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Nasdaq Private Market

The institutional venue for company-sponsored tender offers.

Secondaries & ContinuationFirmGlobal
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Target market
Late-stage companies and their investors and employees
Geography
Global

Overview

Nasdaq Private Market, built on the SecondMarket business Nasdaq acquired in 2015 and spun out as a standalone company in 2021 with backing from Nasdaq and a consortium of major banks, runs structured liquidity programs for private companies — tender offers, buybacks and block trades. For VC funds, company-sponsored tenders on NPM are one of the cleanest ways to realize DPI before an exit.

Key facts

  • Roots in SecondMarket, acquired by Nasdaq in 2015
  • Spun out in 2021 with investment from Nasdaq and major banks
  • Has facilitated tens of billions in private-company transactions
  • Company-sponsored programs keep cap tables controlled

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