AG Dillon OpenAI Pre-IPO Stock Fund
The AG Dillon OpenAIPre-IPO Stock Fund seeks to pool investor capital to invest into OpenAI LP shares.
The Fund may gain exposure to OpenAI LP shares by directly purchasing from the company, purchasing from existing shareholders, purchasing a portion or all of one or more legal entities that solely own OpenAI shares (aka SPVs), or derivative contracts (forwards, options).
The Fund will purchase OpenAI LP shares and hold the shares until a liquidity event occurs; IPO or acquisition. If IPO, OpenAI LP shares will be distributed in-kind (ideally no tax event) to investors as quickly as possible. If acquisition, cash will be distributed to investors as quickly as possible.
OpenAI Fact Sheet + Fund Terms
OpenAI’s CEO Sam Altman on the company’s product line and mission
Microsoft’s announcement of OpenAI with Big (search) and Edge (browser)
Examples of ChatGPT in action; AI writes a marketing agreement between a venture capital fund and a wealth management firm, AI writes a 2 page paper on the best Egyptian pharaoh, AI writes a love letter to my wife
Fund Summary & Terms
|Asset Class||Venture capital|
|Strategy||OpenAI LP shares only|
|Number of Pre-IPO Stocks||1|
|Portfolio Company Valuations||$29b as of Feb 2023|
|Pre-IPO Stock Access||Secondary Shares|
|Defined Term||5 years|
0.60% management fee*
10% carried interest
*Charged one-time upfront for full 5-year term
|Investor Type||Accredited investors only|
AG Dillon Asset Management LP
(ERA = Exempt Reporting Advisor)
|General Partner||AG Dillon LLC|
|Number of Closings||1|
|Capital Contributions||100% called at closing|
|Investment Period||12 months|
|Legal||Morgan, Lewis & Bockius LLP|
|Fund Administration||Nav Consulting|
Nasdaq Private Markets
Fund administration by Nav Consulting
Legal expenses by Morgan Lewis
Variable fees for wire and blue sky filing
@ 2023 AG Dillon LLC and its affiliates ("AG Dillon & Co"). All rights reserved. All information is provided for information purposes only. All information and data contained in this publication is obtained by the AG Dillon & Co, from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, such information and data is provided "as is" without warranty of any kind. No member of the AG Dillon & Co nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or of results to be obtained from the use of the AG Dillon & Co Index Products or the fitness or suitability of the AG Dillon & Co Index Products for any particular purpose to which they might be put. Any representation of historical data accessible through AG Dillon & Co Index Products is provided for information purposes only and is not a reliable indicator of future performance. No responsibility or liability can be accepted by any member of the AG Dillon & Co nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analyzing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of the AG Dillon & Co is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information No member of the AG Dillon & Co nor their respective directors, officers, employees, partners or licensors provide investment advice related to AG Dillon & Co Indices and nothing contained in this document or accessible through AG Dillon & Co Index Products, including statistical data and industry reports, should be taken as constituting financial or investment advice or a financial promotion. Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of investable assets. Certain returns shown may reflect back-tested performance. All performance presented prior to the index inception date is back-tested performance. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back-tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index may change from quarter to quarter based on revisions to the underlying economic data used in the calculation of the index. This publication may contain forward-looking assessments. These are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking assessments are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially. No member of the AG Dillon & Co nor their licensors assume any duty to and do not undertake to update forward-looking assessments. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of the AG Dillon & Co. Use and distribution of the AG Dillon & Co data requires a license from AG Dillon & Co.