Private markets have become one of the largest wealth creation engines in history. Yet most people fail to understand the dynamics of this market — how liquidity gets created, and why the best deals never reach the open market. This is what we learned after years inside the ecosystem. This manifesto is our attempt to explain the game as it actually works.
The deal nearly died twice before it closed. What held it together wasn't the price — it was the structure underneath, and the order in which we brought each family in. Here's the sequence, the sticking points, and the term that almost broke it.
Every layer between the seller and the buyer takes a cut, and most investors never see where it goes. We break down a real stack fee by fee, so you know exactly what you're paying for access — and what you shouldn't be.
By the time an allocation is widely available, the real one is already gone. The genuinely sought-after AI positions move through a handful of relationships, quietly, before any process starts. Here's how that market actually clears.
A single clause can quietly double what you pay to access a round. We walk through two real amendments we negotiated, the concessions that mattered, and the language we'd never sign again.
A decade at UBS, where she became the youngest team head in UBS France, leading the Venture & Growth Solutions team. She structured and executed tailored secondary solutions for some of Europe's most iconic companies — Revolut, Klarna, Anthropic, OpenAI and SpaceX.
Based between London and Paris, she has worked closely with leading family offices and industrial investors, building a deep, trusted network of long-term capital globally.
Founder of multiple profitable SaaS companies, including lemlist — started with $1,000 and valued at $150M when he sold 20% for $30M in 2021 (still 70% owned).
He built one of the most trusted communities of tech founders and investors globally, while investing millions into companies like Revolut, Anthropic, Groq, Ledger, Back Market and Mercor.
Together, they combine the discipline of institutions with the instinct of builders.
