We bring both to our clients. Through carefully chosen institutional partners, Okami reaches pre-IPO rounds and private co-investments, and applies the same quality discipline before committing a dollar.
Why access matters
Private markets remain in their infancy from an accessibility point of view. The best deals are crowded by the largest funds, private and state-owned.
Major funds participate in the same opportunities and rely on each other to exit when they need liquidity, typically at the end of a five-to-seven-year fund term.
We have been invited into private equity and debt opportunities from around the world since 2016. We associate only with institutions that give us real access.
Two routes in
Pre-IPO · about 20% of strategy
We partner with some of the most dynamic and largest financial institutions in the GCC and East Asia. As advisers on their corporate clients' capital-markets operations, they give us access to high-quality issues at discounted pre-IPO valuations.
Private markets · about 20% of strategy
Equity and debt opportunities alongside institutional partners, in companies that rarely open their capital to private investors. Our partners can access these companies directly, and we select the ones we want to own.
Private markets in 2026
2026 brought the largest private rounds on record, and the biggest gains went to investors who held these companies before they listed. After listing, results split: China's CXMT and Unitree still trade several times above their offer price, while some of the year's most celebrated debuts fell below it.
| Company | Sector | 2026 round | Valuation | Change in value |
|---|---|---|---|---|
| Anthropic | Artificial intelligence | $30bn Series G, Feb 2026 $65bn round, May 2026 | $380bn → $965bn | 2.5× in three months |
| OpenAI | Artificial intelligence | $122bn round, Mar 2026 | $852bn | 2.8× its $300bn value of March 2025 |
| Crusoe | AI infrastructure | $3.9bn Series F, Sept 2026 | $30.9bn | About 3× its $10bn+ value of October 2025 |
| Cognition | AI software engineering | $2bn+ Series E, Sept 2026 | $48bn | 1.8× its $26bn value of May 2026 |
| Moonshot AI | Artificial intelligence (Kimi), China | Funding round, Oct 2026 Hong Kong IPO planned for 2027 | $31.5bn → $50bn | 1.6× its value of summer 2026 |
| Company | Listing | IPO price | First-day close | Since then |
|---|---|---|---|---|
| SpaceX | Nasdaq, 12 June 2026 Largest IPO ever, $1.77trn valuation | $135 | $161 (+19%) | Peaked at $225; $147 on 23 Oct (+9% vs IPO) |
| CXMT | Shanghai STAR Market, 27 July 2026 China's largest memory-chip maker; raised ¥57.9bn+ | ¥8.66 | ¥49.00 (+466%) | Peaked at ¥61.80 in August; ¥50.52 on 8 Oct, still 5.8× its IPO price |
| Unitree Robotics | Shanghai STAR Market, 19 Aug 2026 Humanoid robots; about $50bn value on day one | ¥150.80 | ¥845 (+460%) | ¥513.93 on 9 Sept, still 3.4× its IPO price |
| Cerebras | Nasdaq, 14 May 2026 | $185 | $311 (+68%) | Below its IPO price since late September |
| MiniMax | Hong Kong, 9 Jan 2026 | HK$165 | HK$335 (+103%) | Peaked at HK$1,330 in March; below its IPO price on 23 Oct |
Market data from public sources as at 23 October 2026, shown to illustrate how private-market value is created. Inclusion does not mean that Okami or its partners invested in, or can offer, any company named. This is not an offer or solicitation. Private investments are illiquid and carry a high degree of risk, including loss of capital. Past performance is not a reliable indicator of future results.
Eligibility
Speak to one of our advisers
If you are looking for a more disciplined, more transparent and more considered approach to your capital, we would welcome a conversation.
The Okami Letter
Pre-IPO and private-deal commentary from our team, sent when we publish.
