How It Works

Private Equity Investments Secondary Market

How It Works

Private Equity Investments Secondary Market

Who We Are

Knowledge Center

Blog

All

Specialist Articles

Company Updates

Industry News

Deal of the Month

Office Hours

Deal Talk

White Papers

Fund News

All

APAX

APOLLO

BAIN

BLACKSTONE

CARLYLE

CINVEN

CVC

EQT

INSIGHT PARTNERS

IVP

KKR

PERMIRA

SILVER LAKE

Press About Press Releases Coverage Press Kit Contacts

Premium Content

No items found.

View All

Events

All

Frankfurt

London

Explanatory Videos

Moonfare & The Growth of Private Equity

How Moonfare Works

View All

Knowledge Center

Back

Blog

All

Specialist Articles

Company Updates

Industry News

Deal of the Month

Office Hours

Deal Talk

White Papers

Blog

Premium Content

Back

Fund News

All

APAX

APOLLO

BAIN

BLACKSTONE

CARLYLE

CINVEN

CVC

EQT

INSIGHT PARTNERS

IVP

KKR

SILVER LAKE

PERMIRA

Fund News

Back

Press About Press Releases Coverage Press Kit Contacts

Press

Back

Events

All

Frankfurt

London

Events

Explanatory Videos

Bank & Wealth Managers

To My Dashboard Log In Sign Up

Moonfare Secondary Trading Window

The first European digital platform to create a Secondary Trading window for your private equity portfolio.

View Funds

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

Do you still have questions?

Order Placement

Price Matching

Transaction Execution

How are Net Asset Values (NAV) of the funds determined?

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.

How are remaining commitments and existing NAV considered?

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.

What is the fee structure? Are there transaction costs?

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.

Is my identity know to other buyers or sellers?

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

Are secondary transactions reversible or cancellable?

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.

When can I buy or sell interests?

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.

How are bids and offers matched?

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.

How are clearing prices determined?

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.

When do the transactions settle? When should I expect to send or receive funds?

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.

Is my order binding?

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.

Please fill out the form below.

First Name

Last Name

E-mail Address

Company Name

Job Title

Why are you interested?

Region

By clicking “Submit” you consent to processing and storage of personal data according to Moonfare’s Privacy Policy.

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form.

A Solution for Traditionally
Illiquid 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

Moonfare gives you access to the top 5% of funds we review. Our clients have trusted us to invest over €500 million.

About Moonfare

Moonfare is a technology platform that enables individuals and their advisors to invest in top-tier private equity funds, subject to eligibility.

[email protected]

+49 30 220 560 770
+852 5804 6012 +44 20 393 689 28

Industry Awards

Invest With Moonfare Home Private Equity Investments Banks & Wealth Managers Secondary Market US Tech Funds Invest Your Bonus Invest In The Future Who We Are Press Videos Blog White Papers Careers Contact Impressum/Imprint Privacy Policy Terms of Service Website Data Collection SFDR Statement

Moonfare Germany

10178 Berlin, Karl-Liebknecht-Str.34

[email protected]Get Directions

Moonfare Asia Ltd.

23/F, One Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong

[email protected]Get Directions

Moonfare Luxembourg

Grand Duchy of Luxembourg, Luxembourg121 avenue de la Faïencerie, L-1511,

[email protected]Get Directions

Moonfare UK Ltd

c/o Mazars LLP

The Pinnacle, 160 Midsummer Boulevard

Milton Keynes, MK9 1FF, United Kingdom

[email protected]Get Directions

In the European Union (EU), the platform services are operated by Moonfare GmbH (Karl-Liebknecht-Str. 34, 10178 Berlin, Germany), which provides investment brokerage services in certain European countries pursuant to §1 KWG exclusively on account and under the liability of AHP Capital Management GmbH (Weißfrauenstraße 12-16, 60311 Frankfurt). In Hong Kong, the platform is operated under the supervision of Moonfare Asia Ltd. (23/F One Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong),  an affiliate of Moonfare GmbH, and licensed with the Securities and Futures Commission (CE no. BOO902) to carry on business in Type 1 (dealing in securities) regulated activity in Hong Kong under the Securities and Futures Ordinance (Cap. 571). In the United Kingdom (UK), the platform is operated under the supervision of Moonfare UK Ltd. (c/o Mazars LLP, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, MK9 1FF, United Kingdom), an affiliate of Moonfare GmbH, and an appointed representative of RiskSave Technologies Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 775330).

Moonfare does not make investment recommendations and no communication, through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. Alternative investments in private placements, and private equity investments via feeder funds in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Prospective investors should carefully consider the risk warnings and disclosures for the respective fund or investment vehicle set out therein. The value of an investment may go down as well as up and investors may not get back their money originally invested. Past performance is not necessarily a guide to future performance. An investment in a fund or investment vehicle is not the same as a deposit with a banking institution. Please refer to the respective fund documentation for details about potential risks, charges and expenses. Additionally, investors will typically receive illiquid and/or restricted membership interests that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for private equity investing, private equity should only be part of your overall investment portfolio. Further, the private equity portion of your portfolio may include a balanced portfolio of different private equity funds. Investments in private equity are highly illiquid and those investors who cannot hold an investment for the long term (at least 10 years) should not invest.

Moonfare Secondary Trading Window

Tradeable After 1 Year

Seamless Process

High Transparency

End-to-End Digital Experience

Order Placement

Price Matching

Transaction Execution

Do you still have questions?

Please fill out the form below.

A Solution for TraditionallyIlliquid Investments

Moonfare Secondary Windows

Invest with Moonfare

A Solution for Traditionally
Illiquid Investments