Palico
Digital marketplace for LP-led fund secondaries
4.0Transaction-basedBest for LPs seeking liquidity on fund stakes below the advisor threshold
Secondaries Marketplace LP Liquidity
Overview
Palico, founded in 2011 by Triago founder Antoine Dréan, is a regulated online marketplace where LPs buy and sell private-fund stakes. An SEC-registered broker-dealer and FINRA member, it connects sellers to 300+ active buyers with anonymity and pricing transparency, focusing on the smaller LP-led deals traditional secondary advisors ignore. GPs meet it in practice when their own LPs quietly seek liquidity — and when vetting who might turn up on their cap table.
Key features
- Digital marketplace for LP-led fund-stake secondaries
- 300+ active institutional buyers worldwide
- Anonymous listing and controlled disclosure process
- SEC-registered broker-dealer, FINRA/SIPC member
- AI-assisted listing creation and buy offers
Pros
- Opens secondaries to ticket sizes advisors will not touch
- Anonymity protects LP-GP relationships during a sale
- Regulated venue reduces process and compliance risk
Cons
- Niche use case — most GPs interact with it rarely
- Pricing on small venture stakes can be thin and discount-heavy