The SP500, Nasdaq100, DJII and Russell 2000 all hit all-time highs this week which, has only occurred on 25 other days this century. YTD the S&P500/Nasdaq100 are now +12/+14%. In our view, positive performance was driven by continued optimism about the prospects for rate cuts, beginning with the next Fed meeting on 9/17, despite inflation data on 9/11 that was “hotter” than expected. 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 +33% YTD, slightly lower on the week. (Source: NPM; Bloomberg)
SPVs: An increasingly important part of private markets. Industry estimates project that private markets will grow from $13 trillion AUM today to more than $20 trillion by 2030. SPVs help provide liquidity in this growing market by allowing retail investors to pool capital to meet minimum investment requirements and gain access to private investments. In most cases, an SPV will own shares in a company and investors, as LPs, will have exposure by owning shares in the SPV. (Source: Blackrock, WSJ)
While structures are likely to evolve over time, the number and size of deals is growing. Over the last two years, the number of secondary SPVs grew by 545% and total capital raised surged by 1,000%. The average SPVs is also growing in size. Carta notes that in 2023, the median size of SPVs larger than $10m+ on its platform was almost $22.6 million, up from a median $15.2 million in 2019. In 2025 alone, Nasdaq Private Market has originated 13 SPV deals with ~$115 million AUM. (Source: Pitchbook, Carta, NPM)
While we view SPVs as an increasingly necessary part of providing liquidity in this market, however, there are still some challenges. For instance, companies have differing views on SPVs, meaning some have taken steips to prevent SPV creation of their shares. Others, however, view retail investors as an important constituency and appreciate the role that SPVs can play in aggregating them while keeping capital structures relatively simplified.
BIGGEST MOVERS AND TOPICAL NAMES
Based on our proprietary Tape D® data, the best performers of the large cap names in the private market thus far in 2025 have been Anthropic (+248% share price performance), Payward (aka Kraken; +165%), Anduril (+165%) and x.AI (+163%). (Source: NPM)
This commentary is not a recommendation, offer, solicitation of an offer, or advice to buy or sell securities by Nasdaq Private Market, LLC, NPM Securities LLC, SecondMarket Financial LLC, or any of its affiliates (collectively, “NPM”). Securities related services are offered through NPM Securities, LLC (“NPMS”), member of FINRA/SIPC. SecondMarket Financial, LLC (“SMF”) is an SEC-registered investment adviser.
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