PEINVEST
Compare the total cost of investing across pre-IPO secondary platforms. Enter your investment details to see transaction fees, management fees, and total estimated costs side by side.
| Platform | Transaction Fee | Mgmt Fees (3yr) | Total Cost | Effective Rate |
|---|---|---|---|---|
Forge Global No management fees | $0 | — | $0 | 0.00% |
Hiive Lower seller transaction fee | $0 | — | $0 | 0.00% |
CAIS Seller fee typically 3-5% | $0 | — | $0 | 0.00% |
EquityZen SPV structure with annual mgmt fee | $0 | $2,250 | $2,250 | 4.50% |
Moonfare Annual mgmt fee typically 1-2% | $0 | $2,250 | $2,250 | 4.50% |
Fee estimates are based on publicly available platform pricing and may not reflect negotiated rates, volume discounts, or recent changes. CAIS seller fees typically range 3-5% (4% used as midpoint). Moonfare management fees typically range 1-2% (1.5% used as midpoint). Always confirm current fee schedules directly with each platform.
Pre-IPO secondary platforms facilitate the buying and selling of shares in private companies before they go public. Each platform charges fees that can vary significantly in structure and magnitude. Understanding these costs is essential for accurately modeling investment returns and comparing platforms on a like-for-like basis.
Transaction fees are the most visible cost component, typically charged as a percentage of the deal value. In most cases, the seller bears this cost, though it effectively reduces the net proceeds for sellers and can influence the negotiated price for buyers. Transaction fees on major platforms generally range from 2.5% to 5%, with some variation depending on deal size and asset.
Management fees are an ongoing cost that applies to platforms using SPV (Special Purpose Vehicle) structures. When a platform creates an SPV to hold shares on behalf of multiple investors, it charges an annual management fee to cover fund administration, compliance, and investor reporting. These fees typically range from 1% to 2% annually and compound over the holding period, making them particularly impactful for long-duration investments.
When evaluating total cost, investors should consider the interaction between transaction fees and management fees over their expected holding period. A platform with a low transaction fee but high management fees may ultimately cost more than a platform with a higher upfront transaction fee and no ongoing charges. The effective fee rate, which expresses total costs as a percentage of the investment, provides the most useful single metric for comparison.
Pre-IPO secondary platforms typically charge transaction fees (a percentage of the deal value, usually paid by the seller), and some charge ongoing management fees through SPV structures. Transaction fees generally range from 2.5% to 5%, while management fees, when applicable, run 1-2% annually on invested capital.
In most secondary markets, the seller pays the transaction fee because they are the party seeking liquidity before an IPO or acquisition event. Buyers generally have more leverage since they are providing the capital. Some platforms have experimented with buyer-side fees, but seller-paid fees remain the industry standard.
Some platforms like EquityZen and Moonfare use Special Purpose Vehicles (SPVs) to pool investor capital. The SPV structure involves an annual management fee (typically 1-2%) that covers fund administration, legal compliance, and reporting. These fees compound over the holding period and can meaningfully increase total costs for long-term holders.
Compare platforms based on total cost, not just transaction fees. A platform with a lower transaction fee but ongoing management fees may cost more over a multi-year hold. Consider your expected holding period, negotiate fees on larger transactions, and ask about fee caps or volume discounts available to repeat investors.
For larger transactions (typically $250K+), many platforms will negotiate on fees. Institutional investors and repeat customers often receive discounted rates. Some platforms also offer tiered pricing structures where fees decrease as investment size increases. It is always worth asking about available discounts before committing.