MarketX, a private investment platform in China, the US and Singapore, is launching a $150-million fund to invest in pre-IPO tech opportunities.
According to an e27 report, the MX50 fund is in “advanced talks” with around 30 Asian family offices and expects to reach a final close by October this year. It aims to invest in five to eight companies, with ticket sizes ranging between $1 million and $100 million. These companies will be expected to see a 2-5x surge in their valuation before their IPO.
The report adds that MarketX recently “soft launched” in Singapore, and has applied for the Monetary Authority of Singapore’s (MAS) license to operate in the country. It currently has offices in San Francisco, Shanghai and Beijing.
If successful, MarketX will join a small but growing number of private platforms offering similar opportunities to private investors in Asia. This includes names like Singapore-based Fundnel and CapBridge’s 1exchange (1x), both of which list international companies on their platforms.
According to MarketX’s website, it offers access to pre-IPO opportunities via direct investments and thematic portfolios. It works with over 8500 family offices, funds and high net-worth individuals (HNWIs). It has over 30 asset partners with combined assets of over $5 billion globally.
Founded in 2015 by Cathryn Chen, MarketX is backed by $1.6 million in seed funding from entrepreneurs and investors such as Boquan He, Lei Jun, Cai WenSheng and other Chinese angel investors.