Relative-value desk · pre-IPO technology
Long the compounder.
Short the comparable.
Parallax pairs a private technology leader with the listed company it trades against. You take one position in the gap. No market beta. No direction call. No waiting on an IPO.
- Live pairs
- 41
- Notional
- $1.84B
- Net beta
- 0.03
The board
Six pairs on the desk this morning. Click one to see how it is built.
Marks refresh at 09:30 and 16:00 New York. Spreads are net of financing.
One trade,
two companies.
The desk does the pairing. You hold one net position and one margin line. Nothing else changes.
-
01
We underwrite the pair
Same customer, same budget line, same multiple. We map revenue mix, growth durability, and the private discount until two companies read as one business with two prices.
-
02
You post one margin line
Both legs are executed synthetically against a single collateral account. Equal notional, netted exposure, and a beta target under 0.1 at inception.
-
03
The gap closes
The spread marks twice a day. Close when the pair reverts to its five-year median, or roll the collateral into the next dislocation. The desk keeps 20% of realised spread.
Public markets price the category.
Private markets price the story.
The difference is the trade.
Parallax was built by a three-person desk that spent a decade marking private books at a crossover fund. We got tired of waiting for the IPO to find out who was right.
- Avg. annualised capture
- 6.4%
- Median holding period
- 7 mo
- Pairs closed since 2023
- 118
Questions the desk gets
What am I actually holding?
A total-return position on a pair: long the private name, short the listed comparable, equal notional. You see one line, one mark, one margin number. The legs are netted for you.
Why pair a private company with a listed one?
Because the private side reprices on funding rounds and the listed side reprices every second. The slow leg is where the mispricing lives. Pairing removes the market and leaves the disagreement.
Where does the private exposure come from?
Secondary shares, employee tenders, and forward contracts sourced through our broker network. The desk holds the underlying; you hold the spread. No cap-table entry, no transfer paperwork.
What happens if the private side reprices?
That is the trade working. A mark-up on the private leg widens the spread in your favour; a mark-down cuts it. Either way the listed hedge absorbs the sector move, which is why net beta stays near zero.
Minimum size and fees?
$250,000 per pair. The desk takes 20% of realised spread with a 6% annual hurdle. Financing is passed through at SOFR plus 85 basis points. No subscription fee, no commitment period.
Can I name my own pair?
Yes. Bring the two tickers and the thesis. If the desk can source the private leg and the correlation holds above 0.7, we will price it inside a week.
The desk opens at 09:30.
Tell us where to send the morning board. One note, six pairs, the spread on each.