Open a Pre-IPO Stock Account

AG Dillon funds accept qualified clients only: individuals or entities with a net worth of $2.7 million or more, excluding the value of their primary residence. Funds are offered under Rule 506(c), so qualified-client status is verified by the investor's financial advisor, CPA or lawyer before investing.

AG Dillon partners with RIAs, IBDs and regional broker-dealers. We support your investment committee review and approval, ongoing monitoring, and client allocation and portfolio construction conversations. You keep the client relationship and make the final call on every position. Book a call any time.

Yes. Qualified clients can invest directly, with or without a financial advisor. AG Dillon recommends all investors have a financial advisor and will recommend one if requested. Please confirm your qualified-client status before scheduling a call with AG Dillon.

Individual investors see AG Dillon's pre-IPO stock deal flow only once they have an open AG Dillon account. Financial advisors can see the deals before they have clients at CNB Custody.

$2,500. Step by step: open an account and get started with $2,500. Over time, we encourage investors to step up to $50,000 per year to build a diversified pre-IPO stock portfolio.

$0 for bespoke pre-IPO stock portfolio construction and $0 for pre-IPO stock research. There is no account management fee. Each underlying fund charges a management fee and carried interest, described in its offering documents. Your financial advisor may charge its own advisory fee.

CNB Custody charges a $125 annual account fee, $50 per position per year (capped at $250 per year) and $50 per transaction.

All account types: individual and joint taxable accounts, trusts, traditional, Roth and SEP IRAs, and entities such as LLCs, partnerships and foundations.

CNB Custody is the alternative-asset custody division of Community National Bank (Seneca, Kansas, founded 1984): a nationally chartered, OCC-regulated bank (charter #18394), Federal Reserve member and FDIC-insured institution (certificate #25665). It is a qualified custodian under SEC rules with about $6.0 billion under custody and 40,000+ accountholders in all 50 states. CNB is not affiliated with AG Dillon. Read our due diligence assessment of CNB Custody.

They can stay where they are. Moving existing positions to CNB is optional. New AG Dillon offerings and Pre-IPO Stock Accounts are held at CNB.

Account opening is 100% digital. Onboarding takes about 15 minutes to complete, and the account is opened in about 1 day.

Each AG Dillon fund is a single-stock limited partnership that holds one pre-IPO company. You combine single-stock funds into a bespoke pre-IPO stock portfolio. Funds gain exposure through direct cap-table purchases and/or SPVs on the private secondary market.

Three offering cycles a year, closing in February, June and October, plus opportunistic offerings: about 24 deals a year in total. Each fund has one closing and one capital call.

Yes. Advice is non-discretionary. Before each close, AG Dillon sends a lineup with recommendations, and you (with your advisor, if you have one) choose the funds and amounts. The limited power of attorney only lets us sign fund documents for investments you approved.

We solicit offers from 70 institutional broker and VC firm counterparties on every trade, rank them, and complete full counterparty due diligence on the best offer. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third party fund (aka special purpose vehicle, or SPV). When AGD purchases through a SPV the SPV general partner is responsible for obtaining the pre-IPO stock company approval, not AGD.

Pre-IPO stocks are speculative and illiquid. A company may never go public or be acquired, may raise money at a lower valuation, or may fail, and you could lose your entire investment. Fund interests cannot be freely transferred. Single-stock funds are concentrated in one company. Secondary market prices are not public and may differ from primary round prices. Read each fund's offering documents for full risk factors.

CNB sends one monthly statement. Data feeds are available to Addepar, Black Diamond, Orion, Tamarac, Advyzon, Envestnet, eMoney, Redtail and others. Some integrations need your advisor to start configuration, so tell us which system you use.

Each fund issues a Schedule K-1, prepared by NAV Consulting, the funds' administrator.

Free weekly pre-IPO research: a pre-IPO valuations table, company updates and The Cap Table weekly market update, fact sheets for every offering, and 1-on-1 calls with Aaron Dillon, AG Dillon Fund's portfolio manager. Sign up at agdillon.com/research.

Aaron Dillon, Managing Director, is general partner and investment adviser to 33 pre-IPO stock funds with $320 million in assets under management (Sep 2026). He previously co-founded KraneShares ETFs and held senior roles at SoFi, FTSE Russell, TD Ameritrade and Morgan Stanley Wealth Management. More about AG Dillon.

Fund legal: Morgan Lewis. Fund administration: NAV Consulting. Fund bank: Axos Bank. Auditor: Berkower LLC. Fund operations: BridgePort. Custodian: CNB Custody. Pricing: MSCI / PM Insights.