Market Commentary & Offering — Vol. I

Liquidity Without Capitulation

For shareholders of exceptional private companies: Access the value of your equity today without triggering taxes or forfeiting future upside. A disciplined, non-recourse bridge to liquidity.

Structural Parameters

Underwriting Focus
Collateral Value
Loan-to-Value
Conservative (~10%)
Recourse
None (Pledged Assets Only)
Repayment Event
Liquidity (IPO/M&A)

*All terms subject to underwriting committee approval and due diligence.

I. The Philosophy

Preservation of Compounding

Selling high-growth equity disrupts the compounding process and triggers immediate tax liabilities. We believe liquidity should not come at the expense of future upside. Our structure allows shareholders to solve for today’s needs while keeping their wealth invested.

Margin of Safety

We underwrite collateral, not credit scores. By capping advances at conservative levels and strictly utilizing a non-recourse structure, we protect both our Limited Partners and our Borrowers from volatility. We define success by the return of capital, not just the return on capital.

II. Ecosystem

Tailored Solutions for the Private Market

Principals

Founders and early employees seeking measured liquidity without selling shares or triggering taxable events.

Capital Partners

Institutions seeking consistent yield, event-driven repayment, and collateral-backed downside protection.

Advisors

Fiduciaries requiring a tax-neutral solution that solves liquidity needs while preserving client ownership.

III. The Mechanics

Structure & Repayment

Bedrock's structures are designed to be "self-liquidating." We focus on mature private companies with institutional investors, meaningful scale, and multiple potential paths to liquidity.

Asset-Specific Liability
Strictly Non-Recourse. Liability is ring-fenced to the pledged shares alone. Your personal balance sheet and outside holdings remain fully insulated from risk.
Event-Driven Liquidity
Aligned Repayment. Principal is due solely upon a qualified liquidity event (IPO, M&A). There are no monthly payments or capital calls prior to value realization.
Cash Flow Preservation
Capital Efficiency. Maximize liquidity by deferring interest entirely to the exit event, or choose to service quarterly. The schedule is tailored to your cash flow preference.
Upside Retention
Total Ownership. Unlike a secondary sale, you retain full voting rights and 100% of the future appreciation. You maintain control while unlocking liquidity.
IV. Correspondence

Initiate a Dialogue

We approach every potential relationship with the same rigor we apply to our underwriting. Please provide a brief summary of your mandate.

Note: We are strictly focused on mature, late-stage venture-backed companies with established institutional governance.