Club deals
Private operations, structured for a restricted circle.
One identified private transaction, a restricted group of investors, and participation through a dedicated vehicle. Rights come from the vehicle's constitutional and transaction documents, and the official shareholder register prevails.
Invitation and selective access, for qualified and professional investors within the meaning of applicable regulation. Eligibility is verified once, before documentation is shared, and being eligible does not guarantee participation.
The proposition
Why a club-deal structure.
Institutional-quality private transactions carry institutional minimums. Sponsors prefer fewer, larger commitments, and structuring costs are indifferent to the size of an individual cheque.
A club deal answers that directly: a restricted circle participates in one identified operation that none of its members would reach alone, while keeping what an individual investor values — visibility on the asset, on the counterparties and on the terms.
Nothing is committed in advance. Unlike a blind-pool fund, each operation is examined on its own documentation and each participant decides on that operation alone. The trade-off is concentration: there is no diversification within a single vehicle.
How it works
The role of the dedicated vehicle.
Each operation is carried by its own vehicle. The investor becomes a shareholder of that vehicle, not a holder of the underlying asset.
One vehicle, one operation
The vehicle exists for a single identified transaction. There is no portfolio averaging: the asset, the counterparties and the security package are the whole of the exposure.
Shares or quotas, and the register
You subscribe shares or quotas of the vehicle. Digital records represent and administer them; where a digital record and the official shareholder register differ, the register prevails.
Negotiated governance
Information rights, reserved matters and exit mechanics are negotiated as part of the structure rather than inherited from a standard fund prospectus.
An aligned circle
A restricted group of investors with comparable horizons, admitted individually rather than through an open subscription window.
The evidence
Where Altherum looks for opportunities.
Four families of private operations, each examined with its own questions. None of them is a program: an operation exists only once its documentation exists.
Real estate
Operations on identified assets or portfolios, structured with defined governance, security arrangements and exit scenarios. What is paid, against which collateral and on which covenants is the substance of the review.
Infrastructure
Long-horizon operations on essential assets, assessed on the contractual framework, the counterparties and operational risk. Horizons are measured in years and stated plainly before admission.
Pre-IPO companies
Participations in companies approaching a listing, reviewed on governance, cap-table structure and transfer restrictions. The timing of any listing or sale is never within our control and is treated as a scenario.
Selected high-growth private companies
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.
The path
From preliminary review to invitation.
Four stages. Verification of investor category and identity is an access condition, completed once before documentation is shared.
- 01
Fit and interest
We discuss your objectives, horizon and the type of operation you would consider, and indicate whether the club-deal route is relevant at all.
- 02
Private presentation and documentation
The operation is presented privately: structure, counterparties, security package, horizon and risk factors, with the transaction documentation.
- 03
Invitation and eligibility decision
Admission is individual and discretionary. Each operation may further restrict the number and category of participants.
- 04
Subscription and administration
If accepted, shares or quotas are subscribed under the vehicle's documents, recorded in the official register and administered digitally.
What to consider
Deal-specific rights, restrictions and risks.
Rights, eligibility, horizon and risk factors are defined by the transaction documentation of each operation. What follows applies to the structure itself.
- Concentration: a single operation, a single asset or company. There is no diversification within the vehicle.
- Illiquidity: no continuous market. Transfers are restricted to verified participants and subject to the vehicle's constitutional documents.
- Governance: minority positions carry the information and decision rights negotiated in the documents, and no others.
- Execution and exit: sale, refinancing or listing are scenarios, not commitments. Holding periods can extend beyond initial expectations.
- Capital risk: private-market investments may result in the partial or total loss of the amount invested.
This page is descriptive information only. It is not an offer, a solicitation or investment advice.
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 identification and eligibility checks. Admission also depends on the constraints of each specific operation and remains at the discretion of the vehicle.
- Shares or quotas of a dedicated vehicle carrying a single identified operation. Digital records represent and administer those shares; the 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.
- 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.
- No continuous market. Transfers are restricted to verified participants and subject to the vehicle's constitutional documents; liquidity should not be assumed.
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.
- JournalTransfer restrictions and investor eligibilityWho may hold, who may receive, and why transfers stay restricted.
Next step
Ask to be considered for a future operation.
Tell us your investor category, your horizon and the type of operation that would interest you. We will confirm whether the club-deal route is relevant and what can be presented.