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    Nasdaq Fund Secondaries | General Partner Solutions

    A Modern Solution for GP-Led Secondary Transactions

    The Nasdaq Fund Secondaries (NFS) platform facilitates sponsor-led events for General Partners (GPs) looking to offer liquidity opportunities to Limited Partners (LPs) and provides a streamlined approach to deal execution.

    A Platform Built for Secondaries

    NFS gives GPs the ability to provide a structured, efficient pathway to liquidity for investors. Through a managed service model, NFS works with GPs to understand liquidity needs and design solutions to achieve their goals. 

    Tender Offers

    NFS's purpose-built liquidity platform supports the GP across the lifespan of a transaction, from price discovery through settlement.

    NFS's purpose-built liquidity platform supports the GP across the lifespan of a transaction, from price discovery through settlement.

    Fund Restructurings

    LPs can easily elect to sell or roll interests, with subsequent document signing and payments streamlined through one workflow.

    LPs can easily elect to sell or roll interests, with subsequent document signing and payments streamlined through one workflow.

    Single Asset and Strip Sales

    Gain real-time transparency into the deal process, enabling proactive management of capitalization and allocation.

    Gain real-time transparency into the deal process, enabling proactive management of capitalization and allocation.

    Structured Liquidity

    Offer a regular cadence of liquidity opportunities to LPs through a centralized, streamlined application.

    Offer a regular cadence of liquidity opportunities to LPs through a centralized, streamlined application.

    Why GPs Partner With Us

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    Efficiency Through Innovation

    NFS streamlines the execution of the GP-led transaction process, centralizing otherwise fragmented and operationally burdensome steps. Communicate with LPs, access documents in a virtual data room, collect LP elections, manage contract execution and more on our flexible platform.

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    Transparency for LPs

    Offer LPs a view into offer details and deal progression. LPs can see capital account information and transaction timelines and can submit elections in one place. 

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    Buyer Management

    NFS collects comprehensive data to apply cutback and under-subscription rules. Through the platform, buyers can electronically sign a letter of intent or offer letter up to the commitments designated before the election process begins.

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    Transaction Oversight

    Sponsors can utilize the admin portal for granular insight into the progress of the transaction, including a dashboard showing which LPs have accessed the platform, and each step they take from submission to settlement.

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    Allocations, Agreements & Payment

    NFS works with the GP, legal counsel and advisor to facilitate the final settlement. Closing packages are sent to GPs, and individual results are viewable to all participants on the platform. As a paying agent, NFS may wire payments to LPs on behalf of the GP or Buyers.

    A proactive approach to liquidity 

    Embedded Liquidity

    Nasdaq Fund Secondaries is building solutions for the future of the secondary market, where GPs can provide their LPs with a regular, accessible way to generate liquidity. Embedded Liquidity describes writing NFS into the Limited Partnership Agreement and fund documents at fund formation to provide a regular cadence of liquidity events for investors.

    Benefits for GPs

    • By writing provisions into the PPM/LPA of the fund, GPs can signal to LPs that they are proactively thinking of liquidity at inception. 
    • Embedded Liquidity allows GPs to run periodic auctions through the NFS platform during a fund’s lifetime. 
    • NFS supports the end-to-end auction process from onboarding to bid collection, contract execution and payment facilitation. 
    • GPs can set auction parameters and timing. 
    • NFS introduces buyer groups to GPs, who can approve, deny or add buy-side participants.
    • By writing provisions into the PPM/LPA of the fund, GPs can signal to LPs that they are proactively thinking of liquidity at inception. 
    • Embedded Liquidity allows GPs to run periodic auctions through the NFS platform during a fund’s lifetime. 
    • NFS supports the end-to-end auction process from onboarding to bid collection, contract execution and payment facilitation. 
    • GPs can set auction parameters and timing. 
    • NFS introduces buyer groups to GPs, who can approve, deny or add buy-side participants.

    Benefits for LPs

    • LPs get regular access to the secondary market and exposure to NFS’s institutional buyer community. 
    •  The NFS platform helps reduce the operational burden around secondary transactions - integrating diligence, price discovery, election and payments into a single workflow. 
    • LPs may free up capital from older vintage funds to commit to new fundraises.
    • LPs get regular access to the secondary market and exposure to NFS’s institutional buyer community. 
    •  The NFS platform helps reduce the operational burden around secondary transactions - integrating diligence, price discovery, election and payments into a single workflow. 
    • LPs may free up capital from older vintage funds to commit to new fundraises.
    The State Of Secondaries: Embedded Liquidity, with Nasdaq Fund Secondaries
    In this episode of The State of Secondaries, we give you an insider's view into the work we are doing at Nasdaq Fund Secondaries to build greater access to liquidity into the structure of private funds. Patrick Adrian, Head of Registered Fund Products, is joined by Christoffer Tinsley, VP, and Rory Mabin, Head of Traditional Secondaries, to discuss our Embedded Liquidity offering.
    Oct 11, 2023

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