ADGM: raising private capital on a Private Financing Platform

The regulator and the activity

The Financial Services Regulatory Authority (FSRA) supervises financial activity in ADGM under the Financial Services and Markets Regulations, the centre's common-law framework. Operating a Private Financing Platform is a distinct regulated activity, authorised as a Category 4 permission, with a base capital requirement of USD 150,000. That permission defines the scope of what the operator may do, and the activity sits inside the wider conduct regime the FSRA administers.

A Private Financing Platform is built for exempt offers rather than public ones. It connects issuers with clients who meet defined eligibility conditions, and the platform operator carries conduct obligations across onboarding, disclosure and the handling of each offer. The framework treats the platform as the regulated intermediary, so the standard applies to how each offer is presented and how each client is admitted.

What it means for issuers and investors

Offers are exempt offers, and retail participation is capped at 200 clients per offer. The offer window is set per offer rather than fixed by rule. A volume-based allocation ladder, which rewards earlier commitments through defined tiers, is permitted under this regime, and the tiers are applied on the same terms to every client who reaches them.

The secondary market is limited: an Exit Facility may be operated for existing holders, but continuous trading requires a separate Multilateral Trading Facility permission that is not part of the platform activity itself. Data is held in the UAE. ADGM is SoukRaise's phase-1 target jurisdiction, and the platform remains pre-licence, so this page sets out the framework a raise would use rather than a permission already in place.

ADGM FSMR; FSRA COBS (Conduct of Business) rules on PFPs; positions as at July 2026, subject to confirmation with counsel