Hey Kevin, for transactions check out Hiive (hiivemarkets.com). FYI, Secondmarket does not exist anymore and CartaX (Carta's private stock brokerage business) doesn't either. Today the leaders are Forge and Hiive.
Why isn’t there a real-time benchmark for funds: This is a feature not a bug. Cliff Asness has written a lot about how private equity and venture capital perform volatility laundering by reporting quarterly and not marking portfolios down to public market estimates.
Same rationale applies for the challenges of private market liquidity: I (the PE/VC firm) would only want liquidity when I want to exit, and I wouldn't want to mark my portfolio to market during times of stress. This game of asymmetric info will have bad outcomes for the investors willing to purchase private market secondary shares in companies. It's worth noting that there is a market for LP secondary stakes in PE/VC; the VC stakes traded at a 30% discount to NAV in 2022.
Hey Kevin, for transactions check out Hiive (hiivemarkets.com). FYI, Secondmarket does not exist anymore and CartaX (Carta's private stock brokerage business) doesn't either. Today the leaders are Forge and Hiive.
Why isn’t there a real-time benchmark for funds: This is a feature not a bug. Cliff Asness has written a lot about how private equity and venture capital perform volatility laundering by reporting quarterly and not marking portfolios down to public market estimates.
Same rationale applies for the challenges of private market liquidity: I (the PE/VC firm) would only want liquidity when I want to exit, and I wouldn't want to mark my portfolio to market during times of stress. This game of asymmetric info will have bad outcomes for the investors willing to purchase private market secondary shares in companies. It's worth noting that there is a market for LP secondary stakes in PE/VC; the VC stakes traded at a 30% discount to NAV in 2022.