Bid Price that enables all interested sellers with an appropriate reserve price to liquidate their stake. Commitments can only be sold in their entirety.

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.