Anthropic's largest investors must wait a year to sell most of their stock after its listing, the prospectus it filed on Monday shows. Its employees may sell a tenth on the first day. Meanwhile, GID and StepStone Real Estate completed a $985 million manager-led secondary for 87 industrial buildings. In addition, Robinhood Ventures Fund I registered 12.9 million shares for its parent to sell, through the shelf read here on Sunday.

The tape

• DEAL  TPG is to lead a continuation vehicle for Sumer, Penta Capital's UK accountancy consolidator valued above £1 billion, SecondaryLink reported on 19 October.
• DEAL  Apollo agreed on Monday to buy a minority stake in Mubadala Capital, nearly 10% according to CNBC, with $5 billion committed by the new shareholders.
• FUND  JPMorgan filed on Friday to add a Class A with a 3.5% sales load to its Private Markets Fund, a secondaries tender-offer fund.
• LP  Saba Capital reached 13.1% of Pantheon International on 22 October, from 12.0% on 30 September, as the trust bought back £36.1 million in September.
• FILING  General Atlantic's Wavebreak Secondaries Fund I, filed from its address in September, registered a Luxembourg aggregator on 23 October.
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Anthropic's big holders wait a year to sell

Anthropic's largest investors will need a year to sell their stock after its listing. Its employees, by contrast, may sell a tenth of theirs on the first day of trading. Anthropic filed its prospectus with the SEC on Monday, five months after a confidential draft. It applied to list on Nasdaq as ANT, with Goldman Sachs and Morgan Stanley leading 24 banks, and has given no price range yet. Its listing is expected this fall at a $2 trillion valuation, Yahoo Finance wrote on Monday. However, some investors want it nearer $1.5 trillion, Reuters reported on 15 October.

The lock-up has three tiers, and the size of the holding decides the tier. The table gives the filing's schedule for each tier.

Source: Anthropic, PBC, Form S-1 of 26 October 2026, "Shares Eligible for Future Sale, Lock-Up and Market Standoff Agreements".

For instance, take a venture fund that holds 1% of Anthropic. It may sell 7.8% of its stake in the first 76 days. Its sales by day 180, where a usual lock-up ends in full, may reach about 30%. By contrast, a fund in the second group may sell 26% in the same 76 days, and about 86% ten weeks after the annual results. Both sums add up the filing's slices, and they assume no early release by the two lead banks, which the filing allows.

The filing also prices Anthropic's past liquidity. Anthropic ran a tender offer in June 2025 at $5.61 a share, in which holders sold 27,942,000 shares for $156.7 million. Then in April 2026 "a syndicate of stockholders" bought 179,883,540 shares at $25.9136 each, or $4.66 billion. The shares came from current and former employees, service providers and donor-advised funds.

Each tender paid the price of the round before it. The round before the first tender, Series E, was sold from January to March 2025 at $56.0865 a preferred share. The round before the second, Series G, went from January to February 2026 at $259.1364. Each preferred share converts into ten common shares after the split of 17 September. In turn, Series H, sold from May to June 2026 at $589.0095, put the price at $58.90 a common share. In addition, the company's right of first refusal on any sale of its shares ends with the offering.

Anthropic's two tenders paid the round price, and the price rose tenfold in eighteen months

$ per common share, preferred prices divided by ten for the split of 17 September 2026

Source: Anthropic, PBC, Form S-1 filed with the SEC on 26 October 2026, "Certain Relationships and Related Person Transactions" and "Shares Eligible for Future Sale".

The share of the stock held by the investors who signed lock-up agreements is left blank in the prospectus. So is the number of shares Anthropic and its selling stockholders will offer. Both blanks are filled in the amended filing that gives the price range, usually about two weeks before pricing. The filing already reports $16.29 billion of revenue for the first half of 2026 and an operating loss of $693 million, as Decrypt read it.

StepStone's real estate arm buys another industrial recap

StepStone Real Estate has become a repeat buyer of US industrial portfolios that their managers want to keep. On Monday GID and an affiliate of StepStone Real Estate completed a $985 million transaction. It covers 87 buildings and 8.0 million square feet in eight US markets. Their release calls it a manager-led secondary, in which a new joint venture between the two bought the portfolio. The portfolio's asset manager stays GID, a role it has had since 2021.

GID itself is a real estate manager with $33.3 billion under management at 30 June. Its industrial arm was formed in April 2021 with Ivanhoé Cambridge, CDPQ's real estate subsidiary, and started with 19 million square feet in 15 markets.

StepStone Real Estate did the same in December 2023. It invested then in the recapitalization of a $1.2 billion Class A industrial portfolio, Latham & Watkins said without naming the sponsor. Another industrial portfolio went the same way two weeks ago. That portfolio was Meritex's 18 buildings in Atlanta, moved into a continuation vehicle with Goldman Sachs' Vintage Strategies, as read on 16 October.

Monday's release names no selling vehicle and no advisor, and it does not say whether Ivanhoé Cambridge was among the sellers. Nor does it give a price against the portfolio's last valuation. For reference, Jefferies put the first-half price of real estate fund stakes at 68% of NAV, the lowest of its strategies. Real estate secondaries as a whole reached $25.1 billion in 2025 by Partners Group's count. But a manager-led deal is priced on the buildings rather than on a fund's NAV, and that price is the number the release leaves out. The release does give GID's side. It keeps the asset management, and its president Rene Circ calls the deal "a tremendous opportunity for us to invest in a diversified light industrial portfolio."

Venture vehicles file to sell shares before Anthropic

The listed vehicles that buy pre-IPO stakes are now filing to sell shares of their own, four of them in October. The newest such filing is Robinhood Ventures Fund I's shelf of Friday, to sell more shares, as read on Sunday. That shelf also registers 12,926,363 common shares for resale by Robinhood Markets, the parent of the fund's adviser. Robinhood Markets held 47.44% of the fund on 22 October. The fund gets nothing from Robinhood's sales, and the filing warns that they "may occur at prices below the NAV per common share". Robinhood decides the timing and the amount of any sale alone.

The second filing came on Monday from Powerlaw Fund II, the second fund of the group behind Powerlaw Corp. It amended its registration. In it, a private predecessor fund reorganizes into the new fund, and the holders' shares are registered for resale on an exchange. That exchange route is how Powerlaw Corp reached Nasdaq on 27 May. Powerlaw Corp then filed a shelf of its own on 1 October, while its shares traded 32% below NAV, as read on 2 October. Meanwhile, Madara filed on 23 October to list on the NYSE and pay for AI venture fund stakes in its own shares, as read yesterday.

Source: SEC, Form N-2 filings and amendments of 1, 23 and 26 October 2026, linked on each fund.

Each of these vehicles holds, or will hold, stakes in private companies bought from earlier holders. Its own shares trade at whatever the market pays for that book. So a listing such as Anthropic's gives their largest holdings a public price, and their own shares already carry one.

Seen before the press

Iconiq Capital has filed its fifth yearly secondaries vehicle. The vehicle is three partnerships, Secondaries Portfolio 2027 and its GF and TE sleeves. They were filed from 50 Beale Street in San Francisco on 23 October. Their executive officer is Divesh Makan, Iconiq's co-founder, their size is indefinite and nothing has been raised yet.

Iconiq has filed the same three names every autumn since 26 October 2022, when the 2023 vintage appeared. The only amounts on record are that vintage's, whose GF sleeve had raised $49.1 million from 57 investors by June 2023. Its TE sleeve had $10.6 million from 14, and no later vintage has filed an amendment. What the sleeves buy, the filings do not say. Their name fits a yearly pool of Iconiq's clients' money for secondaries, and nothing has been announced by the firm.

Iconiq's secondaries vehicle has arrived within three weeks of the same date for five years

Form D filing dates of the Secondaries Portfolio partnerships, by vintage

Source: SEC, Form D filings of Secondaries Portfolio LP, GF and TE, 26 October 2022 to 23 October 2026.

On the radar

• Wednesday 28 October, 8am, New York. Evercore reports its third quarter, its first call since Nigel Dawn became co-president and the next advisor's count of continuation vehicles after PitchBook's. The same day Cerebras' second early release frees up to about 19.4 million shares, after as many on 14 October.
• Thursday 29 October, New York. Ares at 9am, Blue Owl at 10am and TPG at 11am report their third quarters. Their calls give what their secondaries funds and evergreens raised in the quarter.
• Friday 30 October, then the week of 9 November, Luxembourg. The new share classes of Partners Group's Global Value SICAV move to a 2.5% quarterly redemption threshold, half the current one. Shareholders then vote on splitting the €6.6 billion gated fund in two. A yes creates a distributing fund that sells older stakes to pay those who want out.
• Tuesday 3 November, 5pm, New York. Cox Capital's bids for Blackstone Private Credit Fund and HPS Corporate Lending Fund shares expire. Cox pays $20.65 for BCRED shares the fund valued at $23.51 on 30 September. It also lends up to 65% of value to holders who keep theirs, as read on Sunday.
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