Registered Fund Liquidity

A pioneering, regulated platform for building liquidity and growing permanent capital.

  • ’40 ACT CLOSED END FUNDS
  • INTERVAL FUNDS
  • BUSINESS DEVELOPMENT COMPANIES

Even today, Asset Managers face compromises and limited options when deciding how to offer liquidity to investors. 

With few exceptions, the options are limited to mechanisms like tender offers and redemptions that place capital pressure on funds themselves.

Nasdaq Private Market has developed a new market standard for alternative investments that move beyond these burdensome solutions.

We will provide investors new opportunities to enter and exit these funds through a simple, practical solution that benefits managers and investors alike.

The Nasdaq Private Market liquidity feature will become the new market standard in registered fund products.

At the heart of the Nasdaq Private Market solution is a flexible, auction-based technology designed to bring investors seeking liquidity and interested secondary market participants together.

The model adapts to the varying needs of different registered product structures by layering in other liquidity options, changing the frequency of liquidity events, and engaging with a broad array of secondary liquidity providers.

Nasdaq Private Market has worked closely with several regulatory agencies to ensure that our innovative platform is also compliant with rules and regulations.

 

  • Offers solutions that address liquidity challenges across registered product structures.
  • Combines the flexibility of monthly secondary auctions with ability to engage in periodic tender programs.
  • Specifically developed to operate in compliance with securities law.

Liquidity Options for Registered Funds

Flexibility to offer efficient liquidity solutions across a variety of registered investment products.

Auction Only

Concentrate liquidity into centralized auctions
Ensure rapid development of a robust secondary market
Avoid unnecessary asset sales or cash drag from fund sponsored tender programs

Interim Auctions

Offer interim auctions between periods of tenders Offer investors more liquidity events Reduce reliance on inside-fund liquidity options Transition smoothly to an auction model

Dual Liquidity

Provide choice for investors with dual liquidity mechanisms, auctions and annual tenders Augment fund sponsored liquidity with market based liquidity

NPM operates a registered ATS to help facilitate transactions in a number of registered products. It received a limited exemption from the SEC to conduct auction-based liquidity programs in 2017.

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