An IPO is one of the best possible outcomes for your investment.
What happens to your SPV?
The company lists on a public stock exchange (NYSE, NASDAQ, LSE, etc.)
The SPV's private shares convert to publicly traded shares.
A lock-up period begins (typically 90–180 days) during which SPV investors cannot sell
During the lock-up period
Your shares exist but cannot be sold
You'll see the public share price in real-time
Your portfolio value will update based on the public market price
Wealt will provide instructions on how to claim your shares
After lock-up expires
You can sell your shares on the open market through your brokerage account
Alternatively, the SPV may coordinate a block sale for all investors
Carry is calculated based on the sale price (not the IPO price)
Proceeds are distributed to you minus carry
Timeline
IPO day: Shares convert, lock-up begins
Lock-up expiry: 90–180 days post-IPO
Share claim/transfer: 30–60 days (coordinated with transfer agent)
Total from IPO to liquidity: typically 4–8 months