Due to the risks involved, we do not do forward contracts. We have facilitated secondary transactions for companies like Pinterest, Uber, Facebook, and Twitter all prior to their IPO without the need for forward contracts. Oftentimes, we source secondary investments in late-stage companies from existing shareholders, providing liquidity to early investors or former employees by purchasing their preferred or common shares outright.
In some cases, we participate in tender offers, in which current employees sell shares on the secondary market to institutional investors. In all cases, these secondary transactions are transparent to all parties involved, and the process eliminates the risk associated with forward contracts.