The Case for Standardized Private Markets

A Vex platform whitepaper · Download as PDF · Vex Summit, April 11, SF

Vex attempts to cut the gatekeepers out of private markets so every investor can get the pricing, liquidity, and governance that only VCs get today.

Private markets tend to outperform because the best companies avoid the public penalty: SOX compliance, quarterly earnings pressure, governance drag, and the operational cost of being listed. But private markets impose their own penalty: illiquidity, opacity, GP control over exit timing, and capital locked for a decade or longer. The Vex platform attempts to eliminate the private penalty without importing the public one, by standardizing legal structure, valuation, trading, and governance into a single platform with SEC-registered infrastructure.

The Vex Platform

The Vex platform (“Vex”) comprises three affiliated, regulated entities operating under common control:

Vex Securities LLC is an SEC registered broker-dealer (CRD #317371), Member FINRA and SIPC, operating an SEC-registered Alternative Trading System (ATS) for secondary trading of fund units.

Vex Capital (Vex Holdings PR Corp.) is an SEC exempt reporting adviser that manages each Series SPV (special purpose vehicle) and deploys capital to acquire equity in target companies.

Vex Registry LLC is an SEC-registered transfer agent maintaining the authoritative ownership records for all units traded on the platform.

Together, these entities form the infrastructure for standardizing private market positions into tradeable, fungible units.

Who this is for

For allocators. Continuous liquidity, real price discovery, 1% annual fee, no carried interest.

For companies and shareholders. Liquidity for your people without going public.

For investors in Vex. The infrastructure layer for private markets that still trade like it’s 1990.

Contents

  1. The Problem: Private equity outperforms public markets, but the cost of accessing those returns is a complete absence of liquidity, price discovery, and portability.

  2. The Vex Model: Four layers of standardization (legal structure, valuation, trading, governance) that make private market positions fungible and tradeable.

  3. How It Works: Seven steps from target identification to exit, every one running through standardized infrastructure.

  4. Governance Without Board Seats: How conditional equity replaces board seats, advisory committees, and side letters with transparent market pricing.

  5. What Comes Next: The ATS is what exists today. Tokenization is the bridge. DeFi integrations are where this goes.

  6. Why Now: The liquidity crisis is acute, the regulatory window is open, and the technology is ready.

  7. Get Started: The infrastructure is live. How allocators and companies can participate.