Private Fund Liquidity

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.

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.

Replaced ad-hoc sales with a recurring, organized process for private fund liquidity.
Helped the family office better manage its portfolio and investor needs.
Successfully handled a multimillion-dollar divestment, demonstrating the solution’s adaptability.