Deployed
Infrastructure layer for institutional private markets — where verification, structured workflows, and trust enable efficient deal origination
Draft
The Thesis
Private markets infrastructure is fundamentally broken. Institutional participants waste weeks on manual sourcing, unverified counterparties, and fragmented workflows across €300B+ in annual European deal flow. Meanwhile, AI adoption in finance is accelerating exponentially, but no platform provides structured, machine-readable deal data optimized for both human and AI agent interaction.
Deployed builds the verification and workflow layer that private markets currently lack. We are not a marketplace chasing listing volume. We are infrastructure for trust, structured data, and bilateral deal progression.
Why This Matters
The private markets landscape is fragmenting rapidly. Traditional GP-LP relationships are giving way to complex multi-party structures: crossover funds, direct secondaries, fundless sponsors, and strategic buyers. These participants need neutral infrastructure to discover, verify, and transact with each other—infrastructure that doesn't yet exist in a comprehensive, modern form.
Our Position
Deployed becomes the trusted layer where verified institutions structure their deal processes. Over time, we enable AI agents to negotiate, diligence, and transact on behalf of their principals—positioning us at the intersection of private markets and the AI revolution.
Key Highlights
- €3.7 trillion European private markets AUM with broken workflow infrastructure
- 89% of institutional investors waste 15-20 hours weekly on manual deal sourcing
- Validated through 43 interviews with PE firms, family offices, and developers across Europe
- No existing platform combines multi-asset coverage, bilateral verification, and AI-ready architecture
- €2M capital requirement over 24 months to reach breakeven at Month 33-34
What's Strong
- Real market gap: €4T+ in European AUM lacks modern workflow tools. Customer pain validated through 43 interviews showing 15-20 hours/week wasted on manual processes.
- Differentiated positioning: "Infrastructure not marketplace" strategy creates defensibility through verification rigor and structured data rather than network size.
- Multiple revenue streams: Subscription + transaction fees + API licensing provides optionality. Conservative model shows €3M ARR by Year 3 with favorable unit economics (LTV:CAC > 3:1).
What's Risky
- Regulatory uncertainty: "Information exchange" classification not guaranteed. Misclassification as investment service could require expensive licensing or kill the business entirely.
- Chicken-and-egg dynamics: Network effects work both ways. Need critical mass quickly but can't compromise on verification quality. This is the hardest execution challenge.
- Incumbent response risk: Platforms like Preqin, StepStone have data advantages and existing relationships. If they move fast, our 18-24 month window closes.
Next Steps
- Obtain regulatory legal opinion (€15-20K, Month 0-2) from EU financial services counsel to confirm platform classification and compliance requirements.
- Build clickable prototype (€30-40K, Month 0-3) demonstrating core workflow: redacted listing → match → access request → introduction. Essential for investor conversations.
- Secure 10 letters of intent (Month 0-3) from target customers (PE firms, family offices) committing to pilot participation and indicating pricing acceptance.