Raise capitalwithout changing your fund.

Rebel Fund is a US venture fund investing in Y Combinator companies. Its structure, like that of almost every US fund, was designed for US limited partners.

European interest arrived anyway, and it kept arriving.

“We were meeting good European investors who understood exactly what we do and wanted in,” says Luis R. Fortuño, Managing Director. “The demand was never the issue. The issue was that our fund was not built to receive them, and neither was their side of the transaction.”

The friction showed up in three places at once.

Subscription. A European investor would work through documentation drafted for a different jurisdiction and a different type of counterparty; with a process their advisors had not seen before.

Custody. The position could not be held where the investor holds everything else. For an investor used to seeing their portfolio in one place, an LP interest in a US fund sits nowhere.

Administration. Each European commitment added a separate line to manage, with its own onboarding, its own reporting expectations, and its own set of questions.

The conventional fix is to build a parallel European vehicle alongside the main fund.

“That is a real answer if you are raising a large European allocation,” says Fortuño. “For the size we were talking about, the cost and the time made no sense. You end up standing up a whole second structure, in a jurisdiction you do not operate in, to serve a fraction of the raise. It becomes a project, and we are not in the business of running structures. We are in the business of picking companies.”

Yooro approached it from the other direction.

Rather than changing anything about Rebel Fund, Yooro issued a note through a dedicated compartment of its Luxembourg SPV. European investors subscribe to the note in a format their own bank can process and hold in custody. The compartment then commits to the fund as a single limited partner, so the fund’s register gains one line rather than fifteen.

The compartment was live for subscriptions two weeks after the decision to proceed. Around USD 5 million was subscribed by 20 professional investors across three countries, held in custody with the investors’ own banks. The note also exists in tokenised form, so investors who prefer to hold it directly can. Rebel Fund’s documentation, jurisdiction and structure were untouched throughout.

“We did not restructure anything, and we did not take on a new jurisdiction,” says Fortuño. “We stopped losing investors who wanted to be in.”

Rebel’s selection work is where its returns come from, and the firm can now put that work in front of a pool of investors it previously had to turn away.

Rebel Fund invests in top Y Combinator companies, applying a data-driven approach to selection across the YC portfolio. rebelfund.vc

Global Alternative Platform is a multi-strategy alternative investment fund platform based in the British Virgin Islands, built on disciplined risk management seeking orthogonal returns with a target beta close to zero, designed to compound across different market regimes.

The company needed an EU-bankable product to match the liquidity profile of its existing segregated portfolio fund, while granting exposure to it and catering for the needs of its European investors.

Offering the existing fund in a format requested by its European captive clients, available for investment via bank channels and custodied at the investor’s financial institution of choice, required a cost efficient and agile structure in a reputable jurisdiction and compliant with European security issuance requirements. This was Global Alternative Platform’s first issuance of this kind.

Before approaching Yooro, the team discussed the need with three other operators. None offered a solution that fit.

For a fund preparing the right strategy to onboard European clients, finding the right structure was not a parallel task. It was a precondition for the launch itself.

Global Alternative Platform selected Yooro’s bankable and tokenized open-end security to support efficient onboarding of European clients and a custody-ready instrument.

On the client side, the process involved the Founder and Head of Investor Advisory, the Operations & Risk Management function, and the MLRO & Head of Compliance. The note was structured as an open-end bankable and tokenized debt security with an ISIN, with the full process completed in about two weeks.

ISIN reached in about two weeks. The bankable note reached ISIN in approximately two weeks from the start of the process, aligned with the fund’s launch timeline.

EUR 1.2M raised in the first six months. Capital raised via Yooro for one of its segregated portfolio funds.

EU investor onboarding enabled. With the note in place, Global Alternative Platform onboarded investors resident across the European Union as part of its harmonized offering.

A fully operational subscription process. Today, the note is fully functional, and the related processes, including subscription, are well established.

A more cost-effective route than the alternatives considered. Compared with the other solutions evaluated, Yooro’s offering proved the more cost effective option, with a clear fee structure. The client identified support on investor communications as the area delivering the highest perceived value.

With Yooro’s bankable and tokenized note, Global Alternative Platform completed the issuance of its first European note linked to the performance of its segregated portfolio fund, and put in place a subscription process it can rely on for future investor onboarding.

For fund managers preparing their first bankable security issuance wrapping the non-EU investment fund they manage on a fixed launch timeline, that combination of speed and a transparent cost structure is often what makes the difference.

Looking to bring a European bankable security that gives exposure to your non-EU fund to market on a fixed launch timeline? Talk to us.

• Industry: Private markets, operations and risk
• Client profile: BVI investment platform
• Project initiated by: Founder and Head of Investment Advisor
• Solution used: Yooro bankable open-end note
• Structure type: Dematerialized (via Clearstream) and tokenized debt security with ISIN
• Time to first issuance: About two weeks
• Capital raised: EUR 1.2M in the first six months
• Roles involved (client side): Fund Advisory, Fund Administration, Operations and Risk Management