To summarise,

1. Many of the world’s fastest-growing companies remain private for years. Companies like OpenAI, SpaceX, and Stripe create a large portion of their value while still private, long before they ever appear on public stock markets.

2. Private market investments are typically structured through SPVs. Investors participate through a Special Purpose Vehicle (SPV), a legal entity created specifically to hold shares in one private company on behalf of multiple investors.

3. Access depends on deal terms and investor eligibility. Some private market deals are open to all investors meeting the minimum investment requirement, while others are restricted to Qualified Purchasers under US regulations.

4. The investment process happens in defined stages. Investors first submit an Indication of Interest, then review final deal terms during a short investment window before units in the SPV are allocated.

5. Private market investing involves long lock-ups and higher risk. These investments are illiquid and may remain locked for several years, which is why they should only form a small portion of a well-diversified portfolio.