GPs can engage NFS on an individual basis to support all or part of a tender offer secondary process, from launch through closing - offering a structured workflow, monitoring and transparency.
NFS works with GPs to facilitate seamless transaction management for single-asset CVs, multi-asset CVs, and strip sales through a single workflow. Our technology helps GPs manage price discovery and bid submission, LP election, document execution and closing – allowing key stakeholders to monitor each stage.
A GP offers regular (e.g. quarterly) liquidity events across one or more funds. GPs can accept or reject offers for LP interests from secondary buyers- allowing GPs to provide structured liquidity opportunities for LPs while maintaining control.
NFS may Support any part of the transaction, from launch through closing.
Embedded Liquidity™ is a provision written into a fund’s offering documents designating NFS as the GP's liquidity partner, with liquidity events typically starting around year 5- signaling to investors that a liquidity strategy is in place, should it become necessary.
The Nasdaq Fund Secondaries technology 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).
By using NFS’s QMS, eligible GPs can increase liquidity thresholds from 2% to 10% of a fund's total value annually, allowing GP’s to more quickly clear PTP queues.
A US-based Tier 1 bank sought a more efficient, predictable way for investors in their 420+ conduit funds to access liquidity.
The bank partnered with Nasdaq Fund Secondaries (NFS) to provide scheduled auctions, whereby investors can come to the NFS technology platform on a quarterly basis to sell fund interests to manager-approved buyers.
As of Q4 2025, these events have resulted in over $134 million in transacted NAV. The quarterly auctions transformed the’ liquidity process for the bank’s private fund investors, enabling regular, efficient transactions and better investor support. The partnership highlighted how technology can modernize private fund management for global institutions at scale without increasing complexity.
A leading US-based asset manager, with over $2 trillion in assets, sought better liquidity options for its global private fund investors.
To meet this goal, the asset manager partnered with NFS to set up semi-annual liquidity events, where investors could sell fund interests in secondary transactions with end-to-end support from NFS technology. This partnership leveraged the asset manager’s institutional reach and NFS’s integrated technology, structured workflows, and real-time visibility on each deal, offering a simplified liquidity process for the asset manager's private fund investors.
With early success, the manager broadened liquidity offerings to its entire global network of investors.
As of 2025, over $100 million in Net Asset Value (NAV) changed hands through these events, with more than $30 million transacted in the largest event. Investors gained easier access to liquidity, faster transactions, and reliable institutional support. The partnership established new standards for providing liquidity in private funds by combining established financial expertise with modern secondary liquidity solutions.
A global tech-focused GP with $12 billion in assets sought a solution to scale their tender offer process. Previously, liquidity events were handled individually, making the process slow and complex.
In coordination with a leading secondary advisor and NFS’s technology, the manager coordinated a tender offer across the main fund and sub-vehicles, handling LP elections, payments, and closing. Over 60 LPs participated in the first liquidity event.
Seeing early success, the manager expanded liquidity offerings to its global investor base.
The partnership led to over $830 million in NAV transacted in one event and more than $100 million across various events in three years, with individual transactions over $30 million. Investors gained faster liquidity and reliable support, and the collaboration set new standards for private fund liquidity by uniting financial expertise with modern solutions.
Hunter Point Capital (HPC), a US-based investment firm, manages a $3.3 billion GP stakes fund- the largest debut GP Stakes fund specifically focused on private market strategies. With a portfolio composed of perpetual-life assets, HPC wanted to offer a structured way for investors to be able to exit their fund if and when the need arose, due to its perpetual nature. In a competitive fundraising environment, HPC sought a solution that would differentiate its offering and address investor's liquidity concerns upfront.
To meet these objectives, HPC partnered with NFS to implement an Embedded Liquidity™ solution within its fund structure. NFS was included in the fund’s Limited Partnership Agreement (LPA) as the designated provider for liquidity events. Beginning in year five of the fund, NFS committed to organizing bi-annual, GP-sponsored liquidity events, offering all limited partners (LPs) the opportunity to access liquidity in a transparent and efficient manner. This partnership leveraged NFS’s market-leading technology and expertise to streamline the process and support HPC’s investor base worldwide.
By embedding scheduled liquidity events, HPC was able to set its fund apart in a crowded market, appealing to investors seeking flexibility and institutional-grade solutions, and positioned HPC as an innovator in private fund management.
A prominent family office managing $122 billion in assets struggled with inefficient, one-off private fund liquidity transactions. Investors often faced fragmented processes when seeking liquidity for their holdings.
To address these challenges, the family office partnered with NFS to implement quarterly liquidity events for their private fund investors. This shift brought predictable, regular opportunities for liquidity across the office’s private fund portfolio, improving efficiency and transparency.
The collaboration grew to include the sale of an entire feeder commitment to a BDC, totaling about $9 million in NAV, highlighting the partnership’s flexibility and ability to manage both routine and complex transactions.
