SPVs
Single-purpose vehicles that pool qualified investors into one clean line on the cap table.
Structured access tolate-stage private markets
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186 Capital structures SPVs, GP-led continuation vehicles, and tender offers that give qualified investors clean access to pre-IPO companies — and give issuers the control they require.
Structured access to private markets
Companies are staying privatelonger. It's time liquidity caught up,without the friction.
Late-stage private companies now hold more value creation than ever before, yet exits keep getting pushed further out. Capital is piling up in secondary funds and family offices with nowhere structured to go, while ad hoc trades keep failing issuer scrutiny.
We call this the execution layer. 186 Capital builds SPVs, GP-led continuation vehicles, and tender offers that issuers actually approve, backed by in-house legal coordination across the US, UK, and Asia. From sourcing to closing, we manage the parts that usually break the deal.
The Trustware Finance Stack
Our institutional infrastructure converts sourcing and diligence into approved, closed transactions, from ROFR clearance and issuer alignment to execution and settlement.
GP-Led ContinuationVehicles
Our flagship structure for GPs who want to extend ownership of high-conviction assets while giving LPs a clean path to liquidity. We manage sourcing, valuation discipline, and conflict management so GPs can offer optionality without building internal trading infrastructure.
Investor network
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Structures managed
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Structures & Programs
GP-Led Continuation Vehicles
Liquidity for LPs on high-conviction assets, without GPs giving up ownership or control.
Tender Offers
Managed, issuer-approved processes that convert demand into closed deals.
Employee Liquidity Programs
Branded programs offering employees liquidity without cap table noise.
Structured Execution
The InfrastructureBehind EveryStructured Close
From sourcing to signature, 186 Capital manages the parts of a late-stage private trade that usually break it, ROFR clearance, board approval, and issuer alignment, so transactions close instead of stalling.
We coordinate with company counsel and our in-house legal team across the US, UK, and Asia to pre-approve closing mechanics before a deal ever reaches the table.
Every structure we build is designed around what issuers actually want: pre-vetted buyers and cap table control, not fragmented bilateral trades.
Sourcing & Diligence
We identify seasoned assets in GP-led and employee programs, applying institutional standards to valuation and data quality before a deal moves forward.
Structuring & Alignment
We design the vehicle, SPV, continuation fund, or tender offer, around issuer preferences, increasing the likelihood a trade gets approved rather than blocked.
Execution & Closing
We manage ROFR processes and closing mechanics directly with company counsel, reducing cycle times and cutting the failure risk that kills most ad hoc trades.
First Mover
Builtbyspecialistsinlate-stageprivatemarkets,186Capitalexiststogivequalifiedinvestorsinstitutionalstandardsinsourcing,diligence,andexecution,whilegivingissuersthestructureandcontroltheyrequiretoapproveatradeinthefirstplace.
Let's Structure theNext Private Deal
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