Risk disclosure

Loss of capital

Investing in early-stage and private companies, pre-IPO shares and IPO allocations is speculative. You may lose all of the money you invest. Do not invest more than you can afford to lose.

Illiquidity

Private positions generally cannot be sold or transferred until a liquidity event such as an IPO or acquisition, which may never happen. Even after listing, lock-up periods may apply.

Indirect ownership

Where an SPV or tokenized wrapper is used, you hold an interest in the vehicle, not shares in the company directly. You will usually have no voting or information rights in the company.

Valuation and dilution

Valuations are set by the issuer or the last transaction and are not independently verified. Future funding rounds may dilute your stake or carry preferences ranking ahead of your class of shares.

Blockchain and custody risk

Smart contracts, stablecoins, wallets and bridges may fail, be exploited or be de-pegged. Transactions are irreversible. You are responsible for the security of your wallet.

Regulatory risk

Laws governing tokenized securities and cross-border offerings are evolving and may restrict your ability to hold, transfer or realise your investment.