The Collective Liquidity Funds
Our funds offer both employees of, and investors in, venture-backed companies a unique set of investment solutions. For employees, our exchange funds provide easy tax-free diversification and liquidity, while our charitable exchange fund enables them to use their shares to generate tax savings and long-term wealth creation. The Collective Liquidity Fund gives family offices and institutions transparent, liquid access to a diversified portfolio of leading private technology companies.
Late-Stage Exchange Fund
The Collective Late-Stage Exchange Fund provides employees of selected private, venture-backed companies, generally valued at more than $600mm, with a unique, tax-advantage way to diversify, gain liquidity and build long-term wealth.
Late-Stage Exchange FundMid-Stage Exchange Fund
The Collective Mid-Stage Exchange Fund provides employees of private, venture-backed companies, generally valued at between $250mm to $600mm, with a unique, tax-advantage way to diversify, gain liquidity and build long-term wealth.
Mid-Stage Exchange FundCharitable Exchange Fund
The Collective Charitable Exchange Fund enables employees of private, venture-backed companies to use their shares to obtain significant tax-savings and build long-term wealth with donor advised funds and charitable remainder trusts.
Charitable Exchange FundLiquidity Fund
Diversified, transparent and providing quarterly liquidity, the Collective Liquidity Fund provides family offices and institutions with unique access to many of the most exciting private technology companies backed by renowned venture capital firms.
Liquidity FundDetailed Fund Information
| Criteria | Late-Stage Exchange Fund | Mid-Stage Exchange Fund | Charitable Exchange Fund | Liquidity Fund |
|---|---|---|---|---|
| Client | Employees of late-stage, venture-backed private companies | Employees of mid-stage, venture-backed private companies | Employees of venture-backed private companies | Individual investors, family offices and institutions |
| Use Case | Exchange shares into the fund to obtain immediate tax-free liquidity and diversification | Exchange shares into the fund to obtain immediate diversification and liquidity over time | Exchange shares for an LP interest in the fund and then contribute that interest into a donor advised fund or charitable remainder trust | Exposure to diversified portfolio of leading late-stage, venture-backed private companies |
| Portfolio Construction | Primarily diversified portfolio of venture-backed private companies valued at over $600mm | Primarily diversified portfolio of venture-backed private companies valued at between $250mm and $600mm | Primarily diversified portfolio of venture-backed private companies valued at over $250mm | Diversified portfolio of venture-backed private companies valued at over $600mm |
| Liquidity | Immediate liquidity from non-recourse Exchange Loan; ability to redeem interest in fund for cash quarterly after applicable holding period | Ability to redeem interest in fund for cash quarterly after applicable holding period | Ability to redeem LP interest for cash quarterly to fund distributions and donations after applicable holding period | Ability to redeem interest in fund for cash quarterly after applicable holding period |
| Tax Benefit | Exchange of shares into the fund and Exchange Loans do not trigger a capital gains tax | Exchange of shares into the fund does not trigger a capital gains tax | Exchange of shares into the fund and Exchange Loans do not trigger a capital gains tax | Not applicable |
| Fund Term | Perpetual | Perpetual | Perpetual | Perpetual |
| Investment Period | Rolling - no J-curve | Rolling - no J-curve | Rolling - no J-curve | Rolling - no J-curve |
| Fees | 1.75% management fee; 15% carried interest | 1.75% management fee; 15% carried interest | 1.75% management fee; 15% carried interest | 1.75% management fee; 15% carried interest |
| Reporting | Schwab, Pershing | Schwab, Pershing | Schwab, Pershing | Schwab, Pershing |
| Custody | Schwab, Pershing | Schwab, Pershing | Schwab, Pershing | Schwab, Pershing |
| Administrator | SS&C | SS&C | SS&C | SS&C |
Jeff Nazzaro, Chief Capital Officer
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