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    Nasdaq Fund Secondaries (NFS)

    Private Fund Liquidity

    We take secondaries out of spreadsheets with purpose-built technology. Our modern secondaries technology platform brings structure, speed, and scalability to the transaction process- giving stakeholders a better, more strategic tool designed to manage and access liquidity.

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    About

    The Standard in Secondaries

    Continuing Nasdaq’s long legacy of pioneering what’s next for the financial system, our technology paired with our team of experienced professionals is transforming how our partners manage and access liquidity in the private market.

    Seamless

    We help our partners streamline a previously fragmented process with integrated technology, intuitive workflows, and built-in support, connecting each step of the transaction - regardless of size or structure.

    We help our partners streamline a previously fragmented process with integrated technology, intuitive workflows, and built-in support, connecting each step of the transaction - regardless of size or structure.

    Structured

    NFS introduces transparency and repeatability to the secondaries process. From transaction launch through closing, our workflow solution replaces a patchwork of manual effort with steps that follow a defined, institutional-grade structure. 

    NFS introduces transparency and repeatability to the secondaries process. From transaction launch through closing, our workflow solution replaces a patchwork of manual effort with steps that follow a defined, institutional-grade structure. 

    Scalable

    Our purpose-built technology enables speed and consistency. Whether you're executing one transaction or facilitating regular access to liquidity, our technology platform is designed to support institutional volume and long-term strategy. 

    Our purpose-built technology enables speed and consistency. Whether you're executing one transaction or facilitating regular access to liquidity, our technology platform is designed to support institutional volume and long-term strategy. 

    Supported

    Built by Nasdaq and backed by decades of industry expertise, NFS delivers the trustworthiness and transparency that GPs and LPs require. Our dedicated team is there to provide technical support and guidance along the way.  

    Built by Nasdaq and backed by decades of industry expertise, NFS delivers the trustworthiness and transparency that GPs and LPs require. Our dedicated team is there to provide technical support and guidance along the way.  

    NFS Brings Efficiency, Transparency and Scalability to Secondaries

    Our Clients

    How We Help Our Partners Navigate Liquidity Events

    General Partners

    We enable GPs to deliver structured, efficient, and customizable liquidity solutions – making secondaries strategic, not reactionary.  

    Learn Why GPs Choose NFS

    We enable GPs to deliver structured, efficient, and customizable liquidity solutions – making secondaries strategic, not reactionary.  

    Learn Why GPs Choose NFS ->

    Limited Partners

     LPs get a scalable, tech-enabled path to liquidity – with transparent price discovery and more efficient execution.

    Learn Why LP’s Trust NFS

     LPs get a scalable, tech-enabled path to liquidity – with transparent price discovery and more efficient execution.

    Learn Why LP’s Trust NFS ->

    Registered Funds

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

    Learn How Registered Funds Work With NFS

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

    Learn How Registered Funds Work With NFS ->

    Wealth Management

    We offer an institutional-grade technology with the power to increase efficiency, transparency, and trust – while keeping intermediaries central to the process. 

    Learn How Wealth Managers Work With NFS

    We offer an institutional-grade technology with the power to increase efficiency, transparency, and trust – while keeping intermediaries central to the process. 

    Learn How Wealth Managers Work With NFS ->

    Our Technology

    Support Across Any Stage of a Transaction

    1

    Pre-Auction

    • Onboarding & data room setup 

    • Seller interest 

    • Auction setup 

    2

    Bidding

    • Announcement date 

    • Buyer due diligence and bid entry 

    3

    Allocation

    • Allocation process for Seller indications of interest with Buyer bids  

    • Coordination with fund managers for allocation approval 

    4

    Finalization

    • Coordination of transfer document review and execution 

    • On-platform document signatures  

    • Final purchase price adjustments 

    6

    Closing

    • Payment & closing

     

    The State of Secondaries

    The State Of Secondaries: Communication and Innovation in Private Equity with Jennifer Prosek
    On this episode of The State of Secondaries, we are joined in studio by Jennifer Prosek, Founder and Managing Parter at Prosek Partners. We explore how GPs can stand out in an increasingly competitive fundraising environment, how to think about AI from brand-building perspective, and much more.
    Nov 25, 2025
    View All Episodes ->
    1 / 16

    Our Impact

    By the Numbers

    358
    Total funds offered by sellers using NFS

    YTD 2025

    $4.7B+
    Total NAV offered by sellers (USD) using NFS

    YTD 2025

    $415B+
    In dry powder (USD), represented by 70+ institutional buyers

    Nasdaq Fund Secondaries named "Secondaries Technology of the Year, 2025" by Wealth & Finance

    Wealth & Finance Fund Awards, 2025

    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.