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This page, along with all Ondo Private Markets docs at https://docs.ondo.finance/private-markets, is provided for informational purposes only. Each Ondo Private Markets Note is issued under its own Offering Documents, Token Terms, and Risk Factors, which govern in the event of any conflicts with the general descriptions provided below.

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What is Ondo Private Markets?

Ondo Private Markets gives eligible investors tokenized exposure to the economic performance of industry-defining private companies. Exposure that has traditionally been opaque, gated by high minimums, and illiquid is now accessible in a permissionless, fully composable token.Ondo Private Markets brings together targeted exposure to individual private companies with permissionless 24/7 trading, giving investors exposure to top performing private companies, while unlocking the ability to transfer or trade their positions before the reference company goes public.

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What are Ondo Private Markets Notes?

An Ondo Private Markets Note is a tokenized note, or debt security, with payout tied to the per-share value realized on a specified private company’s common shares. Each note is named after its Reference Company, in the format “[Company] Private Market Note”.The notes are obligations of the note issuer, not shares in the referenced companies. The notes are not collateralized by any underlying instrument – including any shares in the Reference Company – and provide no ownership in or shareholder rights in relation to the Reference Company.
  • One note references one share of the Reference Company’s common stock.
  • The note is issued by PM Issuer Co (BVI) Limited, not by the Reference Company. It’s an unsecured debt obligation of the Issuer.
  • The token is the note. There’s no separate paper certificate behind it.
  • It will have a locked price determined in accordance with the Offering Documentation, the price of which does not move once fixed in relation to any interests in the Reference Company.
  • It pays out once, when a Qualifying Liquidity Event happens, such as the Reference Company going public or being acquired.
  • Until then, it trades. You can buy and sell notes on secondary markets, or transfer them onchain to other eligible holders.