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An accredited investor is a person the Securities and Exchange Commission (SEC) has determined has the knowledge and financial capacity to make investments not registered with the SEC. In order to qualify as an accredited investor, you must have a net worth of over $1,000,000 excluding the value of your primary residence or have an income of $200,000 if you are single or $300,000 if you are married. No government body certifies you as an accredited investor, rather, High Circle will verify your status before issuing an investment.

As Pre-IPOs and Hedge Funds are not registered with the SEC, you must be an accredited investor in order to invest with High Circle.

This varies based on each fund, contact us to get more details about specific empirics about our opportunities.

We charge a carry fee for each investment. Whenever you liquidate your investment, we take a percentage of the profits you make (the difference between the initial investment and liquidation value). If the investment loses money, we do not charge a carry fee.

The investment is structured as an LLC, with High Circle as the manager. Each investor gets ownership of the LLC, relative to how much they contributed, and then the total funds from the LLC will be used to buy the specified investment (Pre-IPO shares of a company or shares in a Hedge Fund, etc.).

There is a private market for shares in private companies, based on metrics like the last round of financing, investor demand, other secondary transactions that have occurred publicly, and other public information. We determine our prices based on the private market for these shares.

You do not directly own shares in the company, rather you own shares in an LLC that owns shares in the company that you invest in.

We cannot legally disclose private financial and ancillary data about companies, however, we do keep our investors up to date with the most recent public data about companies they invest in. We also leverage our extensive network to keep investors informed about the most recent private market share prices and movements in the companies they hold.

The paperwork for the fund is similar to that of any other form of fund investment. An investor will receive a subscription agreement that signals that they would purchase a share in the fund (the LLC). Investors would also need to complete a W-9 or a W-8 BEN for foreign investors and the Suitability form. Annually, investors will receive a Schedule K-1 that updates them on the status of their investment. All legal and financial documents and compliance are prepared by external counsel and accountants.

The investment is treated like any other fund investment. Our investments are taxed like a partnership, so the gains and losses would pass through to the investors. If it is held for more than one year before its disposition, the resulting income is taxed as long-term capital gains, at the applicable tax rate.
Note: We are not tax experts, and the aforementioned information serves for informational purposes only and not as personal tax advice. It is advised that you consult your tax advisors for information regarding your specific circumstances.

We will communicate with you consistently on any public news that has to do with your investments (funding information, news about secondary transactions, company news, market news, etc. ). The fund manager will also issue a Schedule K-1 on the status of your investment annually.

If a firm's shares are sold to another or if the firm is liquidated, you can no longer hold the shares. If the company has an IPO, then after the IPO lockup period, the shares will be transferred to your brokerage account, and you can do with them what you wish.

We cannot guarantee a specific exit or a timeline for an exit for any of your holdings. However, historically, the companies that we invest in that have received institutional financing exit in around 2-5 years.

Your ownership of the LLC is transferable. If you are able to find a buyer for your shares in the LLC, it is possible for you to sell your shares and cash out. We can try and market your offering to our investor base, however, we cannot guarantee that we’ll be able to help you find a buyer.

The shares of the company will be transferred to your brokerage 6 months after the company goes public, and they are yours to do with as you wish. If the price on the day the shares are handed over is higher than the price you bought the shares for, the carry fee will have to be paid to us on the difference.

Yes, some funds can utilize capital from IRAs