What transacting through the desk gives you under the law, not just in the product.
Every buyer is KYC-verified and accreditation-checked before they can bid or open a data room, and the purchase agreement carries accredited-investor representations from both sides.
Until a buyer is invited and signs a mutual NDA, they see only a blinded teaser: strategy and a NAV band, no fund name, no GP. The data room opens behind a signed, timestamped NDA.
Bids are indications of interest, priced server-side off NAV. The letter of intent is expressly non-binding; either party may withdraw before the purchase agreement without liability.
Transfer restrictions are read out of the fund's LPA at intake: GP consent, ROFR and ROFO windows, LPAC approval. They drive the deal plan, and the assignment executes the way the LPA says it must.
Every posting, indication, signature, and status change is written to a timestamped audit log as it happens. Consent packets and closing files assemble from records that were kept, not reconstructed.
Under IRC §7704, a fund whose interests trade too freely can be taxed like a corporation, so GPs guard a 2% annual transfer ceiling. Transfers through a qualified matching service under Treas. Reg. §1.7704‑1(g) are disregarded for that test, and the desk runs the regulation’s calendar as hard gates, not guidelines.
Source: 26 CFR §1.7704‑1, current e‑CFR text.
The Boring Desk has not registered or otherwise formally established a Qualified Matching Service designation. This is general information, not legal, tax, or investment advice, and not a representation that any transfer qualifies for any safe harbor. Confirm the treatment of any transaction with your own counsel.