The Exchange That Lists IPOs Is Building the Infrastructure for Not Going Public: Nasdaq's Secondaries Play

Finance professionals reviewing private-company ownership and secondary-market transactions in a bright office

As of October 20, 2026

Nasdaq Private Market’s recent moves point to a growing role for infrastructure that supports liquidity before a public listing, or without one. On October 15, Nasdaq Private Market (NPM) announced that it had completed its acquisition of Nasdaq Fund Secondaries, LLC and subsidiary NFSTX, LLC. On October 20, FactSet and NPM announced a partnership to make NPM cap-table data available through FactSet Workstation.

Together, the announcements connect two parts of the private-market process: transactions in private-company shares and transfers of interests in private funds, supported by more detailed ownership data. The developments do not establish that public markets are ending. They do show that private-market liquidity and information services are becoming more developed as companies and investors manage ownership for longer periods outside public markets.

One platform for two types of private-market liquidity

The acquisition combines NPM’s direct private-company share activity with fund-level secondary transactions. Company-share trades concern ownership in a specific private business. Fund secondaries concern the sale or transfer of an investor’s interest in a fund, whose exposure may span multiple companies and include remaining commitments and fund-specific rights.

The transactions differ in what is being sold, how it is valued, and what approvals may be required. Bringing them under one platform does not make them interchangeable. It gives NPM a broader set of capabilities to serve investors and managers seeking liquidity across different types of private-market holdings.

Nasdaq Private Market said the acquisition was first announced in July and was completed on October 15. The company also named Marshall Widom Managing Director and Head of Fund Secondaries, effective November 2026. Widom joins from PJT Partners, where he advised institutional clients on LP- and GP-led secondary transactions, including continuation vehicles and LP portfolio sales.

NPM described the expanded offering as combining technology with institutional advisory and execution. According to the company, it has executed more than $80 billion in secondary transaction volume. The acquisition announcement is available from Nasdaq Private Market and GlobeNewswire.

Finance professional reviewing a private-company cap table and transaction information on a laptop

Scale makes the infrastructure relevant

The October 15 announcement cited global secondary-market volume of approximately $233 billion in 2025, a 53% increase from the prior year, based on Jefferies’ 2025 Global Secondary Market Review. Activity was divided nearly evenly between LP-led and GP-led transactions.

An LP-led sale typically involves a limited partner selling an existing fund interest. A GP-led transaction is initiated by a general partner and can include a continuation vehicle, which allows one or more assets to remain under management while existing investors are offered a liquidity option.

The distinction matters because liquidity needs can arise at different levels. An investor may seek to sell a fund interest to adjust a portfolio, manage commitments, or reduce exposure to a particular manager or vintage. A fund manager may seek to provide liquidity to some investors while retaining an asset. A shareholder in a private company may seek to transfer shares without waiting for an IPO or company sale.

This activity is part of a broader shift toward longer private-company lifecycles. Companies may raise successive rounds of private capital before considering a public listing. Investors, employees, and fund managers can consequently face liquidity requirements while the underlying company remains private. Secondary-market infrastructure can help facilitate those transactions, subject to eligibility, transfer restrictions, company or fund approvals, and applicable law.

FactSet partnership focuses on ownership data

The FactSet–NPM partnership announced on October 20 is intended to make NPM capitalization-table data available through FactSet Workstation. A capitalization table, or cap table, records a company’s ownership and securities, including share classes and changes that may result from financings, secondary sales, or dilution.

According to the partnership announcement, the data is intended to support due diligence, valuation analysis, and deal sourcing. FactSet stated that NPM’s cap-table information is backed by verifiable, auditable documentation and filings. The data is expected to complement FactSet’s existing coverage of private companies, funding, transactions, and mergers and acquisitions.

The importance of this development is practical. Private-company ownership can change through multiple funding rounds, employee equity programs, share transfers, and other events. Data that reflects ownership and share classes may help analysts assess a company’s capital structure and understand how ownership has evolved. It can also support evaluation of potential transactions, although data access does not eliminate the need for independent verification, legal diligence, or company-specific analysis.

Institutional investment professionals reviewing fund portfolio information in a meeting room

What this signals about the next decade

The combined announcements highlight several developments that may shape private markets over the coming decade.

First, liquidity tools are expanding alongside private-company lifecycles. Secondary transactions may offer another route for eligible investors to transfer interests or shares when conventional exits are unavailable or not yet pursued. They are not equivalent to public trading: transfers can remain restricted, transactions may be negotiated individually, and a sale may not be completed.

Second, fund-level and company-level liquidity are being treated as connected needs. NPM’s acquisition places direct-share and fund-secondary capabilities within one organization. The operational processes remain distinct, but a platform serving both areas may be positioned to work with a wider range of investors and managers.

Third, data quality is becoming central to private-market participation. As more capital remains invested in private companies and funds, ownership information and transaction histories become more consequential to diligence. The FactSet partnership reflects an effort to incorporate cap-table information into an established financial-data workflow. It does not make private-company information comprehensive or remove uncertainty in private valuations.

Fourth, a deeper private-market ecosystem does not mean that public listings have lost their function. IPOs provide companies with access to public capital and create a regulated trading venue for listed shares. Secondary transactions serve different purposes and may provide limited liquidity before or instead of a listing. The relevant signal is not that all companies will remain private; it is that liquidity, data, and transaction services are being developed for a market where private ownership can persist for longer.

Finance executive beside a display illustrating private-company ownership connections

Considerations for investors and fund managers

Secondary-market participation requires analysis of the specific security or fund interest, transfer provisions, valuation basis, expected holding period, and potential exit routes. In a fund-interest transfer, relevant factors may include reported NAV, portfolio composition, unfunded commitments, fees, fund duration, and general-partner consent. In a company-share transaction, relevant factors may include share class, issuer transfer restrictions, rights of first refusal, dilution, and the company’s financial and operational position.

Better data infrastructure may support diligence, but it cannot guarantee accuracy, liquidity, price discovery, or a successful transaction. Private assets may be difficult to value and sell, and the information available may be limited. Any proposed transaction requires independent review of the relevant legal documents and applicable securities and regulatory requirements.

Stapleton Frost provides LP secondaries advisory, pre-IPO stock secondary trading services, and investment banking services. The firm’s website lists M&A advisory availability in Alabama, Arkansas, Connecticut, Delaware, Florida, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia, Washington, and West Virginia. Geographic availability and service eligibility may vary by transaction and applicable requirements.

Conclusion

Nasdaq Private Market’s acquisition of Nasdaq Fund Secondaries and its data partnership with FactSet reflect investment in the processes that support private-company and fund liquidity. The acquisition adds fund-level secondary capabilities to NPM’s direct-share business; the partnership is intended to make cap-table information more accessible within a financial-data platform.

The market signal is that private-market activity requires more than capital. It also requires transaction processes, ownership information, and mechanisms for transferring interests. As private companies remain private for extended periods, these capabilities are likely to become a more significant part of the financial-market infrastructure: alongside, not in place of, public exchanges.

Important disclosure: This material is provided for informational purposes only and is not investment, tax, accounting, or legal advice, nor an offer to sell or a solicitation to buy any security. Private securities and fund interests involve substantial risks, including illiquidity, loss of principal, valuation uncertainty, limited information, transfer restrictions, and delayed or unsuccessful transactions. Any transaction is subject to applicable laws, investor eligibility, required approvals, due diligence, and definitive documentation. Independent professional advice should be obtained before any investment or transaction decision.