Dear Valued Member of the Moonfare Network,
There are perks to being a Berlin-based firm. SuperReturn was in town last week, the world's largest private markets gathering. We made the most of having it on our doorstep, spending the week in conversation with the managers and allocators who move private markets.
One subject — exits — dominated the agenda, brought into focus by the SpaceX IPO in the same week. For over twenty years, the value Elon Musk’s company created was out of reach for almost everyone outside its direct investor base.
Some Moonfare investors, however, were exceptions: through vehicles including Moonfare Growth Portfolio I, they had access years before the listing, when the upside was clear but the opportunity was still private.
SpaceX is the largest exit in a generation, yet the distribution question in private markets runs deeper than a single mega-IPO. With 16,000 PE-backed companies held for four years or more, according to McKinsey, resolving the backlog demands breadth, not just scale. Here is what we believe it will take for IPOs to move the needle.
Moonfare has an independent investment firm
Moonfare has become a fully independent, BaFin-licensed investment firm, laying the foundation to manage client portfolios directly and develop products on our own terms. It is a step that sharpens our focus and deepens what we can offer.
Can mega-IPOs accelerate distributions in private markets?
Beyond 60/40: Why the classic portfolio needs rethinking
- 1 Minimum investment may vary by country and local regulation.
- 2 Source: McKinsey "Private Markets Annual Review 2022"
- 3 Past performance is no guarantee of future returns.