Frequently Asked Questions

Each partnership is built around a carefully selected portfolio of approximately 10–12 thoroughbreds born in a specific year. Our first partnership, Icon Racing: Affirmed (formed in 2024), purchased horses foaled in 2023 that reached racing age at two in 2025 — acquired at a combination of yearling sales and two-year-old-in-training sales.

Our focus is on high-quality young horses with the pedigree, physical ability and athletic potential to compete at the highest levels of the sport. Icon and its bloodstock team evaluate horses at leading sales with a disciplined acquisition strategy. The objective is not simply to buy expensive horses — it is to identify athletes we believe offer the right combination of quality, value and upside for the partnership. Our sweet spot is quality equine athletes in roughly the $200,000–$300,000 range that can race and win at the highest levels of the sport.

Each Icon Racing partnership raises $3–4 million total from approximately 30–40 partners. Unit sizes for each of our first three funds have been $100,000 for one Unit. Exact pricing for the current open partnership is shared after your initial conversation with the team — email membership@iconracing.com for the current offering memo and partnership materials.

Approximately 60% of raised capital is targeted for horse purchases at the Keeneland, Fasig-Tipton, and OBS sales. The remaining approximately 40% covers the partnership's operating expenses for the racing period: training, vet, transport, insurance, farrier, and entry fees. Actual allocations may vary based on acquisition prices and the needs of the horses.

The Icon model is one transparent capital commitment up front. No monthly bills. No markups on expenses. No "the horse needs surgery, send $8,000" emails. Where a partnership carries a management fee (as with our Sierra Leone partnership), it's disclosed up front and built into your commitment.

Members of the Icon management team invest in the partnership units alongside our partners on the same terms, sharing in the same partnership economics. We cap each partnership at no more than 40 partners to keep a close, "family" feel. Our goal is to capitalize each partnership so ordinary operations can be funded from the initial raise; any additional-capital rights or obligations are governed by the applicable operating agreement.

As part of our transparency commitment, we share quarterly balance sheet and income statements with our partners along with a schedule of the cost of our horses purchased and our purse earnings.

For our horse purchases, Icon does not mark-up the prices of our horses like other horse syndicates do. The auction price paid at the relevant sale is the price our partners pay for a horse. Starting with our current Sierra Leone fund, we do charge a 5% bloodstock fee for horse selection which is transparently noted for our partners, as well as a 5% management fee on the partnership.

Two ways:

• Purse winnings — purse winnings and other racing proceeds are partnership assets. They may be distributed when management determines that cash exceeds current and anticipated operating needs and appropriate reserves.
• Sale proceeds — at the end of the partnership's racing window (typically after the 3-year-old season), remaining horses are sold (broodmare prospects, stallion deals, racing claims, or private sales). Net proceeds are distributed pro rata in accordance with the operating agreement.

Honestly? Sometimes it happens. Horses are athletes — they get injured, they don't train on, they just aren't fast enough. When a horse can't continue, we work to place it (claiming race, private sale, retirement to a partner farm, broodmare prospect for fillies) and the partnership absorbs the outcome.

Diversification is the answer: each partnership owns ~10 horses, so no single horse makes or breaks the result. We tell you the truth on every horse, every quarter.

Icon Racing limits participation to prospective partners who satisfy the SEC's definition of an "accredited investor" under Rule 501(a) of Regulation D. Individuals generally qualify if they have:

• Income of $200,000+ ($300,000 joint) in each of the last two years, with expectation of the same this year, OR
• Net worth of $1,000,000+ (excluding primary residence), individually or jointly, OR
• Certain qualifying professional certifications (including Series 7, 65, or 82 in good standing).

Entities can also qualify under separate criteria. We'll confirm your status as part of onboarding. Because SEC standards can change, prospective partners should refer to the SEC's current accredited-investor criteria.

As involved as you want. Partners are owners of the LLC and share in the economics of its full portfolio of horses. The Icon model is designed so you don't have to manage the day-to-day racing operation — but partners who want to be at the yearling sales, morning workouts, barn visits, and stakes weekends are welcomed and encouraged. Many partners attend 4–10 race days per year, plus events.

• Daily or weekly horse updates (texts, photos, video)
• Quarterly financial reports
• Partner-only group chat with the team and other partners
• Paddock and winner's circle access on race days
• Invitations to barn visits, sales trips, and partner events
• Tickets and hospitality at major race meets

Three steps:

1. Submit interest via our form or email membership@iconracing.com.
2. We'll send the current partnership materials and book a video call with the team.
3. If it's a fit, we'll complete the accredited-investor eligibility process, execute the partnership documents, and fund your membership interest.

Most new partners go from first email to signed within 2–3 weeks.