Explore portfolios and manage a secondary offering
Filter portfolio companies, understand stealth visibility, publish an eligible secondary offering, and respond to bids.
Use Explorer to narrow a fund portfolio and, as an eligible account member, publish and manage a secondary offering.
Before you begin
You need access to the fund portfolio you want to inspect. To publish a secondary offering, you need an Admin or Member role on the investment account and an eligible investment in Dry closed or Active closed status.
Explore a portfolio
- Open My funds and select View portfolio for the fund.
- Use Search companies… to find a company.
- Combine Fund layer, Country, Growth band, Themes, and Geographies filters as needed.
- Read the investment path and the Invested, MOIC, and Valuation values on the card.
- Treat a Stealth badge as restricted information. The tooltip says Only visible to users with stealth access.
Invited, invested, and Open-visibility users do not receive stealth access automatically. Organization access or an explicit fund setting controls whether stealth holdings are included.
Publish a secondary offering
- Open Secondaries and select New offering.
- Under Select investment, choose an eligible investment. Only closed investments appear in this selection list.
- Continue to Set terms.
- Enter Asking price greater than zero.
- Choose Visibility:
- Public makes the active offering browsable; or
- Invite only limits active-offering access to the seller, created invitees, and participating bidders.
- Optionally add Notes (optional).
- Review the estimated value and valuation method.
- Select Publish offering.
- Confirm Published the offering.
For Invite only, add and verify the intended Invite recipients before treating distribution as ready. Publication itself does not require a recipient, and an invitation error does not roll back the published offering.
Use the listed selection workflow. Do not rely on a bookmarked or hand-built direct creation URL as an eligibility check: the direct terms route checks account membership but does not repeat the closed-investment eligibility check.
Review and respond to bids
- Open Secondaries and select My offerings.
- Open the offering with View.
- Review each bid’s investment account, amount, and message.
- For a pending bid, select Accept, Reject, or Counter.
- For a counter-offer, enter the new terms and select Send counter-offer.
- Accept only after confirming the account, amount, and authority. Acceptance records the accepted state before the separate transfer executes; the success message is Accepted the bid and completed the transfer only when that processing succeeds.
The My offerings card exposes cancellation for Draft and Published offerings. Do not assume a later state can be cancelled from that card.
Success check
Portfolio filters return the intended closed investment context, the offering appears under My offerings with the chosen visibility and terms, and any bid action advances to the expected lifecycle state without exposing an invite-only offer to unrelated users.
Troubleshooting
- No eligible investments are shown: only Dry closed and Active closed investments on accounts where you are Admin or Member appear.
- Publish fails: confirm asking price, estimated value, and valuation method. If the offering published but an invite failed, preserve the offering and reconcile the intended recipients instead of publishing a duplicate.
- A buyer cannot view an invite-only offering: confirm the exact recipient, an existing bid, or seller relationship.
- A buyer cannot bid: the offering must be Published or Under negotiation, and the buyer must choose an investment account they belong to.
- Transfer completion fails: do not repeat acceptance blindly; preserve the offering and bid details and contact support.