Private Markets,
Public Access

Alternative Trading System for Private Securities

You name the price. We find the shares.

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How a Book Build Works

Demand, discovered in public.

Anchor commits

A $1M+ anchor commitment triggers SPV structuring. The anchor sets their own max FDV.

Book opens

Co-investors bid size ($10k+) and max FDV. The demand curve builds in public: cumulative cash willing to fill at every candidate valuation.

Operator closes

When demand plateaus, operators pick a finalized max USD. The clearing FDV is set. Bids above clear fully; ties pro-rate; bids below refund.

● Book Open · 16 biddersIllustrative

Anchor $2.5M at max FDV $320M. Clearing price set when the operator closes.

$7.35M

Total demand

Cumulative demand at or above that FDV Anchor bid Read: at any FDV on the x-axis, the curve shows how much cash would fill from bids willing to pay at least that valuation.

Disclaimer

Vex Holdings PR Corp

Private Fund Advisor

SEC-registered investment adviser. Manages SPV funds for book-built offerings.

Vex Securities LLC

Broker-Dealer / ATS

FINRA-registered broker-dealer. Operates the alternative trading system at vex.trade.

Vex Registry LLC

Transfer Agent

SEC-regulated transfer agent. Maintains the official record of unit ownership.

Your bid

Qualified Purchasers

Only Qualified Purchasers as defined under the Investment Company Act of 1940 (ICA) may participate.

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