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Perplexity SPV isn't accepting new investments

Perplexity SPV’s deadline was November 25, 2025

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Perplexity SPV

The AI-powered answer engine aiming for search dominance
B2C Software Technology AI & Machine Learning
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SPV deal
Perplexity's Last Valuation (Forge)
$20.3B
Implied Valuation (After Fees)
$24.62B
Round
Secondary Sale
Allocation
$1.5M
Instrument
Double-Layer
2nd Layer Management Fee (one-time)
3%
2nd Layer Carried Interest
0%
1st Layer Management Fee (one-time)
7.5%
1st Layer Carried Interest
0%
Republic Placement Fee
8%
Minimum investment
$10,000
Deadline
November 25, 2025
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Closed on November 25, 2025. Information may not be up-to-date. Campaign closed on November 25, 2025. Information displayed may not be up-to-date.
Offering structure Disclsoures
About Team

Documents

Capital R (OpenDeal Broker LLC, CRD #291387) is hosting this Reg D 506(c) securities offering by DCP PP IX, a Series of CGF2021 LLC.
Company documents
Subscription Agreement DCP PP IX PPM - Final.pdf RISK FACTORS DCP PP IX .docx.pdf Series Agreement DCP PP IX.pdf Accreditation FAQs.pdf Form CRS.pdf Disclosures & Disclaimers.pdf Additional Risk Disclaimers.pdf
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Investment summary


$100M+ raised
Company has previously raised over $100M in capital
Leading VC-backed
Company is backed by a leading VC firm
Power Founders
Founders previously exited or operated a large business

This is a private offering. For more information on the offering as well as Perplexity's products, partnerships, and pipeline, please refer to the Deal Memo in the Data Room or reach out to Investor Relations at vip@republic.com

Past financial results are no guarantee of future performance. Click here for important information regarding Financial Projections which are not guaranteed.

Investments in private companies are particularly risky and may result in total loss of invested capital.

Risks of early stage investment. Not an offer to buy or sell securities. This is a long-term speculative illiquid investment. Investment is not FDIC or SiPC insured.

Perplexity AI, Inc. (commonly known as “Perplexity”) has not endorsed, participated, authorized, encouraged, agreed, or is in any other way directly participating in this private company offering of the acquisition of its private company equity shares through the SPVs described

Offering structure


Investors are being offered access to Perplexity through a two-tier SPV structure.

The transaction is being conducted as part of a secondary purchase of an existing direct cap table position of Perplexity Preferred A Shares, priced at a $20 billion post-money valuation, $695.44 price per share.

Investors will participate through the second-layer SPV (DCP PP IX, a Series of CGF2021 LLC). This vehicle serves as the direct entry point for investors. It charges a 3% upfront and one-time management fee and no carried interest. Investors will pay an organization fee (pro-rata)*, for fund formation and ongoing fund administration services. Capital from this SPV will flow into the first-layer vehicle.

The first-layer SPV charges a upfront and one-time 7.5% management fee and no carried interest. The first-layer SPV will sit directly on Perplexity's cap table.

Republic’s registered broker-dealer, Capital R (OpenDeal Broker LLC), is acting as the placement agent for this offering. For its role in placing investors into the second-layer SPV, Capital R will charge a 8% placement fee.

Investors are effectively purchasing a stake in Perplexity at the stated $20 billion post-money valuation ($695.44/share), before Republic’s placement fee or any management fees incurred at the first and second layer vehicles. After factoring in the 8% placement fee, 3% management fee (upfront and one-time) at the second layer, and the 7.5% management fee (upfront and one-time) at the first-layer, the effective entry valuation for investors is ~$24.6B post-money valuation, $843.30/share.

This two-tier structure is designed to provide investors with transparent access to a highly sought-after private company while concentrating costs in upfront, one-time fees to minimize ongoing expenses.

Investors should carefully review the attached risk disclosures and offering documents before making any investment decision, as these materials contain important information regarding the risks, uncertainties, and limitations of the offering.

*Please see the offering documents for more information on these organization fees


Disclsoures


This notice should not be construed as an offering of securities or as investment advice or any recommendation as to an investment or other strategy by OpenDealBroker LLC dba the Capital R ("ODB"). OpenDeal Broker LLC is compensated in cash commission by DCP PP IX, a Series of CGF2021 LLC. Company will pay OpenDeal Broker LLC: a 8% placement fee for the dollar value of the securities sold to Investors pursuant to the combined proceeds of the Offering (as such terms are defined in the offering engagement agreement between ODB and DCP PP IX, a Series of CGF2021 LLC.

DCP PP IX, a Series of CGF2021 LLC has engaged ODB to conduct an offering ("the offering") of LLC Interest issued by DCP PP IX, a Series of CGF2021 LLC to eligible persons on the Republic platform (the "Platform").

Risks of early stage investment. Not an offer to buy or sell securities. This is a long-term speculative illiquid investment. Investment is not FDIC or SiPC insured. 

Diversification does not guarantee a profit or protect against losses.

Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

All broker-dealer related securities activity is conducted by OpenDeal Broker LLC, an affiliate of OpenDeal Inc. and OpenDeal Portal LLC, and a registered broker-dealer, and member of FINRA | SiPC, located at 149 5th Avenue, 10th Floor, New York, NY 10010, please check our background on FINRA’s BrokerCheck. Investments in private companies are particularly risky and may result in total loss of invested capital. Past performance of a security or a company does not guarantee future results or returns. Only investors who understand the risks of early stage investment and who meet the Republic's investment criteria may invest.  Neither OpenDeal Inc., OpenDeal Portal LLC nor OpenDeal Broker LLC verify information provided by companies on this Site and makes no assurance as to the completeness or accuracy of any such information. Additional information about companies fundraising on the Site can be found by searching the EDGAR database, or the offering documentation located on the Site when the offering does not require an EDGAR filing.

https://www.finra.org/#/
https://www.sipc.org/

This Offering is limited solely to Purchasers who are “accredited investors” as defined in Regulation D. To be eligible to participate in the Offering, you will be required to represent to the Company in writing that you are an accredited investor and must have provided a third-party certification attesting to such status as required by Rule 506(c). You must also represent in writing that you are (i) purchasing the Subscription Agreements for your own account and not for the account of others and not with a view of reselling or distributing the subscription agreement, and (ii) not from countries which the Office of Foreign Assets Control has deemed a “sanctioned” country.

In order to qualify as an “accredited investor,” a potential Purchaser must meet one of the following conditions of the date on which the Subscription Agreement is executed and as of the date of the purchase:

(i) Individual – Income Test. An individual who had an income in excess of $200,000 in each of the two most recent years (or joint income with his or her spouse in excess of $300,000 in each of those years) and has a reasonable expectation of reaching the same income level in the current year;

(ii) Individual – Net-Worth Test. An individual who has a net worth (or joint net worth with his or her spouse) in excess of $1,000,000 (excluding the value of such individual's primary residence);

(iii) IRA or Revocable Company. An Individual Retirement Account (“IRA”) or revocable Company and the individual who established the IRA or each grantor of the Company is an accredited investor on the basis of (i) or (ii) above;

(iv) Self-Directed Pension Plan. A self-directed pension plan and the participant who directed that assets of his or her account be invested in the Partnership is an accredited investor on the basis of (i) or (ii) above and such participant is the only participant whose account is being invested in the Partnership;

(v) Other Pension Plan. A pension plan which is not a self-directed plan and which has total assets in excess of $5,000,000;

(vi) Irrevocable Company. An irrevocable Company which consists of a single Company (a) with total assets in excess of $5,000,000, (b) which was not formed for the specific purpose of investing in the Partnership, and (c) whose purchase is directed by a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment;

(vii) Corporations and Other Entities in General. A corporation, partnership, limited liability Company or Massachusetts or similar business Company, that was not formed for the specific purpose of acquiring an interest in the Partnership, and which has total assets in excess of $5,000,000; or

(viii) Entity Owned by Accredited Investors. An entity in which all of the equity owners are accredited investors. OpenDeal Broker LLC is a New York limited liability company. Neither OpenDeal Broker LLC nor Republic Crypto LLC d/b/a Republic Advisory Services (“Republic Advisory Services”) nor any of their affiliates has independently verified any of the information provided or makes any assurances as to the completeness, accuracy or reliability of any such information provided by the Company.

Documents

Capital R (OpenDeal Broker LLC, CRD #291387) is hosting this Reg D 506(c) securities offering by DCP PP IX, a Series of CGF2021 LLC.
Company documents
Subscription Agreement DCP PP IX PPM - Final.pdf RISK FACTORS DCP PP IX .docx.pdf Series Agreement DCP PP IX.pdf Accreditation FAQs.pdf Form CRS.pdf Disclosures & Disclaimers.pdf Additional Risk Disclaimers.pdf

About Perplexity SPV

Legal Name
DCP PP IX A SERIES OF CGF2021 LLC
Founded
Jul 2025
Form
Delaware LLC
Employees
0
Website
linkedin.com/company/duende-ventures
Social Media
None
Headquarters
Google Map location of of  Perplexity SPV
2093 Philadelphia Pike 5885 , Claymont, DE
Headquarters
2093 Philadelphia Pike, 5885, Claymont, DE, United States 19703

Perplexity SPV Team
Everyone helping build Perplexity SPV, not limited to employees

Profile picture of Walter Mason
Walter Mason
Founder
Walter Mason
Founder
Logo of  Perplexity SPV

Perplexity SPV

Perplexity SPV successfully raised $160,000 from 7 investors on November 25, 2025
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