SPV View

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Integrating through Apex AscendOS?
The product guidance on this page applies to you. The endpoints, fields and statuses are Monark's; use the AscendOS equivalents listed in Building on Apex AscendOS.

The SPV is what an investor actually subscribes to. A Pre-IPO company is not investable on its own — the SPV is the vehicle that holds shares in it, and the offering page is where an investor decides whether to commit.

Monark endpoints used

Method	Endpoint	Purpose
`GET`	`/primary/v1/pre-ipo-company-spv/{id}/investor/{investorId}`	The offering, with its documents
`GET`	`/primary/v1/pre-ipo-company/{id}`	The company behind it
`GET`	`/primary/v1/pre-ipo-company-investment/investor/{investorId}`	What the SPV holds, and on what terms

Read the offering

GET /primary/v1/pre-ipo-company-spv/{spvId}/investor/{investorId}?includeDocuments=true

includeDocuments=true returns the document set inline, saving a second call.

Deal terms

UI element	Monark field	Notes
Price per share	`investorPricePerShare`	What the shares themselves cost
Fee per share	`investorFeePerShare`	The fee component, per share
All-in price per share	`allInPricePerShare`	The price the subscription fills at. Price plus fees, including the pro-rata admin expense
Management fee	`managementFee`	A one-time fee on subscribing, typically 3–8%
Minimum commitment	`minCommitmentAmount`	The floor for a subscription, with one exception — see Submit an Order
Valuation	`valuation`	The company valuation this offering implies
Funding deadline	`fundingDeadline`	When the offering closes if it has not filled
Exemptions claimed	`exemptionsClaimed`	The regulatory exemption, which governs who may be offered it
Stage	`monarkStage`	Investable only at `PRIMARY_FUNDRAISE`
Approved	`isApproved`	Whether your platform has approved it

Important: Fee economics belong to the SPV, not to the transaction. managementFee, feePerShare and carry on a transaction are admin-only fields and are stripped from partner responses — they will simply be absent, not null. Read fees from the SPV.

Explaining the all-in price

Investors ask why the price they pay differs from the price per share. Three things are rolled into allInPricePerShare:

the price of the shares themselves,
a one-time management fee of 3–8%, charged on subscribing rather than annually,
a pro-rata share of a one-time $15,000 administration expense for the SPV.

Monark generally sources "0/0" shares — no annual management fee and no carried interest at the vehicle level — so the all-in price is the whole cost, not an entry fee followed by a drag.

Funding progress

UI element	Monark field
Total allocation	`totalDollarAllocation`
Remaining	`remainingDollarAllocation`
Funded	`totalDollarAllocation - remainingDollarAllocation`
Seats remaining	`numberOfSeatsRemaining`

Show both. An SPV with dollars left but no seats is closed: each SPV is capped at 99 investors under US private fund rules, and the cap binds independently of the dollar allocation.

Note: remainingDollarAllocation reflects signed subscriptions. Pending transactions reserve nothing, so the number can move between an investor loading the page and submitting.

What the SPV holds

GET /primary/v1/pre-ipo-company-investment/investor/{investorId}?preIpoCompanyId={companyId}

This is the SPV's own position in the company — the shares it acquired and the terms it acquired them on: share class, share type, and the kind of transaction that sourced them, such as a secondary purchase or a tender offer.

Note: This is not the investor's holding. It describes what sits inside the vehicle. Currently one SPV maps to one investment.

Documents

An offering carries a document set the investor should review before committing, typically:

Document	What it is
Private placement memorandum	The offering document
Risk factors	The risks specific to this deal
Series agreement	The terms of the series holding this investment
Subscription agreement preview	What the investor will sign

Filter out the diligence documents. Types ending _Monark — DealDiligence_Monark, Deal_Diligence_File_Monark, Issuer_Diligence_Monark, Share_Diligence_Monark — are the material your deal team reviews when approving the SPV. They are for your operations staff and the Alts Desk, not for investors.

Gating the page

Present the SPV as investable only when both hold:

monarkStage === "PRIMARY_FUNDRAISE" && isApproved === true

monarkStage means Monark has opened the offering for fundraising. isApproved means your platform has approved it for distribution to your investors. Neither alone is sufficient, and a subscription against an unapproved SPV is refused.

Where an SPV is visible but not investable, say which it is: an offering at PRE_CLOSE_REVIEW is full, one awaiting your approval is pending review, and they should not look the same.

Implementation notes

Re-read before submitting. Allocation, seats and stage all move. An offering page open for ten minutes may be stale.
Subscribe to SPV webhooks. PreIPOCompanySPVUpdate fires on term changes and PreIPOCompanySPVDocumentUpdate on document changes. A new subscription agreement preview must be the one the investor attests to.
Handle a missing price. An SPV without allInPricePerShare cannot be subscribed to and will be refused at creation. Do not render an order ticket against one.

Next steps

Take the order: Submit an Order
Research the company first: Company View