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    Nasdaq Fund Secondaries

    Private Fund Liquidity

    Nasdaq Fund Secondaries (NFS) is evolving the way Limited Partners (LPs) and General Partners (GPs) participate in the private fund secondaries market. Our platform opens opportunities for liquidity and facilitates transparent end-to-end execution across multiple deal structures.

    ABOUT

    Nasdaq Fund Secondaries brings efficiency, transparency, and scalability to secondary transactions

    Our Platform

    Creating a Path to Liquidity in the Secondary Market

    We support the rapidly changing secondaries landscape with purpose-built technology for private fund sponsors and investors seeking liquidity.

    Full-Service Capabilities Across the Deal Life Cycle

    Our Clients

    How We Help Clients Navigate Liquidity Events

    General Partners

    We work with GPs directly or together with an advisor to reduce operational friction in a GP-led process, and simplify the LP’s experience from deal launch to closing.

    We work with GPs directly or together with an advisor to reduce operational friction in a GP-led process, and simplify the LP’s experience from deal launch to closing.

    Limited Partners

    Our platform allows LPs to efficiently access opportunities to sell or purchase private fund interests; facilitating competitive price discovery, reducing the time and resource burden associated with deal execution and providing seamless payment and settlement supported by technology.

    Our platform allows LPs to efficiently access opportunities to sell or purchase private fund interests; facilitating competitive price discovery, reducing the time and resource burden associated with deal execution and providing seamless payment and settlement supported by technology.

    Registered Funds

    Our exit feature for eligible registered and unlisted funds lets managers offer a new avenue for liquidity to investors.

    Our exit feature for eligible registered and unlisted funds lets managers offer a new avenue for liquidity to investors.

    Wealth Management

    Expanded access to liquidity for wealth management platforms, feeder fund investors and accredited investor clients.

    Expanded access to liquidity for wealth management platforms, feeder fund investors and accredited investor clients.

    Regulatory Expertise and Infrastructure

    Ensuring Regulatory Compliance

    Regulated Broker-Dealer & ATS

    NFS operates a regulated ATS through its broker-dealer subsidiary, NFSTX, LLC, which can also act as an intermediary and as a paying agent to facilitate flow of funds.

    NFS operates a regulated ATS through its broker-dealer subsidiary, NFSTX, LLC, which can also act as an intermediary and as a paying agent to facilitate flow of funds.

    Qualified Matching Service (QMS)

    The Nasdaq Fund Secondaries platform can operate as a Qualified Matching Service (“QMS”), as interpreted in a Private Letter Ruling by the IRS which sets forth the platform’s methodology to be within the IRS rules relating to Publicly Traded Partnerships (PTPs).

    The Nasdaq Fund Secondaries platform can operate as a Qualified Matching Service (“QMS”), as interpreted in a Private Letter Ruling by the IRS which sets forth the platform’s methodology to be within the IRS rules relating to Publicly Traded Partnerships (PTPs).

    SEC Exemptive Relief

    Certain closed-end investment companies may rely on limited exemptive relief from Rule 102 of Regulation M under the Securities Exchange Act of 1934 granted by the SEC. This exemption allows certain Nasdaq affiliates to conduct periodic liquidity auctions for certain products registered under the Investment Company Act of 1940.

    Certain closed-end investment companies may rely on limited exemptive relief from Rule 102 of Regulation M under the Securities Exchange Act of 1934 granted by the SEC. This exemption allows certain Nasdaq affiliates to conduct periodic liquidity auctions for certain products registered under the Investment Company Act of 1940.

    Insights

    Explore the latest research and thought leadership from Nasdaq Fund Secondaries 

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    The State of Secondaries

    State Of Secondaries: In Conversation with Aon & Proskauer
    On this episode of The State of Secondaries, Host Rory Mabin, Head of Institutional Secondaries at Nasdaq Fund Secondaries is joined by Michael E. Ellis, Partner at Proskauer, and Matthew Wiener, Managing Director, Aon M&A and Transactions Solutions for a conversation about the role of transaction insurance in the private fund secondary market. We discuss risk management, best practices, and the future outlook for the use of transaction insurance by participants in the secondary market.
    Jan 10, 2024
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    Contact Us to Learn More About the Nasdaq Fund Secondaries Platform

    Support

    Frequently Asked Questions

    Nasdaq Fund Secondaries, LLC (“NFS”) operates the Nasdaq Fund Secondaries platform, an end-to-end, customizable technology built to facilitate secondary transactions in private funds and other pooled investment vehicles. NFSTX, LLC, a wholly owned subsidiary of NFS (together with NFS, “Nasdaq Fund Secondaries”), is a registered broker-dealer that acts as an intermediary to facilitate settlement of transactions matched through the NFS platform. Nasdaq Fund Secondaries may facilitate auctions for positions in private funds as a Qualified Matching Service (“QMS”) under Treasury Reg 1.7704-1(g).

    Depending on the service and transaction, Nasdaq can operate in a few distinct roles. Nasdaq can solely act as an execution service for advisor-led deals, act as an intermediary in facilitating an LP-led sale, or provide regular, structured access to liquidity for fund sponsors.

    The platform is invitation-only. Contact us to book a demo.

    The fees are dependent on the type of engagement with Nasdaq Fund Secondaries and the role of NFS in a transaction.  

    Partnerships

    Nasdaq may work directly with a GP during a sale spearheading the effort to receive GP approval, or Nasdaq may work indirectly if our client prefers to maintain contact with the GP.  

    • Depending on your institution, there are a variety of ways to partner with Nasdaq whether using Nasdaq as a secondary solution provider, or as an execution service for secondaries transactions.
       
    • Nasdaq’s service offering provids asset managers a few ways to use Nasdaq’s service. At the time of fund creation, you may partner with Nasdaq using our embedded liquidity feature or you may partner with Nasdaq later in a fund’s life to offer liquidity to your clients.

    To join Nasdaq's buyer network, please contact us.