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HarborPrivate markets
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Module 2 · Structure

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.

6 min read

One vehicle, one company

In the Harbor Direct concept, a dedicated investment vehicle is formed for a single approved allocation in one private company. The vehicle holds that one asset and nothing else.

Investors subscribe for units in that vehicle. The vehicle — not each investor — would appear as the holder of the underlying stake, where the issuer has approved it.

The sequence matters

An allocation must exist and be approved by the issuer or manager before anything is shown to investors. Legal documentation and a valuation approach are then prepared, and only then is a non-binding interest window opened.

Expressions of interest are gathered before close. They are indications for planning purposes: they are never treated as committed capital, and they create no contract, no reservation and no allocation.

What can still go wrong

The allocation can shrink or disappear, the issuer can withdraw approval, documentation can fail legal review, and a vehicle can fail to reach the size needed to proceed. Interest can also exceed the allocation, in which case scaling back or exclusion follows.

None of these steps happen in Harbor. Every stage shown is a demonstration of where controls would sit in a licensed product.

Key takeaways

  • A Direct vehicle holds exactly one underlying asset — no diversification.
  • Issuer approval and legal review come before any investor sees materials.
  • Interest is non-binding and never treated as committed capital.

Knowledge check

Three questions to test understanding. Checked in your browser only — this is education, not an assessment, and it grants no eligibility, approval or entitlement.

  1. 1. How many underlying assets does a Harbor Direct vehicle hold?

  2. 2. What must happen before an interest window could open?

  3. 3. How should an expression of interest be treated?

0/3 answered

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