Caplight
Price discovery for private-market secondaries
4.0Enterprise / CustomBest for Funds valuing or trading late-stage secondary positions
Secondaries Valuation Data
Overview
Caplight is a data and execution platform for the institutional secondary market in venture-backed shares. It aggregates bids, asks, and closed-trade data across thousands of pre-IPO companies to produce mark-to-market pricing that reflects what buyers actually pay — often a very different number from the last primary round. Funds use it to value existing positions, underwrite secondary purchases, and track how sentiment on late-stage names moves between rounds.
Key features
- Secondary market bid, ask, and trade data
- Mark-to-market pricing on pre-IPO companies
- Historical price trend charts
- Structured secondary transaction execution
- Valuation data API
Pros
- Real transaction-based pricing, not just last-round marks
- Valuable for both valuation and execution
- Growing coverage of late-stage names
Cons
- Liquidity data is thin outside popular names
- Most useful for late-stage-focused funds