Management of issue portfolios

An IPO participating investment portfolio is a unique investment vehicle that allows a private investor to purchase securities at the institutional offering stage and benefit from discounts that were previously exclusive to institutional entities. Following a reform that went into effect in 2016, managed portfolios can participate in the institutional offering stage of new offerings, thus allowing their clients to receive the discount paid for an early commitment. Since the private investor does not have direct access to these offerings, participation is only possible through a licensed investment manager — and private investors benefit from the preferential terms that were previously reserved for institutional entities only.