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    Reference

    How CrossWork works

    The mechanics of a CrossWork vehicle, for anyone doing diligence: structure, lifecycle, reporting and the questions we are asked most.

    Structure

    One vehicle. Between investors and the companies it holds.

    Investors hold an interest in the vehicle; the vehicle holds the shares.

    InvestorsHold an interestin the vehicleCrossWork vehicleDelaware limited partnershipCrossWork, LLC as GPHoldingsLate-stage privatecompaniesOutcomesIPO, tenderor acquisitionInvestorsHold an interestin the vehicleCrossWork vehicleDelaware limited partnershipCrossWork, LLC as GPHoldingsLate-stage privatecompaniesOutcomesIPO, tenderor acquisition

    Lifecycle of a position

    From diligence to distribution. Five stages.

    The timing of each stage is set by the companies, not by the calendar.

    1. Diligence

      Former operators sit in diligence on the businesses they know best.

    2. Position

      The vehicle holds shares in the company, under its own documents.

    3. Holding period

      Several years, and the timing is not in anyone's control.

    4. Exit

      The company lists, is acquired or makes a distribution.

    5. Distribution

      When a holding is realized, cash or shares go to investors after fees and expenses.

    What we look for

    Late-stage discipline. Three tests before conviction.

    We look for companies valued at $1B+ with $100M+ in revenue and a visible path to liquidity: an IPO, a tender or a strategic sale.

    $1B+

    Valuation

    Companies already valued at a billion dollars or more.

    $100M+

    Revenue

    Real revenue and real customers, not pre-revenue stories.

    Path

    To liquidity

    A visible route to an IPO, a tender or a strategic sale.

    What you receive

    Documents and access. What each investor sees.

    Each investment is made through a vehicle with its own documents.

    • Memorandum

      The memorandum for the vehicle, shared when you request access.

    • Vehicle documents

      Rights, management fees and carried interest, set out before anything is signed.

    • Portal access

      Positions and documents in the CrossWork portal.

    Questions

    Asked most. Five questions, answered briefly.

    Grouped by ownership, cost and time, and risk.

    Ownership

    What do I actually own?

    An interest in a vehicle that holds shares in private companies. You do not hold the shares directly; the vehicle does, and its documents set out your rights.

    How do I get paid?

    When a company lists, is acquired or makes a distribution, the vehicle receives cash or shares and distributes them to investors after fees and expenses.

    Cost and time

    How long is my money tied up?

    Several years, and the timing is not in anyone's control. Plan for money you will not need until the companies reach an exit.

    What does it cost?

    Management fees and carried interest, set out in the vehicle's documents. Nothing is charged before the documents are signed.

    Risk

    What can go wrong?

    Private companies can fail, and the full amount committed can be lost. Shares are illiquid and prices can fall. Read the risk factors before participating.

    Glossary

    Terms. The words used across this site.

    Short definitions, drawn from the answers above.

    Vehicle
    The entity that holds shares in private companies; investors hold an interest in it.
    Delaware limited partnership
    The legal form of a CrossWork vehicle, with CrossWork, LLC as general partner.
    Late stage
    Companies with products, customers and revenue, not pre-product bets.
    Exit
    An IPO, a tender or a strategic sale: the event that turns a holding into cash or listed shares.
    Tender
    A company-run sale of shares by employees and existing holders, arranged by the company.
    Distribution
    Cash or shares paid out by the vehicle after fees and expenses.
    Carried interest
    Charged alongside management fees, as set out in the vehicle's documents.
    Memorandum
    The document that describes a vehicle; shared on request.
    Request accessInvestor login

    Read the risk factors