Why Now
Three forces are converging.
The liquidity crisis is acute
As detailed in The Problem, secondaries volume hit $240 billion in 2025, up 48% year over year. Five year rolling DPI hit its lowest recorded level. Distributions fell to 6% of AUM, less than half the historical average.
$240 billion per year in secondaries is revealed preference. LPs want out.
The regulatory window is open
SEC custody modernization for digital assets. SEC Rule 17a-4 compliance record keeping alternatives for electronic records. FinCEN CDD relief reducing onboarding friction for qualified investors. The GENIUS Act providing federal stablecoin clarity.
The regulatory environment for compliant digital financial infrastructure is more accommodating than it has been in years. This window reflects a specific political and institutional alignment. It may not last.
The technology is ready
Sub second blockchain settlement on Solana. Regulatory grade cloud storage and audit logging. Passwordless authentication. Automated KYC/AML verification pipelines.
Five years ago, building this would have required a much larger team and produced a worse product. What used to require a prime brokerage relationship, a custody bank, and a transfer agent consortium now runs on cloud infrastructure with direct regulatory registrations.
The structural backdrop
Companies are staying private longer (see The Problem). Institutional allocators are increasing private market allocations. Retail qualified purchasers want access. The Vex catalog gives them a standardized way in: browse available companies, indicate interest, and participate in a book build when an SPV forms.
This model scales with demand rather than requiring Vex to pre-commit capital to specific deals. As more investors join the platform, more companies attract anchor commitments, and more SPVs form around them. The infrastructure handles the scaling; no deal-by-deal pre-funding is required. The capital is moving whether the infrastructure exists or not. Vex builds the infrastructure.
This document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investing in private market securities involves substantial risk, including the possible loss of principal. Past performance is not indicative of future results. Liquidity depends on counterparty availability and is not guaranteed. Neither Vex Securities nor its affiliates facilitate the sale of tokenized units or make recommendations related to their use. Securities offered through Vex Securities LLC, Member FINRA/SIPC.