Secondary advisory The shares everyone wants, placed one to one.

Advice on moving an existing private-company or fund position from one holder to another.

A secondary transaction moves an existing holding in a private company or fund from one investor to another. No new shares are issued and the company raises no money. In a company secondary an employee, early shareholder or fund sells shares to an acquirer. In a fund secondary an LP sells its interest, or a GP moves assets into a continuation vehicle.

The secondary market is where existing shares change hands between holders, outside a stock exchange. No new shares are issued and the company raises nothing. It runs through company-run programmes, open platforms and direct introductions. spectup works on direct introductions: one holder, one acquirer, and spectup advising one of them, so a position is never shown to the market at large.

In an LP-led secondary an investor sells its fund interest to another investor. In a GP-led secondary the manager moves assets into a continuation vehicle. spectup advises on both.

A tender offer is run by the company: it sets the date and the terms and invites holders to sell. A direct secondary is agreed between one holder and one acquirer. spectup advises on direct secondaries.

Employees and early shareholders, funds selling a stake, holders of LP interests and GPs bringing a continuation vehicle. Whether a given position can be transferred at all depends on the company’s rules, which we check first, before the position is shown to anyone.

If you hold shares and the company’s rules allow a transfer, we can place them. We check those rules first, including consent and any right of first refusal, before anyone is approached. Whether a transfer completes is the company’s decision.

Usually yes. Most private companies restrict transfers, and many give the company a right of first refusal.

Shares in these four companies are privately held, so a broker or a stock exchange cannot supply them. Eligible investors can acquire existing shares from a holder in a secondary transaction, where the company’s transfer rules allow it. Access depends on who holds shares and wants to sell, so there is no list to join. spectup advises on those transactions.

Send us your mandate: which companies, what size and how you can hold the shares. We confirm you are eligible, match the mandate against the positions we have access to and introduce the holder one to one. Completion depends on the company’s consent, and spectup steps back once you agree terms.

Family offices, funds and institutions. Positions in private companies are usually open to eligible investors only, so we confirm eligibility before an introduction.

A mandate: which companies, what size and which structure you can hold it in, plus the usual identity checks.

Anthropic, OpenAI, Databricks and Stripe. We can bring shares in any of them to an acquirer, or bring an acquirer to a holder.

No. On each transaction spectup acts for one side, the holder or the acquirer, and brings the other to the table. We settle which side we act for before the first introduction.

It depends on the company. Its transfer rules, its consent and any right of first refusal set the timetable, which is why we check them before anyone is approached. Once the holder and the acquirer have agreed terms, counsel and the company’s consent decide when the transfer completes.

No. spectup introduces the holder and the acquirer, then steps back.

No. They are introduced one to one, so an acquirer sees a position only when its holder has asked spectup to place it. There is no public listing, no price board and no bidding.