Client News
NYSE-backed Venture Company Launching First-of-its-kind Unicorn Index Fund
 Jul 17, 2023
NYSE-backed Venture Company Launching First-of-its-kind Unicorn Index Fund provides access to SpaceX, Stripe, Fanatics at institutional pricing, and substantial discounts to last round. 

The OPEN Unicorn™ Index Fund offers investors access to a basket of some of the most innovative and sought-after private companies, such as SpaceX, Stripe, Epic Games, and more. As an index-replicating fund, the structure is low fee, with only a 2% management fee and no performance fee, and is substantially more diversified than traditional growth funds.

2023 presents a timely market opportunity, with index constituents seeing a ~56% average discount from January 2022 peaks. The fund is targeting a 22% IRR, gross of fees.
Investment Opportunity Highlights:
  • Pre-IPO investing typically captures higher returns.
  • The top 50 unicorns are generally mature companies with strong revenue generation - in fact, the top 15 by market cap would qualify for the S&P 500 if public.
  • There is significant price dislocation in the secondary market for these unicorns, those best positioned to IPO once markets recover.
  • Sector-specific multiples have declined significantly off recent highs.
  • 35% of the Unicorn Index’s market capitalization report net-positive cash flows.
  • Sentiment around federal interest rates suggest IPO markets to reopen as early as late 2023, and fully reopen by 2024.
  • Prior market downturns have demonstrated mature private companies rarely IPO at material discounts to last round, and provide insight into IPO market recovery and subsequent valuation premiums/discounts.
  • OPEN’s Unicorn™ Index Fund aims to take advantage of price dislocation in pre-IPO companies enabling diversification, lower fees, and an increased liquidity paradigm.

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