Private markets have grown into a multi-trillion-dollar asset class, fuelled by record levels of uninvested capital and a surge in secondary deals as investors seek liquidity. Yet access remains fraught with friction: high minimum commitments, complex onboarding, direct cap-table exposure, and heavy paperwork. These barriers keep many family offices, wealth managers, and smaller institutions on the sidelines — even as demand for private equity exposure intensifies.
Enter Tracker Certificates
Tracker Certificates convert shares in private companies into ISIN-labelled securities that settle through Euroclear. A Protected Cell Company (SPV) holds the private-equity stake; investors buy certificates that mirror the performance of the underlying asset. The result is a clean, regulated pathway from private ownership to institutional securities infrastructure.
Three Problems Solved
Tracker Certificates address three distinct friction points that have historically limited private equity distribution:
- Investor access: Instead of signing lengthy subscription documents and joining a company's cap table, investors receive a single, tradeable note held at their private bank or broker. There is no direct onboarding with the portfolio company and no need to manage capital calls.
- Shareholder liquidity: Existing owners can unlock capital by issuing certificates without disrupting the company's ownership structure. Distribution channels expand from bespoke private placements to regulated capital-market rails.
- Manager flexibility: Asset managers can define custom maturities, valuation cycles, and even optional exchange listings while maintaining institutional governance and reporting standards.
Why the Timing Matters
Private-equity secondary volumes are expected to keep climbing as holders seek partial exits and new entrants look for seasoned assets. At the same time, investors increasingly demand smoother onboarding and lower minimums. Structured tracker certificates meet these demands by bringing private-equity exposure into familiar securities infrastructure.
“Private markets are not becoming public. They are becoming structured. Tracker Certificates are a critical bridge — and AYMONE delivers the rails.” — Andrei Lapin
AYMONE's Role
AYMONE provides the full securitisation framework: structuring the SPV as a Protected Cell Company, handling Euroclear settlement, and managing the certificates' lifecycle. This infrastructure-as-a-service approach lets sponsors focus on deals while giving investors a clean, regulated point of entry.
For family offices, wealth managers, and institutional allocators looking to access private equity without the traditional operational burden, Tracker Certificates offer a practical solution — and AYMONE provides the platform to make it happen.
