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.
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.
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.
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.
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.
NFS Brings Efficiency, Transparency and Scalability to Secondaries
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.
Why General Partners Choose NFSLimited Partners
LPs get a scalable, tech-enabled path to liquidity – with transparent price discovery and more efficient execution.
Why Limited Partners Trust NFSRegistered Funds
Our exit feature for eligible registered and unlisted funds lets managers offer a new avenue of liquidity to their investors.
How Registered Funds Work with NFSWealth Management
We offer an institutional-grade technology with the power to increase efficiency, transparency, and trust – while keeping intermediaries central to the process.
How Wealth Managers Work with NFSSupport Across Any Stage of a Transaction
The State of Secondaries
Our Impact
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
FAQs
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.
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 provides 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.
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