Strategy 05
Early-Stage Access
Position before the market prices it.
A portion of Wesvel’s mandate is allocated to emerging protocols and networks accessed before general availability, private rounds, strategic allocations, and structured positions sourced through relationships built over years of operating in this market.
Sourcing
Access in this segment is relationship-driven. Allocations are not broadly available; they are extended to participants with a track record, operational relevance, or the ability to move quickly. Wesvel’s deal flow comes from founders, funds, and infrastructure operators we have worked alongside.
Diligence
Team, technical architecture, token economics and emission schedule, competitive positioning, capital structure and prior round terms, and, critically, lock-up and vesting mechanics. Illiquid positions are sized against the portfolio’s overall liquidity profile, not evaluated in isolation.
Valuation and treatment
Illiquid and locked positions are held in side pockets, valued under a written policy reviewed by the fund’s auditor, and are subject to performance fees only upon realization. Investors participate pro-rata as of the date a side pocket is established.
Go deeper
Inside Early-Stage Access
- 01SourcingWhere early-stage opportunities come from, and why proprietary access is the whole edge.
- 02DiligenceThe review an early-stage opportunity goes through before capital is committed.
- 03Valuation and Side PocketsHow locked and illiquid venture positions are valued, segregated and charged, so liquid investors are not exposed to them.
- 04Structures and SPVsWhen an allocation is held through a dedicated special purpose vehicle rather than inside the fund, and how that vehicle is run.