Module 1Foundations5 min read
Private markets in plain English
What private markets are, how they differ from listed shares, and why access is restricted to defined investor categories.
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Understand the structure before you evaluate anything
Nine short modules written for clarity, not persuasion. Each ends with a three-question knowledge check, marked in your browser only.
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- Module 2Structure6 min read
Harbor Direct: how a single-company vehicle works
The lifecycle of a dedicated vehicle formed to hold one approved allocation in one fictional private company.
Read module & take the check - Module 3Structure5 min read
What you own: vehicle units versus direct registered company shares
Units in a vehicle and shares on a company register are different assets with different rights. Knowing which you hold changes everything.
Read module & take the check - Module 4Structure5 min read
Why issuer approval and transfer restrictions matter
Private companies control who holds their shares. Approval and transfer rules shape access, exit and communications.
Read module & take the check - Module 5Risk5 min read
Illiquidity: why there may be no buyer when you want to exit
Illiquidity is not a delay. It can mean no exit at all, for many years or permanently.
Read module & take the check - Module 6Risk6 min read
How private-company valuations work when there is no daily market price
A stated valuation is a periodic estimate produced under a policy — not a price at which you can transact.
Read module & take the check - Module 7Risk4 min read
Concentration risk: one company can lose all value
A single-company vehicle has one outcome. That outcome can be a total loss, and there is nothing else in the vehicle to offset it.
Read module & take the check - Module 8Costs6 min read
Fees, conflicts and questions to ask
Layered fees and misaligned incentives quietly determine outcomes. Ask for the all-in cost and who is paid by whom.
Read module & take the check - Module 9Foundations5 min read
Diversified private-market portfolios
A portfolio vehicle spreads exposure across several private assets. It reduces single-name risk, and reduces nothing else.
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Read the full risk disclosures
The modules summarise the main ideas. The disclosure page sets out the risks in full, including total loss, illiquidity, dilution, conflicts, tax and jurisdictional restrictions.