Altruist, an AI-forward wealth technology and custody platform for financial advisers, has announced the expansion of its alternatives marketplace to include pre-IPO special-purpose vehicles.
This new offering gives advisers a way to help eligible clients explore select opportunities to invest in late-stage private companies before they go public, without adding a separate platform to the adviser’s workflow. Advisers can browse available and prospective offerings, submit indications of interest for opportunities that may become available and complete eligible subscriptions through Altruist when an offering opens.
The expansion comes as interest in private markets continues to grow and companies are staying private for years longer than they used to. Just 2 percent of companies that first raised venture funding in 2009 had gone public within seven years, down from 26 percent for the 1994 cohort, according to Nasdaq. For advisers, that means a widening share of a compa
