Jasper's Secondary Market gives investors the flexibility to buy and sell units in commercial real estate funds. This gives investors the potential to sell their holdings early and gives buyers the opportunity to enter a fund closer to a future exit date.
Buyers will be able to place a buy order on the Secondary Market for a fund, once it has been opened by the fund manager. Funds are typically opened up for trading on Jasper's Secondary Market once the fund is fully allocated and a first full valuation of assets is complete. We expect liquidity windows will generally take place twice a year during the months of May and November, following the release of the latest quarterly report.
Jasper may change the liquidity window dates of a Secondary Market at any time at our discretion.
Buyers will have the opportunity to review information on the fund including returns history, key metrics, quarterly performance updates, and any recent offer documentation from previous capital raises.
How do I place a buy order?
You can place a buy order by selecting a bid price of your choosing within a predefined range, which is currently 5% on either side of the fund's latest Unit Price calculation. This bid price represents the maximum price you're willing to pay for units in the fund.
Buyers are informed of the lowest available ask price from sellers, to help indicate the most cost-efficient way of entering the fund. This indicative lowest ask price should be compared to the fund's latest Unit Price, to determine whether the units are being sold at a discount or premium to the underlying Unit Price.
You will be provided with an estimated total investment amount based on your bid price and the total number of units in your buy order. This order cost remains an estimate until a match is found and the average matched per unit price is confirmed.
When an order is placed, our system will first try and match it with existing sell orders that meet your bid price. If no orders are available to be matched due to a spread between bid and ask prices, orders will remain available for matching on the Secondary Market.
There is no guarantee that you will be able to exit your investments on the Secondary Market or at what price an exit (if any) will be achieved. Units will not be listed on any public securities exchange. Investments offered by Jasper should be considered illiquid.