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SecondariesOverviewTrading Desk · Live SimulationThe Secondary Window · Mechanics & Pricing

Secondaries · The Third Founding Pillar

The third pillar — Secondaries. A structured exit, disclosed at subscription.

Education opens the mind. Secondaries open the door back out. The institution has always known its exit before it entered a private position; Main Street rarely did. AMP’s third founding pillar closes that gap — a structured, disclosed secondary window written into the wrapper before a single subscription clears. The route out is shown before the route in is opened. A disclosed mechanism, never a guarantee — subject to the qualified Offering Circular for each position.

View the cohort structure Learn the mechanics

The Thesis

Illiquidity is Main Street’s first and oldest objection. We retire it structurally.

For a century the bargain of private markets was understood and accepted by institutions: superior structure in exchange for surrendered liquidity. The capital was locked, the term was long, and the way out — if there was one — depended on a negotiation that had not yet happened with a buyer who did not yet exist. That bargain kept Main Street out. Not the minimums alone, but the fear behind them: once in, how do I get out?

It is the first question every individual asks of a private position, and for a hundred years the honest answer was a shrug. The institution tolerated the lock-up because it had scale, counsel, and a relationship desk that could engineer an exit when one was needed. The individual had none of that — and so the individual stayed out, and the best structures in capital markets remained a club.

AMP’s third founding pillar exists to retire that fear without pretending it away. The secondary window is not a marketing comfort and not a redemption promise. It is a disclosed mechanism — defined intervals, a pricing method anchored to the instrument’s own structure, and governance written into the wrapper before subscription opens. The institution always knew its exit before it entered. The secondaries pillar extends that same discipline to the individual.

Liquidity, here, is engineered — not assumed, and never guaranteed. The distinction is the whole point. A guarantee is a narrative an issuer cannot honestly make about a private instrument. A disclosed mechanism is an architecture an issuer can build, document, and stand behind. We build the second; we never sell the first.

Market Education

How the secondaries market actually works.

Before AMP’s own window makes sense, it helps to understand the market it is built on. The secondaries market is one of the largest and most established corners of institutional finance — the place where existing holders of private positions find liquidity without waiting for the underlying to fully mature. It is general market education, set out plainly. It is not an AMP offer, and it makes no AMP-specific promise.

Form 01

LP-led — an existing holder transfers

In the simplest form, an existing holder of a private interest transfers that interest to another buyer before the underlying position has run its full term. The position itself does not change; only the holder does. The original capital commitment continues to compound inside the structure, while the seller receives liquidity sooner than the term alone would have allowed. This is the classic, century-old secondary trade — a change of hands, not a change of structure.

Form 02

GP-led — the continuation vehicle

In the form now defining the modern market, a high-conviction “crown-jewel” position is moved into a new vehicle. Existing holders who want liquidity take it; the position itself keeps compounding inside the new structure for those who stay. It is the institution’s way of holding its best assets longer while still honoring the liquidity needs of holders who are ready to exit. The strongest positions need not be sold to a stranger simply because a clock ran out.

In both forms, the discipline is the same and it is the part Main Street should learn first: pricing is referenced to net asset value and to the instrument’s own structure — its seniority, its security, its remaining term — not to sentiment. A secondary interest changes hands at a value derived from where it sits in the capital stack, often expressed against NAV. Because liquidity arrives sooner than a primary position’s full term, secondaries can mitigate the J-curve and return capital earlier in a position’s life — a structural property, not a performance claim.

The scale is no longer niche. In 2025, GP-led secondary volume reached approximately $115 billion. Continuation vehicles — the crown-jewel structure above — accounted for roughly 89% of GP-led volume and about 43% of total secondary volume. The market’s center of gravity has moved decisively toward holding the best positions longer while still delivering liquidity to those who need it. These figures are cited as general market context; they describe the institutional market, not any AMP offering.

~$115B 2025 GP-led volume (market context)
~89% Continuation vehicles of GP-led
~43% Continuation share of total secondary
NAV Pricing referenced to structure

AMP does not improvise on this market — it disciplines it. AMP’s secondary windows are a disclosed mechanism opening at defined intervals, never a continuous market and never a guaranteed event, governed in full by the qualified Offering Circular for each position. What the institution has long enjoyed — a structured route out, priced to NAV and structure — is the same discipline AMP extends to the individual, on the same documented footing.

The AMP Secondary Window

Know the way out before you go in.

The AMP secondary window rests on four structural commitments. Each one is a property of the instrument, disclosed at subscription — not a posture adopted afterward, and not a promise made at the point of sale. Together they translate the institutional secondaries market into a discipline an individual can read and rely on.

Mechanic 01

A structural feature, not a hope

The path to liquidity is written into the wrapper before a single subscription opens. An investor sees how a position is unwound at the moment they decide to enter it. Nothing about the exit is left to be invented under pressure later. It is part of the instrument’s design, documented in the qualified Offering Circular for the position.

Mechanic 02

A window, not a guarantee

Secondaries open at defined intervals subject to the qualified Offering Circular. The mechanism is disclosed; the outcome is never promised. A holder may use the window; the window does not promise a buyer, a price, or an outcome. Liquidity is engineered into the structure — it is not assumed, and it is not a guaranteed event.

Mechanic 03

Priced against the structure

A secondary interest is marked to the instrument’s seniority, its security, and its remaining term — referenced to net asset value, never to narrative. The same lens that built the position governs how it is sold. Pricing follows structure, so a transfer reflects where the interest sits in the capital stack rather than how anyone happens to feel about it on the day.

Mechanic 04

The institutional answer to the retail fear

Illiquidity is Main Street’s first objection to private positions. The AMP secondary window is the structural reply: a defined, disclosed route out, built in from the start, priced to structure. It is the discipline an institution has always enjoyed, extended to the individual — by the people, for the people, on regulated rails.

The Defining Signature

The positions inside an AMP window are our own proprietary deal flow — and the institution sits in them too.

This is the part that makes the AMP secondary window unlike anything else built for the individual investor. The positions inside it are not a third-party aggregation of whatever interests happened to come to market. They are AMP’s own proprietary, curated, institutional-quality deal flow — sourced, structured, and underwritten by the platform, then opened to Main Street on the same documented footing. Curation over volume. Conviction over inventory.

And here is the signature that defines the entire thesis: institutional LP capital sits in the same positions as AMP retail — at the same vintage and on the same terms. The institutional anchor capital does not get an earlier entry, a cleaner tranche, or a private exit. When a secondary window opens, Main Street transacts on the same structural footing the institution does. There is no retail facsimile of an institutional deal; there is one deal, and the individual is in it.

That alignment is the trust. When the institution’s own capital is exposed to the same instrument the individual holds, the structure that protects one protects the other by construction. There is no parallel set of better terms held back for the anchor. The discipline an institution demands of its own money becomes the discipline the individual inherits — not as a courtesy, but as a structural fact of co-investment.

Signature 01

Proprietary, not aggregated

Every position is AMP’s own curated institutional deal flow — sourced and structured by the platform across its Yield, Growth, Alternatives, and Venture platforms. Not a marketplace of other people’s leftovers. Curation over volume.

Signature 02

Same vintage, same terms

The institutional anchor capital and AMP retail enter the same position at the same vintage on the same terms. No earlier entry for the institution, no cleaner tranche, no separate exit. One deal, one footing.

Signature 03

Alignment is the trust

When the institution’s own money sits beside the individual’s in the same instrument, the structure that protects one protects both. The secondary window transacts on that shared footing — subject to the qualified Offering Circular for each position.

The Lifecycle

The life of a position, from subscription to disclosed exit.

Every position on AMP follows the same disciplined arc. The exit is not the surprise at the end of the story — it is a chapter written before the first one begins.

The secondary window is a defined, supervised mechanism — not a continuous market and not a redemption promise. Each stage below is subject to the qualified Offering Circular for the position.

Stage 01

Subscription — entry on disclosed terms

Before any capital is committed, the qualified Offering Circular sets out the instrument’s structure, its term, its seniority, and the secondary window that governs its exit. The position is subscribed under Reg A+ Tier 2 qualification, from a $1,000 minimum, on the same terms and the same vintage as the institutional anchor capital. The individual enters the structure the institution entered — not a retail facsimile of it.

  1. 01

    Subscription — entry on disclosed terms

    Before any capital is committed, the qualified Offering Circular sets out the instrument’s structure, its term, its seniority, and the secondary window that governs its exit. The position is subscribed under Reg A+ Tier 2 qualification, from a $1,000 minimum, on the same terms and the same vintage as the institutional anchor capital. The individual enters the structure the institution entered — not a retail facsimile of it.

  2. 02

    Hold — the structure does its work

    Through the term, the instrument does what its seniority and security were built to do. The position is held, not traded; its value is a function of the structure that defined it, referenced to net asset value. That structure is the reference point for everything that follows — including the day a holder considers the exit.

  3. 03

    The defined, disclosed secondary window opens

    At the intervals disclosed at subscription, the secondary window opens under its governed rules. It is periodic and supervised — a disclosed mechanism, not a continuous market and not a redemption promise. A holder may seek to transfer their interest within it, on the same structural footing the institution holds.

  4. 04

    Priced to structure — marked to NAV and seniority

    Within the window, a secondary interest is priced against the instrument’s seniority, its security, and its remaining term — referenced to net asset value, never to sentiment. The valuation lens is the one that built the position. The mechanism is disclosed; the outcome of any individual transfer is never promised.

  5. 05

    Transfer — the disclosed exit, on the record

    The exit completes as the wrapper always said it would: through a structured, disclosed window, governed by the qualified Offering Circular, on regulated rails. No improvisation, no narrative pricing, no promise that was not in the document from the first day. Liquidity engineered for the people, built before the position was ever sold.

The Discipline

The six disciplines of a disclosed exit.

These are the guardrails of the secondaries pillar. They are not aspirations — they are the rules that make a structured exit honest. Each one holds whether the market is rising or falling, because each one is a property of the structure rather than of the moment.

Discipline The standard, plainly stated
01 · Mechanism, never promise A secondary window is a disclosed mechanism, never a marketing promise. It is a feature of the wrapper, not a comfort offered at the point of sale.
02 · Governed by disclosure Every exit path is subject to the qualified Offering Circular for the position. The document governs; nothing exists outside it.
03 · Priced to structure Pricing follows structure — seniority, security, term, referenced to NAV — not narrative. The lens that built the position is the lens that values its transfer.
04 · No figures outside disclosure No yield, no return, no recovery figure appears outside the disclosure document. Specifics live in the Offering Circular, nowhere else.
05 · Same footing as the institution The individual transacts on the same structural footing as the institutional anchor capital — same vintage, same terms, same instrument. No parallel set of better terms held back.
06 · Exit shown before entry The route out is shown before the route in is opened. An investor understands the disclosed exit at the moment of subscription.

The Doctrine

Liquidity, engineered for the people.

The secondaries pillar is not only a piece of financial architecture; it is the expression of a conviction. The exit must be engineered with the same rigor as the entry — and engineered for the individual, not only for the institution. Dr. C.Y. Thomas wrote, four decades ago, of a development built by and for the people who had been left outside the structures of capital. The disclosed secondary window is that idea made operational: a way out designed for Main Street with the same discipline Wall Street reserved for itself.

Another form of development, by the poor and for the poor, is not only possible but necessary.

Dr. C.Y. Thomas · The Poor and the Powerless · 1988

A structured exit, priced to NAV and disclosed before entry, is what that conviction looks like in a capital market — liquidity built by the people and for the people, on the same footing the institution stands on. The structure that protects the institution is the same structure that protects the individual; that, after Dr. C.Y. Thomas, is the whole point of the pillar.

The Invitation

Enter a structure you already understand — exit and all.

The secondaries pillar is the answer to the question Main Street has always asked of private markets: once in, how do you get out? The answer is written into the wrapper before you subscribe — a defined, disclosed window, priced to the structure and referenced to NAV, governed by the qualified Offering Circular for each position. The positions inside it are AMP’s own proprietary institutional deal flow, held at the same vintage and the same terms as the institutional anchor capital. The mechanism is engineered; the outcome is never promised; the route out is shown before the route in is opened.

Capital, by the people. For the people. The exit included.

From $1,000 · Reg A+ Tier 2 qualified · Available at SEC qualification.

See the first cohort The Education pillar