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2023 State of the Private Market

The 2023 State of the Private Market report explores the trends shaping the secondary market. The report provides analysis on which industries, companies, and types of investors were most active in the market, and much more.

Report Highlights

  • In 2023, private company executives continued to reconsider their pre-IPO fundraising and liquidity strategies, whether halting activities altogether or structuring insider-led rounds, convertible assets, or company-sponsored secondaries.
  • Even with the pullback in venture capital funding in 2023, certain segments of the market attracted massive outlays of capital with artificial intelligence giants Anthropic and OpenAI absorbing upwards of $15 billion in investment alone.
  • Multi-year highs in participation rates across Nasdaq Private Market (NPM)-facilitated secondaries reached median levels of 53% in 2022 and 75% in 2023, compared to a historical median of 48%, which pointed to pent-up sell-side supply.
  • Despite the market consolidation and pullback in quantity of structured secondaries since 2021, NPM facilitated $3.3 billion in transactional volume in 2023.

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