Aurora over Norway

    Nasdaq Fund Secondaries

    Private Fund Liquidity

    Nasdaq Fund Secondaries (NFS) is evolving the way global private market LPs and GPs participate in the Secondaries market. Our platform opens access to liquidity opportunities and facilitates transparent, streamlined execution across multiple deal structures.

    Our Platform

    Creating a Path to Liquidity in the Secondary Market

    Our purpose-built technology supports the rapidly changing Secondaries landscape with a platform that enables private fund sponsors and investors seeking liquidity to streamline the process - from onboarding through settlement.

    Deal Structures We Support

    Female colleagues talking over conference table

    GP-led Transactions

    Office collaboration

    LP-led Transactions

    Governance Excellence

    Liquidity for Registered Funds

    Sample Auction Timeline

    Our Clients

    How We Help Clients Navigate Liquidity Events

    General Partners

    Work with us directly or in coordination with an advisor to reduce operational friction in a GP-led process and simplify your LP’s experience from deal launch to closing.

    Work with us directly or in coordination with an advisor to reduce operational friction in a GP-led process and simplify your LP’s experience from deal launch to closing.

    Limited Partners

    Institutions and high net worth investors can efficiently access opportunities to sell or purchase private fund interest in a secondary transaction.

    Institutions and high net worth investors can efficiently access opportunities to sell or purchase private fund interest in a secondary transaction.

    Registered Funds

    Our exit feature for eligible registered and unlisted funds can expand manager's capabilities in offering a new avenue for investor liquidity.

    Our exit feature for eligible registered and unlisted funds can expand manager's capabilities in offering a new avenue for investor liquidity.

    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. 

    NFS can act as an intermediary through its broker-dealer subsidiary and as a paying agent to facilitate flow of funds.

    NFS operates a regulated ATS through its broker-dealer subsidiary, NFSTX, LLC. 

    NFS can act as an intermediary through its broker-dealer subsidiary and as a paying agent to facilitate flow of funds.

    IRS Private Letter Ruling

    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 Letter

    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 ‘40 Act products.

    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 ‘40 Act products.

    Insights

    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.