Club deals
Private operations, presented to a restricted circle.
A club deal brings a small group of aligned investors into a single, identified operation through a dedicated special-purpose vehicle. Participation is by admission, not by subscription window.
Chapter 01 — Why private, why now
Value creation has migrated to private markets.
Companies stay private far longer than a generation ago. What used to be a listing at the beginning of a growth curve now happens — when it happens at all — near its maturity, once much of the value has already been created and captured by private shareholders.
The most interesting operations in real estate, infrastructure and growth capital take place away from public exchanges.
They are negotiated privately, between parties who know the asset, and they are closed without a public order book. Access to them is not a matter of screening a market: it is a matter of being in the room when the structure is assembled.
That is the premise of the club deal. Not an alternative product line, but the ordinary way in which serious private capital reaches operations of institutional quality.
Chapter 02 — The ticket problem
Institutional quality has an institutional minimum.
Minimum tickets for institutional-quality private operations keep rising. Sponsors prefer fewer, larger cheques; structuring costs are indifferent to the size of the individual commitment. The practical consequence is that operations of this calibre sit beyond the reach of even substantial individual portfolios.
The club deal answers this directly. A restricted circle of aligned investors pools patrimonies to reach a single operation none of them would access alone, while keeping what an individual investor values most.
Deal by deal, never blind
Unlike a blind-pool fund, nothing is committed in advance. Each operation is examined on its own documentation and each participant decides individually.
Direct visibility on one operation
One vehicle carries one identified operation. There is no portfolio averaging: the asset, the counterparties and the security package are the whole of the exposure.
Negotiated governance
Information rights, reserved matters and exit mechanics are negotiated as part of the structure rather than inherited from a standard fund prospectus.
Aligned circle
A restricted group of investors with comparable horizons and expectations, admitted individually rather than through an open subscription window.
Chapter 03 — The Altherum structure
The investor becomes a shareholder of the vehicle.
Each operation is carried by its own special-purpose vehicle. The investor subscribes shares or quotas of that SPV and holds the rights attached to them under the vehicle's constitutional documents.
Digital tokens represent those shares and are used to administer them — transfers are restricted to verified participants. The official shareholder register of the SPV prevails at all times.
Admission is granted operation by operation and remains at the discretion of the vehicle. Rights, eligibility, transfer restrictions, horizon and risk factors are defined by the transaction documentation for each operation.
Chapter 04 — Where we look
Four families of private operations.
Each family is examined with its own questions. None of them is a programme: an operation exists only once its documentation exists.
Real estate
A repriced European market that rewards disciplined entry.
Operations on identified assets or portfolios, structured with defined governance, security arrangements and exit scenarios. Repricing has restored the relevance of entry discipline: what is paid, against which collateral, on which covenants.
Infrastructure
Energy transition and digital backbone, over long horizons.
Long-horizon operations on essential assets, assessed on contractual framework, counterparties and operational risk. Horizons are measured in years, not quarters, and are stated plainly before admission.
Pre-IPO companies
Mature private companies on a path to listing or strategic sale.
Participations in companies approaching a listing, reviewed on governance, cap-table structure and transfer restrictions. Timing of any listing or sale is never within our control and is treated as a scenario, not a plan.
High-growth private companies
Industrial and technological potential, examined case by case.
Selected private companies with an established trajectory, considered alongside co-investors who bring sector knowledge as well as capital. Concentration is deliberate and the risk of loss is real.
Chapter 05 — Admission path
From introduction to shareholder register.
- 01
KYC / AML
Identity, source of funds and regulatory checks are completed before any documentation is shared.
- 02
Eligibility
Investor category is assessed against applicable requirements and the constraints of the specific operation.
- 03
Assessment
The operation is presented privately: structure, counterparties, security package, horizon and risk factors.
- 04
Subscription
Shares or quotas of the dedicated SPV are subscribed under the vehicle's constitutional and transaction documents.
- 05
Shareholder register
The subscription is recorded in the SPV's official shareholder register, which prevails in all cases.
- 06
Tokens
Digital tokens represent and administer those shares, with transfers restricted to verified participants.
Access to club deals is selective and subject to admission.
Eligibility
Admission, not subscription.
Club deals are reserved to qualified and professional investors within the meaning of applicable regulation, admitted to our private network after identification and eligibility checks.
Each operation may further restrict the number and category of participants. Admission is individual, discretionary and never automatic — being eligible does not entitle an investor to participate.
Any decision must be based exclusively on the transaction documentation for the relevant operation, including the constitutional documents of the vehicle and the risk factors set out there.
Private-market investments involve risk; each operation is governed by its own documentation.
FAQ
Questions we are asked most.
General information only. For any specific opportunity, the transaction documentation reviewed with each eligible investor prevails.
- Qualified and professional investors admitted to our private network, after KYC/AML and an eligibility assessment. Admission also depends on the constraints of each specific operation, which may restrict the number and category of participants. Admission remains at the discretion of the vehicle.
- Shares or quotas of a dedicated special-purpose vehicle carrying a single identified operation. Digital tokens represent and administer those shares; the SPV's official shareholder register prevails at all times.
- A fund raises capital first and deploys it later across a portfolio the investor does not choose. A club deal presents one identified operation, with its own documentation, and each participant decides on that operation alone. The trade-off is concentration: there is no diversification within a single vehicle.
- Horizon and exit scenarios are defined operation by operation in the transaction documentation — typically the sale, refinancing or listing of the underlying asset or company. Nothing is guaranteed, and holding periods can extend beyond initial expectations.
- No continuous market. Transfers are restricted to verified participants and subject to the vehicle's constitutional documents; liquidity should not be assumed.
- They are a representation and administration layer for shares that exist in the SPV. They do not create rights of their own and do not change the legal position of the shareholder: where a token record and the official shareholder register differ, the register prevails.
Further reading
Read further.
Background notes and guides from our editorial hub, written for context rather than promotion.
- Library guideGuide: club deals and dedicated SPVsHow a single-operation vehicle is assembled, governed and wound down.
- JournalClub deals, SPVs and digitally recorded participationWhy the shareholder register, not the token, defines the position.
- JournalEuropean real estate after the repricingWhat a repriced market changes for entry discipline.
- JournalTransfer restrictions and investor eligibilityWho may hold, who may receive, and why transfers stay restricted.
- JournalFrom the Monte Carlo launchThe network in which these operations are presented.
Next step
Ask to be considered for the next operation.
Introductions are reviewed individually. Tell us your investor category and the areas you follow, and we will let you know when a matching operation is presented.