> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ondo.finance/llms.txt
> Use this file to discover all available pages before exploring further.

# Overview

> What Ondo Private Markets is and how Ondo Private Markets Notes work.

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

  ### 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.

  ### 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.
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