Pre-ipo Unicorn funds- License and general info.

Hello,

I have seen a number of funds that act as intermediaries between unicorn and other pre ipo companies selling shares or access to a fund controlling shares. The setup varies a little. www.equityzen.com is an example. Others seem to be more like third party marketers. My main question is how would they be able to avoid being licensed and what would be required to start this type of business.

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