Nasdaq Fund Secondaries (NFS)

provides a centralized model for General Partners to facilitate GP-led secondary transactions for their investors.

This Solution Helps

  • Private Equity
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Nasdaq partners with leading secondary advisors to streamline execution for general partner-sponsored secondary transactions.

By combining industry-leading secondary advisory capabilities with Nasdaq's innovative technology, scalable execution and improved transaction efficiencies are created, resulting in deal process transparency and real-time data view ability.

How It Works

The Nasdaq Fund Secondaries platform is an end-to-end, customizable technology built to handle secondary transactions in funds of any type, which allows for full visibility into the GP-led tender offer process at every step of the program.

  • Data Collection

    The General Partner (GP) provides investors’ holding data, disclosure financials, and eligible participants. If the GP does not provide full holdings, eligible participants are required to send notice, consent agreement, and collect holdings data from each investor on the Nasdaq Fund Secondaries platform.

  • Seller IOI

    Sellers sign a non-disclosure agreement (NDA) and platform terms agreement to gain access to sensitive information.

  • Buyer Participation

    Nasdaq Fund Secondaries collects detailed data to apply cutback/undersubscription rules and pricing. Buyers can electronically sign a binding letter of intent/offering agreement up to the commitments designated before the bidding process begins.

  • Seller Participation

    Sellers are notified of Tender Offer & required Agreements and either accept or reject offer price at a selected commitment level. Sellers can electronically sign letter of intent/offering agreement before the bidding process begins.

  • Matching, Agreements & Payment

    Final match orders are shown on the Nasdaq Fund Secondaries platform and Sellers and Buyers can sign/countersign Transfer and PSA agreements. Closing package is sent to GP with individual, final results displayed to buyers and sellers on platform, and Nasdaq Fund Secondaries' affiliates may wire payments to Sellers on behalf of the GP or Buyers.

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