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Pre-IPO · Late-stage access

Early conviction, held to the listing.

Late-stage positions, opened to qualified investors before the market prices them.

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  1. 01 Live positions
  2. 02 Stages
  3. 03 Themes
  4. 04 Process
  5. 05 Beyond the capital
  6. 06 Scale

Live positions

Two late-stage positions,
held in confidence.

Late-stage growth position

A category leader at commercial scale, preparing to list.

Sector
Disclosed on request
Stage
Late-stage, pre-listing
Status
Open · limited allocation
Access
Qualified investors

Pre-IPO secondary block

A separate company. Holders have released a block.

Sector
Disclosed on request
Stage
Pre-IPO secondary
Status
Open · by introduction
Access
Qualified investors

Nothing here is an offer of securities. Positions are taken by private placement, under definitive documents, by investors who meet the eligibility tests in their own jurisdiction.

Four stages,
one relationship.

Where we invest

Pre-seed & Seed

First institutional capital.

Check size
$0.25m – $2m

Series A–B

Traction into a repeatable go-to-market.

Check size
$2m – $10m

Growth

Follow-on as companies widen.

Check size
$10m – $30m

Pre-IPO

Within sight of a listing.

Check size
Selective

Themes we back

Where value collects next.

Applied AI & Automation
Software that does the work.
Fintech & Digital Assets
Regulated payments and settlement infrastructure.
Health & Life Sciences
Clinical software that proves an outcome.
Climate & Energy
Grid economics that hold without the subsidy.
Digital Infrastructure
Compute, connectivity and the plant beneath.

Our process

Conviction first,
then commitment.

  1. Conviction

    The thesis comes before the founder.

  2. Diligence

    Team, market and model tested by operators.

  3. Commitment

    We lead or co-lead. A plan for two rounds ahead.

  4. Partnership

    Follow-on capital, and the position held to the listing.

Beyond the capital

What arrives with the check.

An operator's network

Operators, customers and hires, one call away.

A built-in M&A desk

Buyer relationships across North America and Europe.

The scale behind it

The vantage we invest from.

$480m+

Capital available to deploy

60+

Companies backed since inception

80%

Of breakout rounds followed into

2

Investing hubs — New York & London

Start the conversation

Every transaction begins
with a private conversation.

Whether you are a qualified investor seeking access to a late-stage position, or a founder building toward one, the ONYX partners would welcome the conversation.

Considering a sale instead? See M&A advisory.

Get in touch