Providing investors with an opportunity to invest in late stage private disruptive companies prior to IPO.

COMPANY SYNOPSIS

Airbnb is the leading online marketplace for hospitality and lodging. Founded in 2008, San Francisco-based Airbnb has over 6 million listings in over 100,000 cities across 191 countries. With over 500 million unique guests, over 2 million people stay in an Airbnb listing per night on average. On August 10th, Airbnb had over 4 million stays, a record for a single day. According to recent reports, during Q1 2019 Airbnb recorded a record $9.4 billion in bookings, a 31% increase over Q1 2018.

Corporate Info
Headquartered in San Francisco, California. 13,100 employees in 34 global offices.

Major Investors
Andreessen Horowitz, CapitalG, Sequoia Capital, Kleiner Perkins, Tiger Global, Founders Fund.

Recent Deal Valuation & Info
$31 Billion (September 2017). Raised to date: $4.4 Billion.

Relevant Financials
Profitable (Ebitda). Approximately $3.5 billion in cash (March 2019). Direct listing IPO expected.

Net Revenue ($ Billions)
Gross Profit and Margin ($ Billions)
Booking Statistics
Net Revenue ($ Billions)
Gross Profit and Margin ($ Billions)
Booking Statistics
Valuation & Estimated Returns

*Expected Sourcing Valuation:
~$46 billion

*Expected IPO Listing Date:
Late 2019 - Early 2020

*Expected IPO Valuation:
$62 billion (Base)

*Estimated Gross Total Return:
+35%

*While a direct listing IPO is expected, investors should further adjust for possible share dilution during possible future rounds and IPO. The value of an investment is subject to risk, including the possible loss of the principal invested. Please refer to the disclaimer on the following page.

Investment Return Scenario Analysis
Valuation & Estimated Returns

*Expected Sourcing Valuation:
~$46 billion

*Expected IPO Listing Date:
Late 2019 - Early 2020

*Expected IPO Valuation:
$62 billion (Base)

*Estimated Gross Total Return:
+35%

*While a direct listing IPO is expected, investors should further adjust for possible share dilution during possible future rounds and IPO. The value of an investment is subject to risk, including the possible loss of the principal invested. Please refer to the disclaimer on the following page.

Investment Return Scenario Analysis
Net Revenue ($ Billions)
Gross Profit and Margin ($ Billions)
Booking Statistics
Investment Return Scenario Analysis
Valuation & Estimated Returns

*Expected Sourcing Valuation:
~$46 billion

*Expected IPO Listing Date:
Late 2019 - Early 2020

*Expected IPO Valuation:
$62 billion (Base)

*Estimated Gross Total Return:
+35%

*While a direct listing IPO is expected, investors should further adjust for possible share dilution during possible future rounds and IPO. The value of an investment is subject to risk, including the possible loss of the principal invested. Please refer to the disclaimer on the following page.

Investment Return Scenario Analysis
6M
Active listings on Airbnb
$700B
Size of global online travel market
500M
Guests that have used Airbnb

INVESTMENT DETAILS

  • Class BB will invest exclusively in Airbnb shares in the secondary market prior to an IPO.
  • The Investment Manager leverages key relationships to purchase shares from employees, off-market sellers, and prior-round investors.
  • The shares will be held in an SPV owned by the IPO Fund, Class BB.
  • Upon successful exit/IPO, the fund will sell its holdings and distribute the net proceeds back to investors. In-kind share delivery is also possible.

INVESTMENT TERMS

Fund Share Class:

Target Class BB Size:

Minimum Investment:

Management Fee:

Performance Fee:

1st Closing:

Liquidity:

Custodian (liquidity):

Transactional Bank:

Administrator:

Auditor:

US & International investors

$11 million

$500,000

One-time 3%

20 %, charged on realized profits

July 12th, 2019

Upon exit/IPO

Pershing, LLC

CIBC Bank USA

Opus Fund Services:

KPMG:


CONTACT

This is not an offer to sell or solicitation of an offer to buy interests in any fund or investment program sponsored by Trade Capital Markets (TCM) Limited.

Important Information: This presentation is provided for information purposes only and is not an offer to sell or solicitation of an offer to buy interests in any fund or investment program sponsored by TCM. Such offer or solicitation to buy limited partnership interests in any fund or investment account is made only through a Fund’s confidential private placement memorandum and related purchase documentation, and subject to the terms and conditions o contained in such documents and in such Fund’s operative agreements. TCM makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Certain information contained herein, including summaries, prices, quotes, or statistical information, has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, TCM does not assume any responsibility for the accuracy or completeness of the information. The value of an investment is subject to risk, including the possible loss of the principal invested. Past performance is not indicative of future results. TCM and its members, offcers or employees may own options, rights or warrants to purchase shares of any security mentioned.