Ventures
Private rounds held in dedicated vehicles.
A portion of Wesvel’s mandate is allocated to emerging protocols and networks accessed before general availability: private rounds, strategic allocations, and structured positions. These vehicles are offered only to accredited investors and qualified purchasers. Positions are illiquid, valuation is uncertain, and total loss of capital is a realistic outcome for any individual position.
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.
Structure
Where a position is best held outside the commingled fund, a single-asset allocation, a co-investment, or an opportunity with its own liquidity profile. Wesvel structures a dedicated special purpose vehicle. Terms, eligibility, and fees are specific to each vehicle and are set out in its offering documents.
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.
Portfolio
Selected positions.
Inside Ventures
How a venture position is papered, held and realized.
The instrument decides what an investor owns. The vesting calendar decides when it can be sold. The vehicle decides who bears the cost and receives the proceeds. Each is described on its own page, alongside how Wesvel sources, diligences and values these positions in the Early-Stage mandate.
Go deeper
Inside Ventures
- 01InstrumentsThe documents a crypto venture round is papered with, from SAFEs with token warrants to SAFTs and direct token purchases, and what each actually gives the holder.
- 02Vesting and UnlocksHow token allocations vest, why unlock schedules across all holders matter more than the fund’s own, and how the book prepares for them.
- 03SPV MechanicsHow a Wesvel special purpose vehicle is formed, funded, administered and wound up, and what its investors receive along the way.
- 04Secondaries and Locked TokensPurchasing locked positions from early holders before vesting completes: pricing, title, transfer mechanics and what can go wrong.
- 05Portfolio SupportWhat Wesvel offers portfolio companies beyond capital: market-structure expertise, liquidity, infrastructure feedback, and introductions that come from operating in the market.
Learn more