Proxima IPO

PROXIMA IPO / PRIVATE MARKETS

Indexing the
pre-IPO market.

Quarterly portfolios of selected U.S. IPO and M&A candidates.

Get in touch
Private companies. A portfolio perspective.The market window
01 / THE MARKET WINDOWUnited States · Q2 2026 snapshot

The IPO window.
Open at record scale.

AI. Infrastructure. Defence.
A new generation reaching public markets.

~$105BRaised in U.S. IPOs in Q2 2026The strongest quarter for proceeds on record.
48U.S. IPOs
One record quarter.
Each mark represents one listing, not its size.
Approximate proceeds; the record was concentrated in mega-deals, not a uniform reopening for every company.Source: Renaissance Capital, Q2 2026 U.S. IPO Market Review.
02 / BEFORE THE OPENING BELLCompany building starts before the ticker.

Built in private.
Then priced in public.

Products, revenue, and scale can develop
long before a company lists.

PRIVATE COMPANY BUILDINGPUBLIC MARKET
  1. 01

    Product

    From idea to adoption

  2. 02

    Revenue

    A business takes shape

  3. PROXIMA FOCUS

    Mature private

    Operating evidence + secondary access

  4. POTENTIAL NEXT CHAPTER
    IPOM&A

    Liquidity

    A possible outcome, not a promise

Conceptual lifecycle. Column heights show stages, not valuations or returns. Companies may never list or be acquired.
03 / THE ACCESS GAPA market before the public market.

The market exists.
Access isn't automatic.

$106BEstimated U.S. venture secondary
transaction value in 2025.

Buying one company is not the same as building a portfolio.

Estimated annualized U.S. direct-secondary market value
Q4 2024$50.0B
Q4 2025$91.7B
Bars are annualized direct-secondary estimates, not annual totals. The $106B estimate also includes GP-led transactions. Estimates do not establish liquidity for an individual company.Source: PitchBook, 2025 Annual U.S. VC Secondary Market Watch, pp. 2-3.
01 / ELIGIBILITY

Not an open exchange.

Investor eligibility and transfer restrictions.

02 / FRICTION

One company. Many costs.

Minimums, fee layers, and transaction work.

03 / AVAILABILITY

A name isn't an allocation.

Shares, permissions, and pricing must line up.

04 / THE PROXIMA MODELProxima Management LLC

A portfolio.
Not a pile of deals.

Company selection meets portfolio discipline.
Sourcing through ongoing monitoring.

Quarterly

A separate vehicle each quarter

A repeatable cadence, not a daily trading product.

Portfolio

Index-style thinking. Selective by design.

A basket approach, with company selection and management.

3-5 years

IPO and M&A selection horizon

A research horizon, not a promised exit date.

MATURE U.S. PRIVATE TECHNOLOGYResearch universeBusiness maturity · Entry price · Authorized access
Selected portfolioConsidered together, not in isolation.
Conceptual illustration, not holdings or allocation sizes. A portfolio does not eliminate the risk of loss.
A repeatable quarterly cadence
Q1Separate vehicle
Q2Separate vehicle
Q3Separate vehicle
Q4Separate vehicle

Conceptual cadence only. Symbols are not holdings, allocations, or a subscription schedule.

Index-style describes the portfolio approach. Selection and management are active; this is not passive index tracking.

Candidates may never list or be acquired. Liquidity can take longer than 3-5 years or may never occur; capital can be lost. Structure remains subject to definitive documents.

One conversation.
A broader private-market perspective.

Get in touch
05 / HOW WE WORKThe work behind the portfolio.

Less deal chasing.
More discipline.

Research. Diligence. Monitoring.
Manager-led decisions throughout.

01

Source.

Study mature businesses and available secondary transactions.

02

Select.

Test price, ownership, share rights, and portfolio fit.

03

Monitor.

Follow developments and revisit the path to possible liquidity.

Private-company investing is for those who can accept illiquidity and the risk of losing their capital. Not for capital needed on demand.

06 / THE CONVERSATIONA direct line to the team.

Get in touch.

Exploring private markets?
Tell us what brings you to Proxima.

marco@proximaipo.com

We use your details to respond to your inquiry. Privacy notice.