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Pre-IPO Private Markets · New York

Capturing
value in the
gap before
the IPO.

Between private scale and public recognition lies a narrow, mispriced window. We enter it at a structural discount — with a defined liquidity horizon.

Scroll
Defining the Gap

The pre-IPO window
is not a waiting room.
It is the opportunity.

The gap is the period between a company's proven private scale and its public market recognition. Narrow, information-asymmetric, and structurally mispriced.

By the time a company reaches Series D or later, the fundamental risk — team, product, market — is largely resolved. What remains is a timing arbitrage.

Ga^3in VC enters at a discount to the last institutional round, capturing the value the public market will eventually price in. This is not speculation. It is structured, disciplined secondary investing — with downside protection built into every entry price.

Our structural advantage Discount
to last round

Every deal we structure enters below the previous institutional mark — the margin of safety that defines the risk profile for LPs.

Proven exit — Circle Internet Group Multiple
DPI returned

Sub-12-month hold. Significant premium to entry. Full details available in the Circle case study — contact us to request it.

Defined horizon 12–36
month horizon

Each SPV targets a specific IPO, M&A, or secondary exit event. No open-ended blind pools.


Investment Thesis

Downside protection engineered into every entry.

We source late-stage pre-IPO opportunities at a structural discount to the prior institutional round. That discount is the margin of safety that defines the risk profile of every deal we bring to LPs.

01
Discount to Last Round
Entry below the last institutional mark. We do not invest at or above last-round valuations. The discount is structural, not negotiated at close.
02
Positive Momentum Filter
Discount alone is not enough. We require accelerating revenue, user growth, or a clear catalytic event — IPO filing, strategic partnership, or M&A signal.
03
SPV-by-Deal Structure
No blind pool. Each investment is a discrete Delaware SPV with disclosed economics. LPs choose participation deal by deal, with full visibility into terms.
04
Tier-1 Institutional Backing Filter
We only access companies with Tier-1 institutional backing — Sequoia, a16z, Khosla, Google Ventures, or equivalent. Their underwriting validates the fundamental risk. Our discount to their mark captures the remaining timing arbitrage.

Active Opportunities

Current SPV pipeline.

Specific entry prices, allocations, fees, and minimums are disclosed exclusively in deal one-pagers, available to accredited investors on request. The companies below represent our current active offering.

Request one-pagers →
Discord
Consumer · Communications

One of the world's leading community platforms. Late-stage secondary opportunity with a defined IPO horizon. Significant structural discount to the last institutional funding round.

Closing Imminently
Request One-Pager
Anthropic
Artificial Intelligence · Infrastructure

The company behind Claude. One of the most important AI safety and foundation model companies globally. Large allocation available via double-layer SPV structure.

Request One-Pager
SpaceX
Space · Defense · Infrastructure

The world's dominant private space company. Pre-IPO secondary access to one of the most valuable private companies in history. Minimum commitment applies — contact us for details.

Request One-Pager
Perplexity
Artificial Intelligence · Search

AI-native search replacing legacy web discovery. Rapidly growing revenue base and expanding consumer and enterprise distribution across global markets.

Active
Request One-Pager
ConsenSys
Web3 · Ethereum Infrastructure

The foundational Ethereum infrastructure company. Home of MetaMask and Infura. Direct cap table access via Spinnaker SPV. 2026 IPO target.

2026 IPO Target
Request One-Pager
Lambda
GPU Cloud · AI Compute

The leading GPU cloud provider for AI workloads. Secondary purchase below Forge market pricing. AI infrastructure thesis with strong institutional backing.

Active
Request One-Pager

Track Record

"The discount to last round isn't a talking point. It's the structure."

Circle Internet Group was a pre-IPO secondary position entered at $24.96 per share — a meaningful discount to the last institutional mark. The company was subsequently acquired, returning $83.78 per share to investors within twelve months.

That is 2.9× DPI and approximately 182% annualized IRR on a single-asset, disclosed-economics SPV. No blind pool, no ambiguity, no style drift.

The deal exemplifies the thesis: Tier-1 institutional validation (Circle had JPMC, BlackRock, Fidelity as investors), structural discount to last round, defined liquidity event. The same criteria apply to every deal we bring today.

Realized Exit · 2024
Circle Internet Group
Fintech · Stablecoin · USDC issuer. Pre-IPO secondary position held for under twelve months, exited at a significant premium to entry.
StrategyPre-IPO Secondary SPV
EntryDiscount to last institutional round
Hold PeriodUnder 12 months
Entry Price$24.96 / share
Exit Price$83.78 / share
DPI2.9×
Annualized IRR~182%

Portfolio

Companies we've backed or are backing.

Our primary activity is pre-IPO secondary. We also make selective early-stage investments in AI, robotics, and frontier technology through the Ga^3in VC Early program. Early-stage portfolio logos coming soon.

Pre-IPO Secondary Positions
Circle
Fintech / Stablecoin
✓ Exited
Anthropic
AI Infrastructure
Active SPV
Discord
Consumer / Comms
Closing Now
SpaceX
Space / Defense
Active SPV
Perplexity
AI Search
Active SPV
ConsenSys
Web3 / Ethereum
IPO 2026
Lambda
GPU Cloud
Active SPV
Figure AI
Robotics
Pipeline
More
Undisclosed
Early-Stage Investments

Selective pre-seed and seed investments in AI, robotics, and frontier technology via the Ga^3in Early program. Logos coming soon.

Reveel
Reveel
Pre-Seed
Zkalyx
Zkalyx
Pre-Seed
Alterim
Alterim
Pre-Seed
Your company
Pitch Us

Membership Tiers

Structured access for every LP profile.

Allocation priority follows membership tier. Fee structures and minimums are disclosed upon inquiry — contact us to receive the full membership guide.

Open
Standard

Entry-level access for first-time or occasional investors. Deal-by-deal participation, allocated after member tiers.

  • Deal-by-deal access
  • Allocated after members
  • No annual commitment
Popular
Syndicate LP

Annual membership unlocking priority allocation, reduced SPV fees, and lower minimums per deal.

  • Priority allocation
  • Early access to selected deals
  • Lower minimum per SPV
  • Event access
Preferred
Lead LP

72-hour early access to all deals. Ability to signal anchor demand before general syndication. Enhanced allocation in oversubscribed SPVs.

  • 72-hour early access
  • Anchor demand signaling
  • Enhanced allocation
  • LP Dinner + Summit access
Invite Only
Anchor LP

First look at all deals before syndication. Direct coordination on structure, timing, and sizing. Anchor allocations available.

  • First look before syndication
  • Direct structure coordination
  • All events + TGE Summit
  • Early-stage co-invest access

Flagship Conference · Ga^3in VC

TGE Summit

tgesummit.com

The premier gathering at the intersection of token generation events, private markets, and frontier technology. Where founders, institutional capital, and operators converge before the public markets do.

Founders & Operators
Pre-IPO and pre-TGE companies presenting to qualified capital before public market access.
Institutional Capital
Family offices, VC funds, HNW LPs, and broker-dealers with active private market mandates.
Deal Flow Sessions
Structured matchmaking between deal sponsors and LPs. Sessions designed to close, not to present.

Events

Deals are made in rooms.

We convene founders, LPs, and co-investors at intimate, high-signal gatherings. Formats range from private LP dinners to the full TGE Summit conference. No panels for their own sake.

Request Invitation → View Events Calendar →
Q2
2026
LP Dinner — New York City
Intimate seated dinner for active and prospective LPs. Deal flow review and direct Q&A. 20 guests maximum.
LP Gathering RSVP →
Q2
2026
Founder Pitch Day — AI & Robotics
Curated showcase of pre-seed and seed-stage founders. Open to Lead and Anchor LP members who may co-invest.
Founder Pitches RSVP →
Q3
2026
TGE Summit 2026
Our flagship annual conference. Full day with evening reception. See tgesummit.com for full programme.
Flagship Conference RSVP →
Q4
2026
Annual LP Summit — New York
Portfolio review, market outlook, co-investor introductions. Anchor and Lead LPs only.
Annual Summit RSVP →
LP Dinners
Private, seated. 15–25 investors. Direct deal discussion, no slides.
Founder Pitches
Curated pre-seed / seed pitches. LPs get first look at early opportunities.
Deal Briefings
Virtual or in-person SPV deep dives. Valuation, risk, and Q&A before close.
Co-Investor Summits
Family offices, broker-dealers, and distribution partners in one room.
TGE Summit
Our flagship owned conference at the intersection of private markets and frontier tech.

For Founders

Building in AI, robotics,
or frontier tech?
Pitch to us.

We back exceptional founders at pre-seed, seed, and early Series A — and bring more than capital. LP network introductions, co-investor access, and hands-on capital formation support.

Visit gain.ventures/founders → Pitch directly →
Capital via SPV
Direct investment from pre-seed through early Series A.
LP Network
Introductions to HNW individuals, family offices, and institutional LPs.
Capital Formation
Strategy, narrative, syndicate construction, and outreach support.
TGE Summit
Speaking and showcase slots at our flagship annual conference.

How It Works

From sourcing to your portfolio.

01
Sourcing
Network, founders, secondary desks
02
Diligence
Valuation, momentum, risk analysis
03
Anchor Signal
Lead & Anchor LPs get first look
04
Syndicate Launch
Deal opens by tier priority
05
Allocation
Anchor → Lead → Syndicate → Std
06
SPV Close
Delaware SPV formed, capital called
07
Liquidity
IPO, M&A, or secondary exit

Focus Sectors

Where we concentrate.

Artificial Intelligence
Foundation models, inference infrastructure, AI-native SaaS. The defining platform of this decade.
Robotics
Autonomous systems, physical AI, humanoid platforms transitioning from R&D to commercial deployment.
Frontier Tech
Space infrastructure, advanced manufacturing, and next-generation compute architectures.
Critical Infrastructure
Financial rails, cybersecurity, energy, and the communications backbone of the digital economy.

Press & Media

Coverage & recognition.

We are building our public profile. Press coverage and media mentions will be listed here as they are published. If you are a journalist covering private markets, pre-IPO secondaries, or frontier technology, we welcome the conversation.

Press Inquiries

Contact Sergey Khusnetdinov at


Distribution Network

Global LP reach.

We work with distribution partners and scouts across North America, Europe, and Asia-Pacific who introduce qualified LPs and co-investors to our deal flow.

Distribution · US
DSM Capital
Jorge Lepra
United States
Distribution · US
Emerson Equity
Maira Fernandes
United States
Quant · Europe
Artellium
Paul / Bernhard Breloer
Nuremberg, Germany
Distribution · Asia-Pacific
Japan / UAE Network
Mimi
Japan · UAE
LP + Scout · Asia
Hong Kong Office
Jing Ding / Jane
Hong Kong
Partner Firm
Garda Ventures
Nadya Husnetdinova
Partner vehicle

Research & Intelligence

Private markets intelligence, delivered.

Proprietary research on secondary market conditions, pre-IPO valuations, and frontier technology sector analysis. Available to members and newsletter subscribers.

Pre-IPO Secondary Market MonitorMonthly
Deal Flow & SPV BriefingPer-deal
AI & Robotics Sector ReportQuarterly
TGE & Token Market AnalysisQuarterly
Anchor LP Portfolio UpdateQuarterly

Subscribe for deal alerts, market analysis, and event invitations. Accredited investors and qualified professionals only.


Managing Partner

Sergey
Khusnetdinov

Sergey is the founder and Managing Partner of Ga^3in VC, a pre-IPO secondary market operator and early-stage investor based in New York.

Prior to Ga^3in VC, Sergey built experience across private markets, venture capital deal structuring, and LP capital formation. He has sourced, structured, and closed SPV investments in companies including Circle Internet Group (2.9× DPI exit, <12 months), Anthropic, Discord, SpaceX, Perplexity, ConsenSys, and Lambda.

Sergey holds an MBA from Duke University's Fuqua School of Business. He is the founder of TGE Summit, the annual conference at the intersection of private markets and token generation events, and operates a global distribution network across the US, Europe, and Asia-Pacific.

He is focused on building Ga^3in VC into the defining pre-IPO access platform for accredited individual investors — institutional quality, SPV transparency, no blind pool.

Sergey Khusnetdinov — Managing Partner, Ga^3in VC
EducationDuke University, Fuqua MBA
LocationNew York City
ConferenceFounder, TGE Summit

About Ga^3in VC

Ga^3in VC is the institutional syndicate brand of Ga^3in Ventures LLC, a pre-IPO secondary market operator and early-stage investor.

The firm aggregates capital from accredited investors through Delaware-structured SPVs, providing access to late-stage private companies at a structural discount to the last institutional round. Each deal is disclosed, deal-by-deal, with no blind pool commitment.

Ga^3in Ventures LLC operates as an Exempt Reporting Adviser (ERA) under the Investment Advisers Act of 1940, relying on the exemptions available under Section 203(l) and/or Section 203(m). As an ERA, the firm files a truncated Form ADV (Part 1A) with the SEC or the Washington State Department of Financial Institutions, as applicable. Each SPV offering is made pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933. A Form D is filed with the SEC within 15 days of the first sale in each SPV, and applicable state blue sky notice filings are made in each investor's state of residence. General solicitation is permitted under 506(c) but all investors must be independently verified as accredited prior to investment — self-certification alone is not sufficient.

Legal EntityGa^3in Ventures LLC
RegistrationWashington State
Adviser StatusExempt Reporting Adviser (ERA)
Offering ExemptionReg D Rule 506(c)
SPV JurisdictionDelaware
HeadquartersNew York City
Managing PartnerSergey Khusnetdinov
StrategyPre-IPO Secondary · Late Stage
StructureDeal-by-deal Delaware SPVs
Owned Conferencetgesummit.com

Get Access

Request a deal one-pager or LP onboarding.

We respond to qualified inquiries within 24 hours. Deal terms, pricing, and minimums are shared exclusively via one-pager with accredited investors.

Conferencetgesummit.com
CoverageUS · Europe · Asia-Pacific