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Hemispheric SPV Capital
Hemispheric SPV Capital is a specialized manager focused on single-purpose vehicles for direct venture exposure, operating with a sparse public footprint.
Overview
HEMISPHERIC SPV CAPITAL LLC is an exempt reporting adviser in WESTPORT, MA. It advises on investment strategies.
General information
Firm type
Asset Manager
Frequently asked questions
How does the SPV model differ from a traditional venture fund?
Unlike a 10-year closed-end fund, each SPV is tied to a specific company and capital is called only for that deal. Investors can choose which SPVs to participate in, giving them more discretion than a fund commitment provides. The manager's revenue is episodic, tied to individual vehicle launches, rather than drawn from a committed pool of management fees across a fund's life.
Who regulates a firm like this?
In the United States, SPV managers often operate under the exemption from SEC registration provided by the Investment Advisers Act if they have fewer than 15 clients and do not hold themselves out publicly as an investment adviser. The client count is measured at the SPV level, not the underlying investor level, which can allow a manager to run multiple vehicles while remaining exempt from full registration.
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