What capital introduction costs
The three models are priced completely differently — and one of them is priced in a way that carries regulatory consequences.
There is no single price, because the three models are economically unlike each other. Prime brokerage cap intro has no explicit fee but expects trading business in return. Independent firms charge directly, usually via retainer or per-introduction fees. Placement agents charge a success fee on capital raised, commonly cited around 1–2%.
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Get in touchThe three pricing models
| Model | How it is paid | What it really costs you |
|---|---|---|
| Prime brokerage | Bundled — no invoice | An expectation that you route execution, financing and custody business |
| Independent firm | Retainer, per-introduction, or project fee | Cash cost regardless of outcome |
| Placement agent | Success fee on committed capital | Typically 1–2%, plus exclusivity and a tail |
| Seeder | Revenue share, sometimes management company equity | The most expensive capital in the market — sometimes correctly |
Why 'free' cap intro is not free
Prime brokerage capital introduction is often described as costless. It is better described as bundled. The prime earns from execution, financing and securities lending; introduction support is a growth and retention tool deployed where it generates the most of that revenue. The implicit price is your trading relationship — and for a fund whose strategy does not generate meaningful prime revenue, the service is effectively unavailable at any price.
That is exactly why the independent model exists, and why it charges directly: without trading revenue to fund it, the work has to be paid for somehow.
The regulatory dimension of pricing
Fee structures tied to the amount of capital raised are precisely the arrangements that attract regulatory scrutiny in the United States. Transaction-based compensation is one of the strongest indicators that a person is acting as a broker under Exchange Act Section 15(a), which generally requires registration. FINRA Rule 2040 separately bars member firms from paying compensation to unregistered persons whose activities would require registration — so the risk sits on both sides of the arrangement.
The SEC proposed a conditional two-tier finders exemption in October 2020 that would have permitted certain natural persons to receive transaction-based compensation. It was never adopted, so no general federal finders exemption exists. In February 2026 the SEC's Small Business Capital Formation Advisory Committee approved recommendations supporting a limited exemption — but a recommendation is not a rule.
The practical consequence: have counsel review any proposed compensation structure before signing, whichever side of it you are on. This is the step managers skip and regret. More on the regulatory position →
How to evaluate what you are being offered
Ask what you are paying for
Access, or outcome? A retainer buys work; a success fee buys alignment with closing — which is not always alignment with closing the *right* capital.
Check exclusivity
Exclusive mandates prevent you working other channels. For a raise that needs multiple investor types, that can cost more than the fee.
Read the tail carefully
Tails commonly run twelve to twenty-four months. Overlapping tails between two intermediaries are the single most common source of fee disputes.
Establish what counts as introduced
If an investor you already knew closes, does a fee arise? Define this in writing before you start, not afterwards.
Have counsel review the structure
Particularly anything contingent on capital raised. Before signing.
What SeRuM charges
Fee structures vary by mandate, raise size and scope of work. We discuss engagement terms directly once we have established that we can genuinely help — which is deliberately after the assessment stage rather than before it. We do not charge investors for introductions.
Frequently asked questions
What does capital introduction cost?
It depends on the model. Prime brokerage cap intro carries no explicit fee but expects trading and financing business in return. Independent firms charge directly, commonly through retainers or per-introduction fees. Placement agents typically charge a success fee on capital raised, commonly cited around 1–2%.
Is prime brokerage capital introduction free?
No — the cost is bundled rather than absent. Prime brokers earn from execution, financing and securities lending, and introduction support flows to the clients generating the most of that revenue. The implicit price is an expectation that you route business to them.
What do independent capital introduction firms charge?
Structures vary widely by firm, scope and raise size. Published market observations put retainers commonly in the range of several thousand dollars per month, with some firms charging per introduction or per meeting arranged, and others working to project fees.
What do placement agents charge?
Typically a success fee as a percentage of capital raised, commonly cited around 1–2% and higher for smaller or more complex raises. Engagements are usually exclusive and carry tail provisions of twelve to twenty-four months.
Are success fees on capital raised a regulatory issue?
They can be. In the United States, compensation tied to whether and how much capital closes is one of the strongest indicators that a person is acting as a broker, which generally requires registration. Any manager or intermediary should have counsel review a proposed fee structure before signing.
What does SeRuM charge?
Fee structures vary by mandate, raise size and scope of work, and we discuss engagement terms directly once we have established we can genuinely help. We do not charge investors.
SeRuM provides introduction and networking services. We are not a registered broker-dealer, not a placement agent, and not an investment adviser. We do not offer, solicit or sell securities, we do not provide investment, legal, tax or accounting advice, and we do not make recommendations regarding any investment. Nothing on this website constitutes an offer to sell or a solicitation of an offer to buy any security, and no such offer will be made except through definitive offering documents provided by the issuer. All investment decisions, due diligence and negotiations are the sole responsibility of the parties involved. Investing in private funds and private companies involves substantial risk, including illiquidity and total loss of capital. Past performance is not indicative of future results.
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