Semper's recurring liquidity programs
Diving deeper into
Q&A with Balthazar de Lavergne and Mathias Pastor at Semper
they were focused on Series E and above. We work with companies as early as $250 million valuation.
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Reviewing context
Semper is building demand before a company becomes a household private name. At $250 million valuations, the buyer pool is smaller and needs more hand holding, but Semper’s recurring program model turns that into an advantage. Investors can study a company early, pass the first time, then buy later as revenue, valuation, and trust build, which is much harder in one off tenders built for already famous unicorns.
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Semper is not trying to win the easiest U.S. tender offer segment where Carta is strongest. Carta benefits when a company already uses its cap table software and wants a clean U.S. employee tender, because it can invite sellers, update ownership records, and settle transfers inside the same workflow.
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For smaller private companies, demand is more selective than broad. Semper says unicorns are always easier to sell, but some buyers want earlier entry because the upside is larger if the company grows from $250 million to $400 million to $600 million over successive liquidity windows.
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That makes the product less like a single transaction desk and more like investor onboarding for private companies. Semper markets blocks of shares to institutions, gives buyers a data room and research, and aggregates investors into one line on the cap table so issuers can open access without adding operational mess.
The market is moving toward repeat liquidity programs that start earlier in a company’s life. As more firms stay private longer, the winner will be the platform that can educate buyers, handle cross border complexity, and create a steady ladder of liquidity from mid stage companies through late stage giants.