White Papers

1H 2017 Private Company Report

The first half of 2017 was the busiest period to date for private company liquidity programs conducted on the Nasdaq Private Market platform. Companies continue to use partial, controlled liquidity as a valuable recruitment and retention tool while growing privately. In our 2017 Mid-Year Private Company Report, we break down the liquidity program activity on the NPM platform during the first half of 2017.

NPM Alternatives Overview

Rapid growth in alternative investments in the past decade has resulted in increased interest from high-net-worth investors and smaller institutions. But the lack of liquidity in these products leaves these investors cautious of participating. New innovations are needed to further open up these investment opportunities. 

SEC No-Action Relief Letter

Nasdaq Private Market was granted limited exemptive relief by the SEC from Rule 102 of Regulation M under the Securities Exchange Act of 1934.  This exemption allows Nasdaq Private Market to conduct periodic liquidity auctions for certain ‘40 Act products.

2016 Private Company Liquidity Report

Liquidity continues to be an important recruitment and retention tool for private companies. As companies stay private longer, they are using private tender offers (otherwise known as “liquidity programs”) to offer their employees and shareholders partial, controlled liquidity through NASDAQ Private Market’s Private Tender Offer solution. In our 2016 Private Company Liquidity Report, we analyze the 32 liquidity programs ($1BN+ in private secondary volume) conducted on our platform in 2016.

1H 2016 Private Company Report

Momentum in activity in the private company secondary market continued in the first half of 2016 admist softening valuations and a slowdown in the IPO market. Read our 2016 MId-Year Private Company Report to find out what happened.

Best Practices for Running a Private Tender Offer

The number of late-stage private companies conducting periodic private tender offers for shareholder liquidity has skyrocketed in the last few years. However, while private tender offers are becoming increasingly commonplace in the private markets, many companies seem to struggle with how to efficiently conduct them. This whitepaper gives a comprehensive overview of the considerations, mechanics and best practices for running a private tender offer.

RAISE Act Infographic

As a market leader in helping private companies facilitate secondary transactions, we analyzed liquidity programs facilitated by our technology platform during the past two years to determine whether the level of disclosure provided by issuers in those programs would have satisfied the Section 4(a)(7) information requirements of the RAISE Act.

2016 SXSW Private Company Survey

NASDAQ Private Market conducted a survey of founders, executives and employees from start-up companies attending the South by Southwest (SXSW) Interactive Festival in Austin, Texas. Nearly half of the company respondents believe their companies will remain private indefinitely, representing a 62 percent increase in related sentiment from 2015. An overwhelming majority – 80 percent – say that employees should have the opportunity to sell a portion of their shares before an IPO or exit.

Private Company Liquidity - A Year In Review

In our 2015 Year-End Private Company Report, the first since NASDAQ Private Market acquired SecondMarket, we take a look at the growing phenomenon of private company liquidity. Using data from programs on both the NASDAQ Private Market and SecondMarket platforms, we analyze the top-line trends and how and why private companies use private tender offers to deliver liquidity to their shareholders.

How Regulation A+ Can Help Private Companies Raise Money

The new rules allow companies to take on investors with fewer costly requirements. Brought to you by NPM and The Wall Street Journal this white paper looks at the history of Reg and the future potiental of Reg A+.