Zhenzhen invests deal by deal. Every time we identify an opportunity worth backing, we form a dedicated Special Purpose Vehicle — a protected series under Zhenzhen Ventures Series LLC — and open it to accredited investors. You choose which deals you like. No blind pool, no ten-year lock-up, no capital called on bets you didn't make.
Each Zhenzhen SPV is its own limited partnership, registered in Delaware as a protected series of Zhenzhen Ventures Series LLC. The SPV's only asset is its position in a single company. The only investors are accredited LPs who chose that particular deal.
When an SPV fills its allocation, it executes the investment — typically preferred equity in a priced round, or secondary units purchased from early employees or prior investors. The cap-table entry at the portfolio company shows the SPV as a single holder of record. Zhenzhen acts as General Partner and manages the position through to a liquidation event.
Three line items: a modest annual management fee for the first three years, a one-time admin reserve at subscription, and performance-based carried interest paid only after LPs have received back 100% of their contributed capital.
You realize a return when the underlying company goes through a liquidation event. At that point, the SPV receives proceeds from the sale or IPO of its shares, pays out fees and expenses, returns 100% of contributed capital to LPs, and then distributes the remaining profit — 85% to LPs pro-rata, 15% to Zhenzhen as carry.
Most late-stage venture and pre-IPO secondary positions resolve in three to five years, though this varies. Zhenzhen also operates an interim secondary program: LPs who want liquidity before a full exit can offer their units to other accredited investors on our platform. We facilitate the match; we don't guarantee the sale.
Read the FAQ, or reach out to our investor-relations team directly. We'll walk you through a live SPV end to end.