Terms of Service


1.1 By checking the corresponding checkbox on our website (the “Site”) when creating an account,  you  are  accepting  these  Terms  of  Services  and  thus  agreeing  that  you  will abide by these Terms of Service and any other terms displayed on our Site that may have been incorporated in the contract executed with Moonfare GmbH (collectively the “Agreement”). This Agreement is between Moonfare GmbH (“we” or “Moonfare”) and you,  and  it  governs  your  access  to  and  use  of  the  services,  Site,  and  applications offered by Moonfare (the “Services”). Moonfare provides investment brokerage and lets individuals invest in top-tier private equity funds via its Site.

1.2 Capitalized terms used herein are defined in Section 12 (Definitions) of this Agreement.

General Securities Laws Principles

2.1 The  laws  applicable  to  alternative  investments  are  complicated  and  occasionally ambiguous.  In  general,  they  are  designed  to  protect  unsophisticated  people  from making  poor  investment  decisions.  You  qualify  to  invest  with  Moonfare  if  you  meet certain   criteria   including   a   minimum   net   worth   and   sufficient   prior   investment experience.

2.2 Due  to  the  nature  of  the  feeder  funds  we  offer,  Moonfare  investments  are  available exclusively for investors that qualify based on applicable national securities laws and regulations governing these types of securities transactions that must be observed.

2.3 You must make your own assessment regarding regulatory requirements as may be applied to your activities on the Site.

User Obligations

3.1 To  Act  Responsibly.  You  are  undertaking  to  act  responsibly  –  which  means  that,  by entering into the Agreement with us, you are undertaking:

3.2Requirements to Use the Services.

a)That you have the right, authority, and capacity to enter into this Agreement on your  own  behalf  and  on  behalf  of  any  entity  for  whom  you  are  acting  and  to abide by all of the terms and conditions contained herein, and that if any aspect of your use of Moonfare’s Services violates provisions of the law to which you are subject, you will cease using the Services and close your account:

b)That you shall not use a false name or email address owned or controlled by another  person  with  the  intent  to  impersonate  that  person  or  for  any  other reason;

c)That you shall be solely responsible for maintaining the confidentiality of your password;

d)That you will update your registration information with Moonfare as needed so that it remains true, correct and complete;

e)That during the registration process on the Site you agree to be bound by the terms of the Non-Disclosure Agreement, displayed on the Site, by checking the corresponding box.

3.3 Requirements related to Investments.

a)That you will only invest in a feeder fund or other product offered through the Site  after  carefully  reviewing  and  assessing  the  terms  of  the  investment, including the related private placement memorandum, subscription agreement and organizational documents as well as all other related information provided through the Site;

b)That you will use your own judgment before making any decision to invest;

c)That you will obtain such professional advice as is appropriate to protect your interests, including legal, tax, accounting and other advice (i.e., consult with an attorney); and

d)That you have reviewed and understand the discussion of risks made available with  the  investment  documentation  on  the  Site,  and  that  you  are  otherwise aware of the risks of making alternative investments.

3.4 General Requirements.In addition, you are undertaking not to:

a)Violate this Agreement or any local or foreign law, rule or regulation;

b)Trick, defraud, deceive or mislead Moonfare, such as by disguising the source of materials or other information you submit to the Services or using tools which anonymize your Internet protocol address to access the Services;

c)Interfere  with  or  disrupt  (or  attempt  to  interfere  with  or  disrupt)  access  and enjoyment of the Services of other users or any host or network;

d)Disparage, tarnish or otherwise harm Moonfare and/or the Services;

e)Upload or transmit (or attempt to upload or transmit) any material that acts as a passive  or  active  information  collection  or  transmission  mechanism,  such  as viruses,  worms,  Trojan  horses,  spyware,  adware  or  any  other  malicious  or invasive code or program;

f)Reverse engineer, decompile, reverse assemble, modify or attempt to discover or  copy  any  software,  source  code  or  structure  that  the  Services  utilize  to generate web pages or any software or other products or processes accessible through the Services;

g)Access or search (or attempt to access or search) the Services by any means, such as any automated system or unauthorized script or software, other than currently available, published interfaces provide by Moonfare, unless you have been specifically allowed to do so in a separate agreement with Moonfare (note scraping  the  Services  is  expressly  prohibited  without  the  prior  consent  of Moonfare);

h)Remove,  obscure  or  change  any  copyright,  trademark,  hyperlink  or  other proprietary  rights  notices  contained  in  or  on  the  Services  or  any  website  on which  the  Services  are  offered  or  on  a  third  party  website  and/or  Moonfare software on which Moonfare code is embeddable or embedded on;

i)Remove,  obscure  or  change  any  notice,  banner,  advertisement  or  other branding on the Services;

j)Interfere with or circumvent any security feature of the Services or any feature that restricts or enforces limitations on use of or access to the Services, such as probing or scanning the vulnerability of any system, network or breach;

k)Make  any  false  or  fraudulent  representations  to  Moonfare  in  order  to  gain access to the Services;

l)Distribute or cause the distribution of Sensitive Information; or

m)Sell access to the Services or any part thereof other than through a mechanism approved by Moonfare.

n)Expect Moonfare to provide investment advice or recommend any investment;

o)Treat  any  Content,  email  or  other  information  you  receive  as  a  result  of  your access to the Services as a recommendation or representation of any kind by Moonfare,   an   affiliate   of   Moonfare   or   any   employee,   officer,   director, representative or other agent of the foregoing (each a “Company Person”) on which you should rely unless such information has been expressly identified as created by a Company Person;

p)Claim any ownership right in any material, software or other intellectual property displayed on, published by or otherwise available through the Site, other than Content, software or intellectual property that you own or otherwise have rights to without regard for its appearance on the Site;

q)Copy or distribute Content except as specifically allowed in this Agreement;

r)Use  any  Content,  or  other  information  acquired  from  Company  Persons, investors,  or  otherwise  through  your  use  of  the  Services,  for  commercial  or investment activity outside of the Services, without prior written approval from Moonfare;

s)Claim  any  right  to  access,  view  or  alter  any  source  code  or  object  code  of Moonfare;

t)Use the Site to market services, particularly investment advisory services that might cause Moonfare to have to register as an investment adviser with a local regulator; or

u)Market competing services to people you have identified through Moonfare.

3.5 Moonfare  Employees  and  Affiliates.  You  understand  that  Company  Persons  may participate in the Services as investors, and that Moonfare is not responsible for any of their  activities,  including  statements  or  other  information  in  any  emails  or  other communications such individuals make in that capacity.

3.6 Confidentiality. By registering with Moonfare, or otherwise using the Services or viewing Content made available through the Site in any way, you may be exposed to Sensitive Information. It is expected that you will use discretion in handling Sensitive Information. You  agree  that  you  will  not  republish,  or  cause  any  third  party  to  republish,  any information you acquire through the Services via an Internet website or otherwise, for which  one  of  the  principal  purposes  is  to  compete  with  Moonfare.  You  further  agree that you will not use Sensitive Information for any reason other than your evaluation of a particular investment opportunity unless approved in advance in writing by Moonfare.

3.7 Other User Obligations.

3.8 You agree that this Agreement does not entitle you to any support, upgrades, updates, add-ons,  patches,  enhancements,  or  fixes  for  the  Services  (collectively,  “Updates”). Moonfare, however, may occasionally provide automatic Updates to the Services at its sole discretion (and without any advanced notification to you). Any such Updates for the Services shall become part of the Services and subject to this Agreement.

3.9 APIs  available  through  the  Service.  We  may  make  available  one  or  more  APIs  for interacting with the Services. Your use of any Moonfare API on the Site is subject to this Agreement and certain Moonfare API rules, which will be posted before we make these APIs available (and which will then become part of this Agreement).

Privacy and Protection of Personal Information

4.1 Privacy Notice. Moonfare values your privacy. Please review our Privacy Notice to learn more about how we collect and use information about you via the Services. The Privacy Notice explains how Moonfare processes your personal information and protects your privacy when you access Moonfare and use the Services.

4.2 Amendments to the Privacy Notice.  We may amend the Privacy Notice at any time in our sole discretion, effective upon posting the amended Privacy Notice at the domain of  https://www.moonfare.com/privacy-notice/  where  the  prior  version  of  the  Privacy Notice was posted, or by communicating these changes through any written or other contact method we have established with you. Your use of the Services following the date on which such amended Privacy Notice is published will constitute consent to such amendments to the extent they do not have retroactive applicability.

Moonfare Services and License

5.1 License to Use the Service. All rights, title, and interest in and to the Services is and will  remain  the  exclusive  property  of  Moonfare  and  its  licensors.  The  Services  are protected by copyright, trademark, and other laws of both the European Union as well as  those  of  other  countries.  Except  as  expressly  provided  herein,  nothing  in  this Agreement  gives  you  a  right  to  use  the  Moonfare  name  or  any  of  the  Moonfare trademarks, logos, domain names or other distinctive brand features.

5.2 Execution  of  the  “Investor  Questionnaire”.  In  accordance  with  applicable  regulatory requirements,  Moonfare  requires  all  new  investors  to  undergo  an  appropriateness assessment  either  by  way  of  completing  an  investor  questionnaire  on  the  Site  or participating in an appropriateness assessment process via a distribution partner, as applicable,  both  of  which  are  designed  to  separate  investors  qualified  to  invest  in Moonfare funds from those that are not. Moonfare and any distribution partner in this process  rely  on  representations  made  by  investors  or  distribution  partners,  as applicable.

Reservation of the Company’s Rights

  • 6.1 Right to Control Content. Any Content on the Moonfare Site is controlled exclusively by Moonfare and may be deleted at any time without notice to you.
  • 6.2 Right to Terminate User Access. Moonfare reserves the right to terminate your access to  the  Services  without  notice  and,  if  you  violate  this  Agreement,  to  pursue  other remedies at law or in equity, provided that Moonfare shall in such a case continuously provide to a user who has invested in an investment fund offered on the Moonfare Site all investor information that is required under applicable law via a durable medium.
  • 6.3 Right to Refuse or Cancel Registration. Moonfare has the right to refuse registration of or cancel your user account in its discretion for any reason or for no reason. In addition, Moonfare reserves the right at all times (but will not have an obligation) to remove or refuse to distribute any Content on the Services and to terminate users and/or reclaim usernames.
  • 6.4 We also reserve the right to access, read, preserve, and disclose any information as we reasonably believe is necessary to (i) satisfy any applicable law, regulation, legal process or governmental request, (ii) enforce this Agreement (including investigation of potential violations hereof), (iii) detect, prevent or otherwise address fraud, security or technical issues, (iv) respond to user support requests or (v) protect the rights, property or safety of Moonfare, its users and the public.

Scope of Moonfare’s Obligations

  • 7.1 Introductions. We are not obligated to introduce you to anyone connected to Moonfare feeder funds or target funds including fund managers, fund analysts, or other investors.
  • 7.2No Recommendations. We do not recommend any feeder funds or other investment opportunities  for  investment,  state  that  any  investment  opportunities  are  suitable  for investment nor guarantee the accuracy of information provided by target funds or their managers on the Site or otherwise. In particular, we do not act as an investment adviser to any investor(s) and no part of the Site is intended to constitute investment advice.
  • 7.3 Verifying Advertisement Accuracy. The Services may contain or deliver advertising and sponsorships.  Advertisers  and  sponsors  are  responsible  for  ensuring  that  material submitted  for  inclusion  is  accurate  and  complies  with  applicable  laws.  We  are  not responsible  for  the  illegality  or  any  error,  inaccuracy  or  problem  in  an  advertiser’s  or sponsor’s Content.

Term and Termination

  • 8.1 Unless terminated by Moonfare, this Agreement will remain in full force and effect while you use any of the Services.
  • 8.2 You may terminate this Agreement at any time by requesting Moonfare to delete your account   by   contacting   [email protected]   Moonfare   may   terminate   this Agreement at any time, particularly if you are suspected of violating any provision of this Agreement. Upon termination of this Agreement for any reason, you shall destroy and remove from all computers, and other storage media all copies of any intellectual property owned by Moonfare or any other user of the Services that you acquired via use of the Services.

Disclaimers, Limitations, Waivers of Liability

  • 9.1 In  case  of  willful  misconduct,  Moonfare  shall  be  liable  according  to  the  statutory provisions of applicable law.
  • 9.2 In  case  of  gross  negligence,  Moonfare  shall  be  liable  according  to  the  statutory provisions of applicable law.
  • 9.3 In case of ordinary negligence, Moonfare shall  – provided that the standard of liability is not limited according to statutory provisions of applicable law (such as any limitation to  the  duty  of  care  observed  in  own  affairs)  –  only  be  liable  for  breach  of  material contractual  obligations  (material  contractual  obligations  are  obligations  the  breach  of which endangers the purpose of the agreement and the fulfilment of which the investor generally relies and may reasonably rely on); in this case Moonfare’s liability shall be limited to the typical damages that were reasonably foreseeable.
  • 9.4 The aforementioned limitations of Section 9.3 do not apply toa)damages resulting from injury to life, body or health; b)liability pursuant to the German Product Liability Act (“Produkthaftungsgesetz”);c)the  assumption  of  a  guarantee  for  the  condition  of  goods  and/or  work  or fraudulent concealment of defects by Moonfare.
  • 9.5 The aforementioned limitations of liability shall, subject to the provisions of Section 9.4, apply  to  (i)  any  liability  claims  for  whatever  legal  reason  but  in  particular  due  to impossibility,  default,  defective  or  incorrect  delivery,  breach  of  contract,  breach  of obligations  in  contractual  negotiations  and  tort,  as  far  as  such  claims  are  subject  to fault,  and  (ii)  any  breach  of  duty  by  vicarious  agents  or  any  other  person  for  whose conduct Moonfare can be held liable according to the statutory provisions of applicable law.
  • 9.6 Moonfare  is  not  responsible  for  any  technical  malfunction  or  other  problems  of  any telephone  network  or  service,  computer  systems,  servers  or  providers,  computer  or mobile  phone  equipment,  software,  failure  of  email  or  media  players  on  account  of technical problems or traffic congestion on the Internet or at any website or combination thereof, including injury or damage to your or to any other person’s computer, mobile phone or other hardware or software, related to or resulting from using or downloading materials in connection with the web and/or in connection with the Services, including any mobile software. Under no circumstances will Moonfare be responsible for any loss or damage, including any loss or damage to any Content or personal injury or death, resulting  from  anyone’s  use  of  the  Services,  any  Content  or  third  party  applications, software or Content posted on or through the Services or transmitted to users or any interactions between users of the Services, whether online or offline.
  • 9.7 We make no warranty and disclaim all responsibility and liability for the completeness, accuracy, availability, timeliness, security or reliability of the Services or any Content thereon  or  any  Content  you  receive  as  a  result  of  your  relationship  with  Moonfare. Moonfare will not be responsible or liable for any harm to your computer system, loss of  data  or  other  harm  that  results  from  your  access  to  or  use  of  the  Services  or  any Content. You also agree that Moonfare has no responsibility or liability for the deletion of,  or  the  failure  to  store  or  to  transmit,  any  Content  and  other  communications maintained  by  the  Services.  We  make  no  warranty  that  the  Services  will  meet  your requirements or be available on an uninterrupted, secure or error-free basis. No advice or information, whether oral or written, obtained from Moonfare or through the Services, will create any warranty not expressly made herein.
  • 9.8 Moonfare expressly declares that any third-party webpages linked on its website were free of illegal content at the time the links were created. Moonfare has no influence on the current and future design and content of such linked pages. For this reason, Moonfare hereby expressly distances itself from all content of any linked pages that were changed after the link was created. The content of such linked pages is the sole responsibility of the respective website operator.


  • 10.1 Moonfare  operates  and  controls  the  Services  from  its  offices  in  Germany.  The information provided on or through the Services is not intended for distribution to or use by  any  person  or  entity  in  any  jurisdiction  or  country  where  such  distribution  or  use would  be  contrary  to  law  or  regulation  or  which  would  subject  Moonfare  to  any registration requirement within such jurisdiction or country. Accordingly, those persons who choose to access the Services from other locations do so on their own initiative.
  • 10.2 Certain information provided by Entrepreneurs or Investors may be subject to European or U.S. export controls. Thus, no such materials may be downloaded, exported or re-exported (i) into (or to a national or resident of) Cuba, Iraq, North Korea, Iran, Syria or any other country to which the European Union or United States has embargoed goods; or (ii) to anyone on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List. By downloading any material available through the Services, you represent and warrant that you are not located in, under the control of, or a national or resident of, any such country or on any such list. The  parties  specifically  disclaim  application  of  the  United  Nations  Convention  on Contracts for the International Sale of Goods.
  • 10.3 Venue and Governing Law. This Agreement and all aspects of the Services shall be governed  by  and  construed  in  accordance  with  the  laws  of  the  Federal  Republic  of Germany regardless of your location.
  • 10.4 Section  Headings,  Verification  Documentation,  Waiver  of  Execution  Defenses.  The section headings used herein are for convenience only and shall not be given any legal import. Upon Moonfare’s request, you will furnish Moonfare with any documentation, substantiation  or  releases  necessary  to  verify  your  compliance  with  this  Agreement. You hereby waive any and all defenses you may have based on the electronic form of this Agreement and the lack of signing by the parties hereto to execute this Agreement.
  • 10.5 The failure of Moonfare to require or enforce strict performance by you of any provision of this Agreement or to exercise any right under this Agreement shall not be construed as  a  waiver  or  relinquishment  of  Moonfare’s  right  to  assert  or  rely  upon  any  such provision or right in that or any other instance. In fact, Moonfare may choose to enforce certain portions of this Agreement more strictly or to interpret certain provisions more strictly against certain users than it does against users in general, and such disparate treatment  shall  not  be  grounds  for  failing  to  comply  with  all  of  this  Agreement  as  so interpreted.
  • 10.6 Prohibition of Assignment. You may not assign this Agreement without Moonfare’s prior written consent.
  • 10.7 Entire  Agreement.  This  Agreement  contains  the  entire  understanding  of  you  and Moonfare, and supersedes all prior understandings of the parties hereto relating to the subject matter hereof, and cannot be changed or modified by you except as posted on the Services by Moonfare. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.
  • 10.8 No Third Party Beneficiaries. This Agreement is between you and Moonfare. No user has any rights to force Moonfare to enforce any rights it may have against any you or any other user.

Ambassador Program

  • 11.1 Moonfare has instituted an ambassador program (the “Program”) which compensates participants (each, an “Ambassador”) with virtual stock options of Moonfare GmbH (the “Options”) for introducing the Site to certain qualified persons who may subsequently choose  to  invest  in  Moonfare’s  funds.  The  Program  is  subject  to  the  terms  and conditions  of  an  ambassador  agreement  available  to  Ambassadors  on  the  Site  and summarized as follows:
  • 11.2 An Ambassador is required to act in good faith and only introduce Moonfare to persons within the Ambassador’s personal network to whom the Ambassador has fully disclosed that  the  Ambassador  may  receive  a  financial  benefit  via  the  Program  (each  such person, an “Introduction”).1
  • 1.3 Moonfare reserves the right to perform any checks it deems necessary to confirm an Ambassador’s  compliance  with  the  terms  and  conditions  of  the  Program  before  any Options are credited to such Ambassador.
  • 11.4 If  more  than  one  Ambassador  introduces  an  Introduction,  Moonfare  will  contact  the Introduction to ascertain which Ambassador, if any, should receive any Options. Any Options  will  be  credited  to  such  Ambassador  who  first  introduced  Moonfare  to  the Introduction, as determined by Moonfare in its sole discretion.
  • 11.5 Moonfare  reserves  the  right  to  withhold  crediting  Options  and/or  to  terminate  the Ambassador  Agreement  with  no  prior  notice  at  its  own  discretion,  including  if  an Ambassador:
  • a)introduces Introductions without disclosing the potential financial benefit he/she may receive;
  • b)causes a unique Moonfare Ambassador link to be made publicly available;
  • c)sends a Moonfare Ambassador link to more than 50 recipients; or
  • d)is inactive on the Site for more than 12 months.
  • 11.6 Moonfare  reserves  the  right  to  change,  end,  or  pause,  in  whole  or  in  part,  an Ambassador’s  or  Introduction’s  ability  to  participate  in  the  Program  or  receive compensation  at  any  time  for  any  reason,  including  suspected  fraud,  abuse,  or  any violation  of  the  Program,  this  Agreement  or  any  other  agreement  between  an Ambassador and Moonfare.
  • 11.7 Moonfare  reserves  the  right  to  make  any  changes  or  additions  to  the  terms  and conditions of the Program, the awards or other processes described in the documents for  the  Program,  providing  this  does  not  discriminate  against  an  Ambassador  in  bad faith.
  • 11.8 The Program is exclusive and Moonfare has the right to admit or disqualify any person from acting as an Ambassador within its sole discretion.
  • 11.9 To  ensure  effective  operation  of  the  Program,  Moonfare  collects  and  stores  data relating to introductions made by Ambassadors. All such data is subject to the terms of Moonfare’s Privacy Policy.


  • 12.1 “Content”   means   any   information,   text,   graphics   or   other   materials   uploaded, downloaded  or  otherwise  appearing  on  the  Services.  You  retain  ownership  of  all Content you submit, post, display or otherwise make available on the Services.
  • 12.2 “Sensitive  Information”  means  all  information  acquired  by,  through,  or  in  connection with your use of the Services or the Site that was provided by another person and which is  identified  as  “Sensitive”  or  “Confidential”  in  any  manner  reasonably  designed  to identify the character of such information.
  • 12.3 The Services are operated and provided by Moonfare GmbH, Karl-Liebknecht-Str. 34, 10178 Berlin, AG Munich HRB 227051. If you have questions about this Agreement, please contact us at [email protected]
  • 12.4 In Europe, 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).
  • 12.5 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 alternative investments portion of your  portfolio  may  include  a  balanced  portfolio  of  different  alternative  investments funds.  Investments  in  alternative  assets  are  highly  illiquid  and  those  investors  who cannot hold an investment for the long term (at least 10 years) should not invest.
  • Last updated: June, 2021 · Moonfare is a trademark of Moonfare GmbH.

Table of Contents

General Securities Laws Principles
User Obligations
Privacy and Protection of Personal Information
Moonfare Services and License
Reservation of Moonfare's Rights
Scope of Moonfare's Obligations
Term and Termination
Disclaimers, Limitations, Waivers of Liability
Ambassador Program