Nobody lets you take a position on a private company — this paper venue does. Invest paper capital — $1k up to $1,000,000 per name — in any secondary-priced pre-IPO company — only names with an observed per-share print on the Secondary Tape are listed — at the live QL Mark, get marked as real evidence moves the mark — secondary prints, fresh rounds, comps re-rates — and get settled by real events: IPOs and acquisitions from the identity ledger, confirmed shutdowns from the QL Distress Tape. Long-only, the way private-market investing actually works. Every book compounds into a public, graded pre-IPO track record. Fully simulated: paper capital only, no real securities, nothing here is investment advice.
Largest marks first. Only companies with an observed secondary per-share print behind their mark are listed — a name the tape has never priced is not tradeable here. Click a company to load the ticket above; the mark's confidence label is the honesty gauge.
You're seeing a frosted preview. Starter unlocks investing with a 5-position book; Pro unlocks the full venue.
Unlock the venue →Compare plans| Company | QL Mark | vs last round | Latest print | Mark vs print | Confidence | Crowd capital |
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Your paper book, read the way a VC reads a fund: capital deployed at entry marks, holdings valued at the live QL Mark, realized proceeds from closed and settled positions. TVPI, DPI, RVPI and net IRR are computed from your actual dated cash flows — nothing is invented, and IRR stays null until the book has enough history to annualize honestly.
Every holding is tracked on two tracks: at the blended QL Mark (what the venue grades) and at the most current secondaries valuation — the latest observed per-share print on the Secondary Tape repriced to a company valuation, with its own as-of date. The gap between them is the repricing the model is carrying that the tape has not yet paid for (or already has). A position without an entry print of record shows a null secondaries P&L — never back-filled.
Holdings whose QL Mark sits 10% or more from the latest print — where the model is repricing ahead of (or behind) the tape.
| Company | Invested | Value · MOIC | P&L @ mark | Latest print | P&L @ print | Mark vs print | Held | Status | |
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Click a holding for the full breakdown — entry vs current mark, entry vs latest print, the per-share print behind it, its last-round benchmark and the tape's trailing returns.
Entry, marking and exit all happen at the QL Mark — a model-marked valuation blending the last round, the freshest observed secondary print and public-comps implied value. It is not a traded price, and its confidence label ships on every ticket.
No order book, no ticks. Your P&L moves when real evidence lands: a tender prints on the Secondary Tape, a round reprices the anchor, comps re-rate. Private-market cadence — days and weeks, not seconds.
An IPO or acquisition settles at the mark of record. A confirmed shutdown on the Distress Tape settles the investment at zero. If the tape can't be loaded, nothing settles — a blind tape never grades a book.
Closed and settled positions grade your book in public (anonymous handle — no identity is ever shown). Long-only: an investment can lose at most the paper capital you put in.
QL Private Paper is a fully simulated venue. Paper notional only — no real securities are bought, sold or offered, no orders are routed anywhere, and nothing on this page is investment advice, an offer, or a solicitation. Positions mark against the QL Mark, a model with published confidence per name, not a traded price. Private-company data is compiled from public sources believed reliable but not guaranteed.
The first paper market for private companies: invest paper capital, long-only, in secondary-priced pre-IPO names at the live QL Mark. Positions are marked as real evidence moves the mark and settled by real events — IPOs, acquisitions, confirmed shutdowns. Fully simulated; no real securities.
Only names whose QL Mark carries an observed secondary per-share print. A company the tape has never priced is not listed — the venue does not trade unpriced marks.
Closed and settled positions grade a public, anonymous-handle track record — win rate stays null until something actually grades. A frosted preview is free; investing is part of a subscription (Starter gets a 5-position book, Pro and Institutional the full venue).