Legion Blog
The Legion Blog publishes original analysis on private markets, SPVs, secondary liquidity, and emerging-manager strategy from the team building Legion Equity.
Why the best companies stay private, how secondary markets are changing everything, and what it means for your portfolio.
Tokenized Startups: Bringing Liquidity to Positions That Aren't Usually Liquid
Pieces of private, venture-backed companies are some of the most illiquid assets on earth. Tokenized startups are an attempt to fix that. We cover why SPVs grew 500% in two years, the new primitives being built (closed-end funds, PreStocks, pre-IPO perps), and the open design questions on stage, structure, and legal wrapper.
The 14-Year IPO: How Public Markets Stopped Working for Retail
Median time-to-IPO has tripled since 1999. 69% of US capital is now raised in private markets. A data-driven look at how the early-growth phase moved out of reach for the everyday investor — and what changes when secondaries open up.
Secondaries of Secondaries: When the Exit Needs an Exit
Tertiary funds are buying stakes in secondary funds. It is a sign that private equity's liquidity problem runs deeper than the industry wants to admit, and that stacking funds on top of funds is not a real fix.
Why Private Markets Still Lack Liquidity — And How to Fix It
Private equity's liquidity problem costs investors billions in unrealized value. Explore why traditional exits take 7-10 years, how secondary trading is changing private markets, and what modern platforms are doing about it.
AngelList vs Legion: A Comprehensive Comparison for Fund Managers
Evaluating the top SPV platforms side by side. Compare AngelList and Legion on fees, SPV formation speed, LP management, secondary trading, compliance, and more.
What Is an SPV? A Complete Guide for Investors and Fund Managers
Learn what a special purpose vehicle (SPV) is, how SPVs work in private equity, the benefits for investors and fund managers, common structures, and how to create one.
Secondary Trading in Private Equity: The Complete Guide
Everything LPs and fund managers need to know about secondary trading in private equity — from transaction types and pricing mechanics to market trends and modern platforms reshaping PE secondaries.
The Future of LP Onboarding: From Paperwork to Platform
How investor onboarding platforms are replacing manual paperwork, streamlining KYC/AML compliance, and transforming the LP onboarding experience for fund managers and investors alike.
How to Evaluate a Private Equity Deal: A Framework for LPs
A comprehensive LP due diligence checklist for evaluating private equity deals — covering GP assessment, fee analysis, deal terms, portfolio fit, and red flags every investor should know.
Building Your LP Reputation: Why It Matters in Private Markets
Your LP reputation determines the deals you access. Learn how digital reputation scoring is replacing the old boys' network and democratizing access to top-tier private equity opportunities.
Why Fund Managers Are Leaving AngelList in 2026
Fund managers are leaving AngelList in record numbers. Explore the common pain points driving the exodus — from high fees to limited secondary options — and what modern SPV platforms offer instead.
Private Equity Fees Explained: What LPs Actually Pay
A comprehensive breakdown of private equity fees — from management fees and carried interest to hidden SPV costs. Learn what LPs actually pay and how modern platforms are driving transparency.
The Rise of Digital-First Private Markets Platforms
How digital-first private markets platforms are transforming private equity — from SPV formation and LP management to secondary trading and compliance. Explore the technology driving access, speed, and transparency.