A best-efforts offering is a way to participate in certain private market deals when the final share price isn’t known at the time of investment.
Instead of buying a fixed number of shares upfront, you commit a dollar amount with a maximum price per share (including fees). This ensures you know the highest price you could pay before investing, while still allowing the deal to move forward in a dynamic private market.
Why do best-efforts offerings exist?
In private markets, shares aren’t always available at a single, fixed price during the entire offering period. Sellers may adjust pricing, allocations can change, and committed capital is often required before a transaction can close.
A best-efforts structure allows investors to participate earlier, while protecting them with a clear price cap and defined outcomes.
How it works
You decide how much money to commit, and that amount is converted into an estimated number of shares based on the maximum price per share. At the time you place your order, the share number you see is a helpful estimate based on that maximum price per share and is later updated once the final purchase price is known.
When a best-efforts offering closes, we will pursue the purchase of the underlying shares. At that point, the final all-in price per share will be determined. If the final price per share is lower, your dollars will buy more shares, so your final allocation will be adjusted upward to match your full commitment. Your share count will not decrease during this process, and you will never pay more than the maximum price per share shown when you placed your order.
What to expect as an investor
The share price when the offering closes will never exceed the amount you entered
You may receive more shares if shares are acquired below the cap
You will receive your invested capital back if we are not able to acquire the underlying shares