• The Secondary Market’s Mainstream Moment

    Public markets were weak over the past week, with the S&P500/Nasdaq100 -3%/-5%. YTD the S&P500/Nasdaq100 are now +13/+17%. In our view, weak performance was driven primarily by concerns about labor market weakness and AI “bubble” anxiety. Our NPM Private Market Tracker*, which shows the average price performance of the 50 largest names in our internal…

  • The Wait is Over

    Public markets were strong over the past week, with the S&P500/Nasdaq100 +2%/+3%. YTD the S&P500/Nasdaq100 are now +17/+23%. In our view, strong performance was driven primarily by hope of a China trade deal and a 25bp rate cut by the FOMC. Our NPM Private Market Tracker*, which shows the average price performance of the 50…

  • Nasdaq Private Market Appoints James Brooks as Chief Strategy Officer 

    NEW YORK – October 29, 2025 – Nasdaq Private Market (“NPM”), a leading provider of secondary liquidity for private companies, investors and employee shareholders, today announced the appointment of James Brooks as Chief Strategy Officer. In this role, Brooks will lead the company’s corporate and product strategy, oversee the firm’s product organization and serve as…

  • Flight Club

    The S&P 500 and Nasdaq 100 each ended the week up about 1%, buoyed by strong earnings from technology companies and banks (though Tesla and Netflix were notable underperformers on earnings). YTD the S&P500/Nasdaq100 are now +16/+19%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in…

  • Artificial Intelligence, Real Bubble?

    Public markets were soft over the past week, with the S&P500/Nasdaq100 -2%/-2%. YTD the S&P500/Nasdaq100 are now +13/+17%. In our view, weak performance was driven primarily by China tariff fears and weakness in certain regional banks (e.g. ZION) around credit concerns. (Source: Bloomberg) The U.S. equity market today reflects at least two potential symptoms of…

  • As Good as it Gets?

    Public markets were up slightly over the past week, with the S&P500/Nasdaq100 +1%/+2%. YTD the S&P500/Nasdaq100 are now +15/+20%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our internal Tape D® data, is now +25% YTD. (Source: NPM; Bloomberg)​​​​ Reaching for records. Several indicators of…

  • Understanding Eligibility: Who Can Sell in a Tender, and How Much?

    Tender offers can be an exciting opportunity to turn private company equity into cash. But if you’re preparing to participate, you might quickly realize it’s not always as simple as selling everything you own. Companies typically set eligibility rules and seller limits to control who can participate – and how much they can sell. Here’s…

  • The Benefits of Company-Led Tenders for Employees, Issuers, and Investors

    Private companies are staying private longer than ever, which means employees and early investors often wait years before an IPO or acquisition, or in other words, an opportunity to receive cash in exchange for their equity. That’s where company-led tender offers come in. Unlike ad hoc secondary sales, which are often blocked, tenders are organized…

  • A Beginner’s Guide to Liquidity: What It Means for Employees and Shareholders

    If you work at a private company, chances are some of your compensation comes in the form of equity – stock options, RSAs, RSUs, or other ownership. It’s exciting to think about, but until you can actually sell those shares, the value is locked up on paper. That’s where liquidity comes in. Liquidity is simply…

  • The Basics of Equity Compensation: Making Sense of Your Stock

    If you work at a private or public company, chances are your compensation package includes more than just a paycheck. Many companies — especially in tech and high-growth industries — also grant equity compensation. It’s a way to make you an owner in the business, sharing in its success if the company grows. But here’s…