As the first round of billion-dollar fundraising talks for AI model unicorn DeepSeek is nearing its end, the intensely hot race for allocations is giving rise to special purpose vehicles (SPV) secondary channels. Some lesser-known limited partners (LPs) can only indirectly get in by subscribing to securitized shares that are held on behalf of others via SPVs; this not only requires paying additional management fees and channel fees, but also exposes them to extremely high transaction security risks.

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