A partner for every chapter of your private lifecycle.

A company-sponsored event in which employees and shareholders (typically more than 12) are invited to sell shares at a specific price during a defined window. The purchaser can be the company itself (a buyback), a third-party investor, or a combination.

Tender offers are the most common company-structured liquidity event for private companies. NPM manages the entire tender offer lifecycle — structuring the program, providing benchmarks on pricing, eligibility, transaction caps, and timing; sourcing qualified institutional buyers; handling employee and shareholder communications; managing regulatory filings and compliance; and running the transaction through patented settlement infrastructure. Most programs complete in 3–6 weeks.

A larger, faster-moving secondary transaction in which a single seller — often an investor — works with NPM to find institutional buyers for a large position. Different structural requirements, timelines, and investor base than a tender offer.

Both tender offers and block trades execute through the NPM platform, but they serve different needs. Tender offers are company-sponsored and broad-based; block trades are typically investor-led and concentrated. NPM’s Capital Solutions team builds the buyside book, vets the buyers, and manages execution discreetly — protecting the cap table and the equity story.

A company-structured liquidity event in which the company selects a group of investors and runs a competitive process to determine the market price for its shares. Useful when a company has not had a recent valuation or wants to reflect improved performance since its last financing.

Buy-side auctions are an alternative to traditional tender offers when price discovery is the priority. The company invites a curated set of institutional investors to bid; the resulting clearing price reflects current market demand for the company’s shares. NPM structures, runs, and settles the auction end-to-end.

An invite-only, centralized marketplace where buyers and sellers transact over a defined period. NPM’s platform matches orders based on a defined matching process. Windows can remain open for weeks or months, giving issuers flexibility on timing.

Trading windows allow a company to have flexibility on control parameters such as eligibility, timing and matching logic. A company can have multiple trading windows under one set of “rules and procedures’ that take place throughout a year.

A regulated broker-dealer authorized to place private securities with institutional investors. NPM’s Capital Solutions team operates as a registered placement agent for primary capital raises and secondary liquidity events

As a registered placement agent, NPM structures investor materials, identifies aligned LPs, runs an organized outreach process, and manages the placement through close. Registration and regulatory oversight provide both issuer and investor with assurance that the placement is being conducted within the appropriate compliance framework.

NPM holds a US patent on its private securities settlement process and technology. The patented infrastructure handles multi-party coordination, beneficial ownership tracking, AML/KYC verification, and state-level Blue Sky compliance in one integrated layer.

Private market settlement is structurally different from public market settlement — it requires multiparty coordination among broker, transfer agent, custodian, and compliance teams. NPM’s patented infrastructure (US patent #10,552,829) was engineered specifically for that complexity, replacing PDF back-and-forth and fragmented systems with a single integrated workflow.

We work with private companies across all sectors from Seed stage to Later stage. Most typically VC-backed companies at the growth or late stage which have raised institutional funding and are building toward a public market exit. Our programs are designed for companies with complex cap tables, institutional shareholders, and employees who have been waiting years for liquidity. We’ve supported some of the most recognized private companies in the world, including Spotify, Snowflake, Datadog, GitLab, Coinbase, and Asana.

No. Many of our clients run liquidity programs years before they’re ready for an IPO — and some never go public at all. Our platform is designed to help private companies manage the full lifecycle of their equity program, regardless of where they are in their journey. That said, companies approaching an IPO often find that running recurring liquidity programs reduces pressure from shareholders and simplifies the public offering process when the time comes.

NPM manages the entire tender offer lifecycle on your behalf. We start by helping you structure the program and providing benchmarks of typical market structures around pricing, eligibility, transaction caps, and timing. We then source qualified institutional buyers to participate on the buyside, handle employee and shareholder communications, manage regulatory filings and compliance, and run the transaction through our patented settlement infrastructure. We provide a number of additional resources for shareholder and employee experience in the form of town halls and wealth advisory services with the goal of redirecting as many questions as possible away from the company. From launch to close, most programs complete in 3–6 weeks.

A tender offer is a company-sponsored event in which employees and shareholders (typically more than 12 shareholders) are invited to sell shares at a specific price during a defined window. The purchaser in the transaction can be the company (buyback), a third-party investor, or a combination. A block trade is typically a larger, faster-moving secondary transaction in which a single seller — often an investor — works with NPM to find institutional buyers for a large position. Both are executed through our platform, but they have different structural requirements, timelines, and investor bases. NPM can help you determine which structure is right for your situation.

While a tender offer is the most common company-structured liquidity event, there are other structures NPM can facilitate — namely buy-side auctions and trading windows. In a buy-side auction, the company selects a group of investors and runs a competitive process to determine the market price for its shares. This structure is useful when a company has not had a recent valuation or wants to reflect improved performance since its last financing. A trading window (continuous trading) is an invite-only, centralized marketplace where buyers and sellers can transact over a defined period. NPM’s platform then matches orders based on a defined matching process. These windows can remain open for weeks or months, giving participants flexibility on timing and maximizing overall participation.

Yes — that’s one of the core advantages of working with NPM. Our Capital Solutions team handles primary capital raises as a registered placement agent. Our Nasdaq Private Market platform handles secondary transactions including tender offers, block trades, and structured fund investments. Because both capabilities exist under one roof, we can structure a combined primary and secondary transaction that is tied to the primary. This is a common approach for late-stage companies that want to raise new capital while giving existing shareholders some liquidity.

Yes. NPM is cap table agnostic and works with any provider. We have a direct integration with Pulley that lets you connect your cap table to NPM with one click — pulling participant eligibility, share class, vesting, and ownership data into the program automatically, with no manual exports or reconciliation. For companies on other platforms (Carta, Shareworks, Pulley, AngelList, and others), we work with your team and transfer agent to ensure all participant data, share movements, and beneficial ownership records are properly synced and recorded throughout the transaction.

Cap table integrity is central to how we design every transaction. We are cap table agnostic and work with any cap table provider. We vet all buyers before they participate — qualifying them as institutional investors and confirming they meet any restrictions your company has established. We work with your legal team and transfer agent to ensure all transfers are properly documented and recorded. Our settlement infrastructure provides a clear, auditable chain of beneficial ownership through every step of the transaction — so you always know exactly who owns what.

NPM holds a US patent on its private securities settlement process and technology. This isn’t just a badge — it’s the result of years of engineering purpose-built infrastructure to solve the specific operational, compliance, and multi-party coordination challenges of private securities transactions. It means that when you execute through NPM, you’re using technology designed specifically for the complexity of private markets — not an adaptation of public market systems.