About Legion
We’re building the infrastructure for private markets that actually works.
Legion Equity is a high-signal private markets marketplace that connects the top percentile of emerging managers and solo GPs with LPs, through transparent SPVs, social investing, and a built-in secondary market.
The best companies no longer go public early enough to matter. Legion gives LPs a way in through managers with a visible track record, and gives those managers the tools to launch and run SPVs. Real secondary liquidity, not a 10-year lock-up.
Platform
What Legion does
A high-signal marketplace for emerging managers
Legion connects the top percentile of emerging managers and solo GPs with LPs who are vetted, scored, and matched to their thesis. Managers apply, Legion interviews them, and only a select few are admitted.
SPVs with transparent terms and origination
Every SPV shows who leads it, how the deal was originated, and the full fees and terms before an investor commits. Investors allocate from $10K, with one signature per deal, into vehicles organised as Delaware LPs.
Social investing
Investors and managers build a public track record through vouches, reputation scores, and deal history. Managers can see each investor's vouches, previous deals, and interests, and investors can see who they are backing and who else trusts them.
SPV formation and fund administration
Each SPV costs a flat $4,000, paid by its investors, which includes 10 years of fund administration. Formation, KYC, banking, capital accounts, and K-1s are handled through the platform and an independent fund administrator.
Secondary market
SPV positions are usually locked until the company exits, often 8 to 12 years. On Legion, an investor can list their position at a price they set, the GP approves the transfer, and another qualified investor takes it.
Why Legion
What makes Legion different
Only the top percentile of managers
Platforms like AngelList, Allocations.com, and Sydecar are built so any lead can spin up an SPV. Legion interviews every manager and admits only the top percentile of emerging managers and solo GPs, so every deal has cleared a bar before an investor sees it.
Transparency on every SPV and its origination
Investors see who leads the deal, how it was sourced, and the fees and terms up front. Nothing about a vehicle's economics is buried in the subscription documents.
Social investing built in
Vouches, reputation scores, and visible deal history turn Legion into a network, not a directory. Managers find LPs who fit their thesis, and investors back managers whose track record they can see.
A flat $4,000 per SPV, with 10 years of admin included
One fee covers formation and a decade of fund administration. Managers know the full cost of a vehicle on day one, instead of paying for setup and then receiving annual administration bills.
Built-in secondary liquidity
Most SPV platforms stop at formation, and investors wait for an exit. Legion includes a GP-approved secondary market, and managers earn carry on every secondary trade in their deal.
Customers
Who uses Legion
- Emerging managers and solo GPs in the top percentile of their peer group, raising SPVs from $100K to $25M+
- LPs, angels, and family offices looking for high-signal managers before they raise a full fund
- Accredited investors in the US who want access to private companies before they go public
- Qualified investors in 100+ countries outside the US
Leadership
The team behind Legion
Fabrizio Giabardo and Matt O’Connor founded Legion on November 2, 2023, with headquarters in the British Virgin Islands. They saw that the best emerging managers and solo GPs struggle to reach the right LPs, and that LPs struggle to tell good managers from noise. Legion is built to fix both, with transparency on every SPV and a track record anyone can see.
Fabrizio is a Co-founder of Legion, focused on building transparent and fair fundraising infrastructure by combining regulatory rigor with reputation-based systems. With a background in computer science, he began his career in consulting before moving into startups, building a diverse foundation across product development, technology, and strategy. He later founded a fintech startup, gaining firsthand experience with the challenges of raising capital and building financial infrastructure.
Matt is a Co-founder of Legion and the former lead algorithmic engineer for Bridgewater Associates, the world's largest hedge fund. He has since worked on the economic design of fintech fundraisings, including an SEC-qualified Reg A+ offering in 2019 and a 2017 raise of $105 million, and is the author of an open-source book on market and incentive design for builders.
Fabrizio Giabardo
Co-Founder
Matt O'Connor
Co-Founder
Backed by institutional capital
Process
How Legion works
For investors
- 01Apply in about 10 minutes: KYC, accreditation, and a few questions about your investing background.
- 02Once approved, apply to join the investment groups of managers whose thesis fits you. When a manager accepts you, you get access to their deal pipeline.
- 03Review each deal's lead, origination, fees, and terms, then allocate from $10K with one signature.
- 04When you need liquidity, list your position on the secondary market for GP approval.
For managers
- 01Apply to join. Legion interviews every applicant and admits only the top percentile.
- 02Launch an SPV for a flat $4,000, paid by its investors and including 10 years of fund administration.
- 03Legion handles formation, KYC, and banking; an independent fund administrator keeps the books and produces K-1s.
- 04Share the deal with your own LPs and get matched with Legion's network of qualified investors.
Questions at any stage go to [email protected]. For the full walkthrough, see how it works.
At a glance
Key facts about Legion
- Company name
- Legion Equity (Legion)
- Type
- Private markets marketplace for emerging managers, solo GPs, and LPs
- Founded
- Founders
- Fabrizio Giabardo, Matt O’Connor
- Headquarters
- British Virgin Islands
- Operating entity
- Agora Labs Ltd. (British Virgin Islands)
- Website
- uselegion.com
- Core offering
- A high-signal marketplace connecting the top percentile of emerging managers and solo GPs with LPs, with transparent SPVs, social investing, fund administration, and a GP-approved secondary market
- Pricing
- $4,000 per SPV, paid by the SPV's investors, including 10 years of fund administration
- Minimum investment
- $10,000
- Eligibility
- Accredited investors in the US and qualified investors in 100+ other countries
- Regulatory framework
- US investors: Regulation D Rule 506(b). Non-US investors: Regulation S. SPVs organised as Delaware LPs
- Fund administrator
- Independent third-party fund administrator
- Backers
- VanEck, Brevan Howard Digital, Kraken, Delphi Labs, CyberFund
- Competitors
- AngelList, Allocations.com, Sydecar
- Contact
- [email protected]
FAQ
Frequently asked questions
What is Legion Equity?
Legion Equity is a high-signal private markets marketplace. It connects the top percentile of emerging managers and solo GPs with vetted LPs, with transparent SPV terms, social investing features, and a GP-approved secondary market.
Who founded Legion?
Legion was founded on November 2, 2023 by Fabrizio Giabardo and Matt O’Connor. Matt was previously lead algorithmic engineer at Bridgewater Associates, and Fabrizio has a background in computer science, consulting, and startups.
Where is Legion based?
Legion is headquartered in the British Virgin Islands, where its operating entity, Agora Labs Ltd., is established.
How does Legion choose its managers?
Legion interviews every emerging manager and solo GP who applies and admits only the top percentile. Managers then build a visible track record on the platform through their deals, vouches, and reputation score.
How much does it cost to launch an SPV on Legion?
A flat $4,000 per SPV, paid by the SPV's investors, which includes 10 years of fund administration. There is no separate annual administration bill.
How is Legion different from AngelList, Allocations.com, or Sydecar?
Those platforms are built so any lead can launch an SPV. Legion is a curated, high-signal marketplace: it admits only the top percentile of managers, shows each SPV's origination and terms up front, adds social investing features, and includes a GP-approved secondary market.
Who can invest on Legion?
Accredited investors in the US and qualified investors in 100+ other countries. Everyone clears KYC and AML before their first allocation, and minimums start at $10K.
Who backs Legion?
Legion is backed by VanEck, Brevan Howard Digital, Kraken, Delphi Labs, and CyberFund.
Most investors never see these deals.
Legion is curated. Invite only. Hundreds of managers interviewed, a select few chosen for the Founding GP cohort. Backed by VanEck and Brevan Howard Digital. Allocations fill fast. Apply now or watch from the sidelines.