Nasdaq Private Market (NPM), a leading provider of
liquidity solutions to private companies, their employees, and
investors, announced today that it has closed its Series B
financing. The $62.4 million round was led by
Nasdaq with participation from current investors
including
Allen & Company,
Citi, and
Goldman Sachs. New
investors in the Series B include
BNP Paribas,
DRW Venture Capital,
UBS, and
Wells Fargo.
Since its spinout from Nasdaq in 2021, NPM has
operated independently through an industry-backed consortium with a
mission to deploy cutting-edge technology to accelerate the
availability of secondary liquidity in private shares through its
high-integrity trading, settlement, and data platform. NPM services
some of the world’s most innovative private companies with their
liquidity needs for employees and institutional investors. The
company has executed more than $50 billion in transactional value
across 650 company-sponsored liquidity programs and block
trades.
NPM’s primary business lines include Company
Solutions, SecondMarket™ Trading Marketplace, Transfer and
Settlement, and Tape D™ Data and Analytics. Its Company
Solutions business supports private companies using proprietary
technology to facilitate tenders, auctions, and pre-direct listing
programs. NPM’s next-generation SecondMarket™ electronic
trading marketplace is bringing transparency and efficiency to the
block trading of private shares with a model fully aligned with the
interests of private companies. Its patent-pending Transfer and
Settlement technology streamlines the complex, burdensome process
of post-match workflows for companies and trading counterparties.
NPM’s Tape D™ product will aim to deliver on the market’s need
for actionable insights into trading activity and private company
valuations for employees and investors.
“We are proud to secure the support of this
prestigious group of partners, who share NPM’s passion to
transform, modernize, and institutionalize the private markets. For
too long, this $3.5 trillion asset class has been defined by
inefficiency, illiquidity, and information asymmetry. This
financing enables us to continue to build the critical
infrastructure required to accelerate the evolution of the private
markets into the modern age of efficient, transparent, and
regulated electronic marketplaces,” said Tom Callahan,
Chief Executive Officer, Nasdaq Private Market. “With many
companies electing to stay private longer, this mission is
essential to sustaining a robust and viable innovation
economy.”
“Nasdaq is pleased to lead NPM’s latest funding
round, accelerating our shared vision of advancing the maturity and
efficacy of the private markets in a manner that supports our
issuer, investor, and sell-side clients,” said Gary Offner,
Senior Vice President and Head of Nasdaq Ventures, Nasdaq,
and Chairman of the Board of Managers, Nasdaq Private
Market. “This investment demonstrates our commitment to
bringing deeper liquidity, transparency, and integrity to the
private markets, and represents our support of the world’s most
innovative companies for the full lifecycle of their journey from
private to public.”
“BNP Paribas Global Markets has an ambitious
strategy across multiple products in private markets. We’re
confident that the partnership with Nasdaq Private Market will help
deliver value to our clients and partners,” said Junaid
Baig, Head of Strategic Investments for Global Markets at
BNP Paribas.
“Citi is pleased to welcome the new investors.
The growing interest from our industry peers clearly demonstrates
the momentum NPM has built to bring efficiency and transparency to
private markets,” said Sandeep Arora, Head of Digital
Platforms & Emerging Capabilities, Citi.
“Nasdaq Private Market provides liquidity and
data for companies and investors that is in high demand but
historically has been difficult to source and validate,” said
Kim Trautmann, Partner and Head of DRW VC. “Part
of what makes the platform unique is its ability to provide both
deep insights on a single company and show investors a holistic,
visual view of the market data across their portfolio. This makes
it a fairly end-to-end solution, which will be very compelling as
we see the continued maturation of the secondary market for private
shares.”
“Investors are recognizing the value of
diversification and returns in the current uncertain macroeconomic
landscape, prompting a growing interest in private markets. Through
our commitment to Nasdaq Private Market, we aim to bolster
transparency, enhance liquidity, and optimize efficiency, thereby
fostering an environment that benefits companies, employees, and
investors by providing increased access to secondary market
liquidity,” said William Mathews, Global
Head of Sales Trading at UBS.
“As the secondary private market continues to
evolve and mature, we are excited to support Nasdaq Private Market
execute its mission to advance this market structure and to develop
private markets into a more versatile and liquid asset class,” said
Baljit Basi, Investment Bank Principal
Investments at UBS.
About Nasdaq Private
MarketNasdaq Private Market provides liquidity solutions
for private companies and their employees and investors throughout
each stage of the pre-IPO lifecycle. In 2013, the company was
founded within Nasdaq, Inc. In 2021, it became an independent
company with strategic investments from Nasdaq, Inc., Allen &
Company, Citi, Goldman Sachs, and Morgan Stanley.
Learn more at www.nasdaqprivatemarket.com. Visit
us on LinkedIn and on X @npm.
About NasdaqNasdaq (Nasdaq:
NDAQ) is a leading global technology company serving corporate
clients, investment managers, banks, brokers, and exchange
operators as they navigate and interact with the global capital
markets and the broader financial system. We aspire to deliver
world-leading platforms that improve the liquidity, transparency,
and integrity of the global economy. Our diverse offering of data,
analytics, software, exchange capabilities, and client-centric
services enables clients to optimize and execute their business
vision with confidence. To learn more about the company, technology
solutions, and career opportunities, visit us on LinkedIn, on
X @Nasdaq, or at www.nasdaq.com.
About Citi Citi, the leading
global bank, has approximately 200 million customer accounts and
does business in more than 160 countries and jurisdictions. Citi
provides consumers, corporations, governments, and institutions
with a broad range of financial products and services, including
consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth
management.
About Goldman Sachs The Goldman
Sachs Group, Inc. is a leading global financial institution that
delivers a broad range of financial services to a large and
diversified client base that includes corporations, financial
institutions, governments and individuals. Founded in 1869, the
firm is headquartered in New York and maintains offices in all
major financial centers around the world.
About BNP ParibasBNP Paribas is
the European Union’s leading bank and key player in international
banking. It operates in 65 countries and offers its clients
solutions across financing, investment, savings, and protection
insurance. As a key player in international banking, the Group has
leading platforms and business lines in Europe, a strong presence
in the Americas as well as a solid and fast-growing business in
Asia-Pacific. BNP Paribas across all its activities is committed to
the construction of a sustainable future, while ensuring
performance and stability.
About DRW Venture CapitalDRW is
a diversified trading firm with decades of experience bringing
sophisticated technology and exceptional people together to operate
in markets around the world. Headquartered in Chicago with offices
around the globe, the firm trades a number of asset classes,
including Fixed Income, ETFs, Equities, FX, Commodities and Energy.
For over a decade, it also has been a trusted investor in exciting
new projects through DRW Venture Capital, which operates as a
subsidiary of DRW. DRW VC is a stage-agnostic investor focused on
financial and enterprise technology companies that benefit from the
combination of its capital and expertise.
About UBSUBS is a leading and
truly global wealth manager and the leading universal bank in
Switzerland. It also provides diversified asset management
solutions and focused investment banking capabilities. With the
acquisition of Credit Suisse, UBS manages 5.5 trillion dollars of
invested assets as per third quarter 2023. UBS helps clients
achieve their financial goals through personalized advice,
solutions and products. Headquartered in Zurich, Switzerland, the
firm is operating in more than 50 markets around the globe. UBS
Group shares are listed on the SIX Swiss Exchange and the New York
Stock Exchange (NYSE).
About Well FargoWells Fargo
& Company (NYSE: WFC) is a leading financial services company
that has approximately $1.9 trillion in assets. We provide a
diversified set of banking, investment and mortgage products and
services, as well as consumer and commercial finance, through our
four reportable operating segments: Consumer Banking and Lending,
Commercial Banking, Corporate and Investment Banking, and Wealth
& Investment Management. Wells Fargo ranked No. 47 on Fortune’s
2023 rankings of America’s largest corporations. In the communities
we serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
AdvisorsJefferies LLC acted as
financial advisor and placement agent to Nasdaq Private Market, and
Cooley LLP served as legal advisor. Skadden, Arps, Slate, Meagher
& Flom LLP and Affiliates served as legal advisor to Nasdaq,
Inc., Goodwin served as legal advisor to Citi; K&L Gates served
as legal advisor to Goldman Sachs; WilmerHale served as legal
advisor to BNP Paribas, UBS, and Wells Fargo; and Morgan, Lewis
& Bockius LLP served as legal advisor to Morgan Stanley.
Media Contacts
Nasdaq Private MarketAmanda
GoldAmanda.Gold@npm.com
NasdaqMarleen
Geerlof347.380.3520marleen.geerlof@nasdaq.com
CitiGraham
Buck212.816.5173graham.buck@citi.com
Goldman SachsNick
Carcaterra212.855.9719Nick.carcaterra@gs.com
BNP ParibasPaul
Smith+44.7469.039431paulalexander.smith@uk.bnpparibas.com
DRW Venture CapitalGuy
King773.919.4687gking@drwholdings.com
UBSJosephine
Dencker+44.20.7567.4714Media Relations, Global Markets, UBS
Investment Bank
Wells FargoElizabeth C.
Lange760.421.9307Elizabeth.C.Lange@wellsfargo.com
Forward-Looking StatementsThis
press release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements with respect to the joint venture among Nasdaq
Private Market, Nasdaq, Allen & Company, Citi, Goldman Sachs,
Morgan Stanley, BNP Paribas, DRW Venture Capital, UBS, and Wells
Fargo and the benefits of the joint venture, and statements about
Nasdaq Private Market, Nasdaq, Allen & Company, Citi, Goldman
Sachs, Morgan Stanley, BNP Paribas, DRW Venture Capital, UBS, and
Wells Fargo and their respective products and offerings. We caution
that these statements are not guarantees of future performance.
Actual results may differ materially from those expressed or
implied in the forward-looking statements. Forward-looking
statements involve a number of risks, uncertainties, or other
factors beyond the control of the joint venture participants. These
factors include, but are not limited to, factors detailed in each
joint venture participant’s annual report on Form 10-K and periodic
reports filed with the U.S. Securities and Exchange Commission. The
joint venture participants undertake no obligation to release any
revisions to any forward-looking statements.
Disclosures and DisclaimersNPM
is not: (a) a registered exchange under the Securities Exchange Act
of 1934; (b) a registered investment adviser under the Investment
Advisers Act of 1940; or (c) a financial or tax planner and does
not offer legal or financial advice to any user of the NPM website
or its services. Securities-related services are offered through
NPM Securities, LLC, a registered broker-dealer and alternative
trading system, and member FINRA/SIPC. Transactions in securities
conducted through NPM Securities, LLC are not listed or traded on
The Nasdaq Stock Market LLC, nor are the securities subject to the
same listing or qualification standards applicable to securities
listed or traded on The Nasdaq Stock Market LLC.
Please read these other important disclosures and disclaimers
about NPM found here:
https://www.nasdaqprivatemarket.com/disclosures-disclaimer/
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