Long-Only Equity AIF

What it actually is

A Category III long-only AIF (also via GIFT inbound) that blends a concentrated listed-equity book with a 15–20% sleeve of pre-IPO and anchor allocations — public and late-stage private markets in a single commitment.

The job it does

• Concentrated listed alpha plus pre-IPO access in one commitment
• Anchor and IPO allocations retail investors rarely receive
• A single high-conviction growth engine above the MF layer

Why people use it

• Internal churn is not taxed in your hands — the fund pays, you receive NAV
• The pre-IPO sleeve adds a return source uncorrelated with daily markets
• Pooled scale can secure anchor access no individual gets

What can go wrong

• Fund-level tax at the maximum marginal rate is a real drag on gross returns
• The pre-IPO sleeve is illiquid inside an otherwise liquid book
• High conviction cuts both ways in a drawdown