FCP Venture - Private Equity
FCP Venture provides qualified investors access to venture capital and growth equity opportunities in private companies. Structured as a Delaware series limited liability company, each series represents a distinct investment in specific portfolio companies across technology, digital media, and emerging sectors. These investments target companies with exit potential within two to five years through IPO, acquisition, or secondary sale.
Investment Structure
The series LLC structure allows for separate investment opportunities, each with distinct assets, liabilities, and terms. When you invest in a series, your capital goes directly into specific portfolio companies identified by our investment committee. Each series operates independently with its own risk profile, investment thesis, and liquidation timeline.
Investment types include direct equity positions (preferred or common stock), convertible debt, secondary purchases from employees or early investors, and fund investments in complementary vehicles. We typically seek protective provisions, including liquidation preferences and anti-dilution protection, where available, though minority positions limit control over portfolio company operations.
Qualification Requirements
Access requires a qualified purchaser status under federal securities law. This generally means individuals with at least $5 million in investments, family companies meeting the same threshold, or entities investing at least $25 million on a discretionary basis. The minimum investment is $25,000 per series, though this may be waived at management discretion.
Securities are offered only through confidential private placement memoranda to investors who meet these requirements. There is no public offering, and interests are not registered with the SEC or state regulators.
Liquidity and Risk Profile
Interests are highly illiquid with no public market and significant transfer restrictions. You must be prepared to hold your investment until liquidation of the specific series, which could take many years or may never occur. Distributions happen at management discretion, typically only following portfolio company exit events.
Portfolio companies are often early-stage with unproven business models, limited operating history, and intense competition. Many fail. The investment carries substantial risk, including the possibility of total loss of capital. Tax reporting comes via annual K-1 schedules, and you may incur taxable income without receiving corresponding cash distributions.
Management and Process
FCP Partners LLC serves as manager with complete discretion over operations. FCP Ventures Management LLC handles investment decisions, including deal sourcing, structuring, due diligence, and exit execution. The management team includes Joon Rhee and Donald Bianco, who collectively bring over 60 years of financial services experience and more than a decade of pre-IPO market involvement.
Qualified investors receive access to the private placement memorandum, can conduct due diligence, and must complete subscription documentation, including investor representations and anti-money laundering verification. The manager maintains relationships with investment banking platforms, secondary marketplaces, and fund managers to source opportunities.