Solutions
Private Markets
Private market instruments transfer infrequently, and each transfer carries consent, pre-emption and eligibility conditions that are currently administered in email threads.
What it changes
- Constraints encoded, not rememberedConsent, pre-emption and eligibility are expressible, and a transfer is recorded only when it is confirmed.
- The cap table is the registerOwnership in integer basis points, truncated, so no share is ever reported larger than it is.
- Corporate actions that cannot go wrong quietlyA split is planned against the record-date register and refuses any ratio that would truncate a holder’s position.
What it includes
Secondary transfersRequest, decide, confirm — three acts, with the gates re-run at confirmation.
Classes and preferencesSeniority, preferred return and voting rights per class.
ApprovalsThe requester can never approve their own transfer.
See it against something real.
Bring an instrument you are actually considering. Structuring it is the only way to judge whether the model fits.