Nasdaq Private Market

Nasdaq Private Market is a a trading platform for shares in companies that haven't yet gone public. It provides technology and capital market support for these private companies. In 2020, Nasdaq Private Market facilitated 90 liquidity programs for private companies, with a total program value of $4.5 billion, according to the company’s annual report.
== History ==
Nasdaq Private Market was formed in 2013 to offer companies alternative liquidity solutions while remaining private. 
In October 2015 Nasdaq agreed to buy SecondMarket Solutions in a joint venture with SharesPost to combine forces to facilitate the exchange of shares for private companies, including DocuSign, Pinterest, Shazam and Tango. Nasdaq took full ownership of the Nasdaq Private Market in 2015.
On July 20, 2021, Nasdaq, SVB Financial Group (“SVB”), Citi, Goldman Sachs, and Morgan Stanley entered into a joint venture that spun off Nasdaq Private Market as a standalone, independent company to establish an institutional-grade, centralized secondary trading venue for issuers, brokers, shareholders and prospective investors of private company stock. Nasdaq Private Market received strategic investments from SVB, Citi, Goldman Sachs, and Morgan Stanley.
According to a Nasdaq press release, the new platform will continue to manage and support private company stock transactions including tender offers, buyside book-building, auctions, investor block trades, company directed windows of liquidity and pre-direct listing continuous trading. It will also provide end-to-end settlement process management and an inter-broker global marketplace through its existing alternative trading system for all customers from employees to institutions to access and transact.
In February of 2024, UBS, Wells Fargo and BNP Paribas and DRW Holdings became investors in Nasdaq Private Market as it announced the closing of a $62.4 million funding round.
== Products and Services ==
Nasdaq Private Market helps facilitate controlled liquidity programs for pre-IPO companies looking to raise secondary capital for shareholders and investors. It also helps create liquidity in alternative investment funds and a sustainable marketplace for leading private funds.
== Technology ==
Nasdaq Private Market launched its "next-generation" NPM SecondMarket platform on September 19, 2024. SecondMarket offers a wide breadth of combined services across each segment of the private market ecosystem including private companies, employees, investors, and intermediaries. It features custom tools and data for sophisticated investors, as well as "intuitive" technology that simplifies the process of selling private shares for millions of private company employees. The transactions are facilitated in alignment with private companies.
NPM SecondMarket consists of four main components:   
* The SecondMarket Company Workstation, which streamlines the process of structuring and facilitating tenders for the purpose of offering liquidity to private company employees and investors. 
* The SecondMarket Employee Workstation, which empowers private company employees to sell shares via an end-to-end, electronic, self-service platform connected to an active network of institutional buyers. 
* The SecondMarket Investor Workstation, designed to meet the needs of the most sophisticated professional investors.
== Key People ==
* Tom Callahan, Chief Executive Officer
* Eric Folkemer, President, Chief Operating Officer, and Co-Founder
== References ==