Nasdaq Fund Secondaries

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Nasdaq Fund Secondaries (NFS)

Private Fund Liquidity

We take secondaries out of spreadsheets with purpose-built technology. Our modern secondaries technology platform brings structure, speed, and scalability to the deal process- giving stakeholders a better, more strategic tool designed to manage and access liquidity.

About

The Standard in Secondaries

Continuing Nasdaq’s long legacy of pioneering what’s next for the financial system, our technology paired with our team of experienced professionals is transforming how our partners manage and access liquidity in the private market.

Seamless

We help our partners streamline a previously fragmented process with integrated technology, intuitive workflows, and built-in support, connecting each step of deal execution - regardless of deal size or structure.

: We help our partners streamline a previously fragmented process with integrated technology, intuitive workflows, and built-in support, connecting each step of deal execution - regardless of deal size or structure.

Structured

NFS introduces transparency and repeatability to the secondaries process. From deal launch through closing, our workflow solution replaces a patchwork of manual effort with steps that follow a defined, institutional-grade structure.

: NFS introduces transparency and repeatability to the secondaries process. From deal launch through closing, our workflow solution replaces a patchwork of manual effort with steps that follow a defined, institutional-grade structure.

Scalable

Our purpose-built technology enables speed and consistency. Whether you're executing one deal or facilitating regular access to liquidity, our technology platform is designed to support institutional volume and long-term strategy.

: Our purpose-built technology enables speed and consistency. Whether you're executing one deal or facilitating regular access to liquidity, our technology platform is designed to support institutional volume and long-term strategy.

Supported

Built by Nasdaq and backed by decades of industry expertise, NFS delivers the trustworthiness and transparency that GPs and LPs require. Our dedicated team is there to provide technical support and guidance along the way.

: Built by Nasdaq and backed by decades of industry expertise, NFS delivers the trustworthiness and transparency that GPs and LPs require. Our dedicated team is there to provide technical support and guidance along the way.

NFS Brings Efficiency, Transparency and Scalability to Secondaries

Our Clients

How We Help Our Partners Navigate Liquidity Events

General Partners

We enable GPs to deliver structured, efficient, and customizable liquidity solutions – making secondaries strategic, not reactionary.

Learn Why GPs Choose NFS

: We enable GPs to deliver structured, efficient, and customizable liquidity solutions – making secondaries strategic, not reactionary.

Learn Why GPs Choose NFS ->

Limited Partners

LPs get a scalable, tech-enabled path to liquidity – with transparent price discovery and more efficient execution.

Learn Why LP’s Trust NFS

: LPs get a scalable, tech-enabled path to liquidity – with transparent price discovery and more efficient execution.

Learn Why LP’s Trust NFS ->

Registered Funds

Our exit feature for eligible registered and unlisted funds lets managers offer a new avenue of liquidity to their investors.

Learn How Registered Funds Work With NFS

: Our exit feature for eligible registered and unlisted funds lets managers offer a new avenue of liquidity to their investors.

Learn How Registered Funds Work With NFS ->

Wealth Management

We offer an institutional-grade technology with the power to increase efficiency, transparency, and trust – while keeping intermediaries central to the process.

Learn How Wealth Managers Work With NFS

: We offer an institutional-grade technology with the power to increase efficiency, transparency, and trust – while keeping intermediaries central to the process.

Learn How Wealth Managers Work With NFS ->

Our Technology

Support Across Any Stage of a Deal

1

Pre-Auction

Onboarding & data room setup
Seller interest
Auction setup

2

Bidding

Announcement date
Buyer due diligence and bid entry

3

Allocation

Allocation process for Seller indications of interest with Buyer bids
Coordination with fund managers for allocation approval

4

Finalization

Coordination of transfer document review and execution
On-platform document signatures
Final purchase price adjustments

6

Closing

Payment & closing

The State of Secondaries

The State of Secondaries: LP-Led Secondaries with PJT Partners

This episode of The State of Secondaries features an insightful conversation with Adrian Millan, Partner at PJT Partners. We discuss the dynamic world of LP-led secondaries, exploring key themes including liquidity challenges, pricing dynamics, and the impact of technology on deal sourcing and execution. Adrian shares valuable insights on the current state of the market, the driving forces behind its growth, and his outlook for 2025-2026.

Aug 11, 2025

Interview: SuperReturn International 2025

Chris Tinsley, VP, Nasdaq Fund Secondaries and Adrian Millan, Partner, PJT Partners discuss the how technology is shaping the private fund liquidity landscape at SuperReturn International 2025.

Jul 09, 2025

The State of Secondaries: Private Fund Technology with Juniper Square

Alex Robinson, CEO and Co-Founder of Juniper Square discusses three key themes driving change in the private markets – retail access, AI, and regulation. This conversation covers: how the application of technology can create efficiency for GPs, whether applied to liquidity challenges and the secondary market, or re-shaping GP workflows and finding opportunity with AI.

May 29, 2025

The State of Secondaries: Private Innovation with Liberty Street Funds

Rory Mabin joined by Christian Munafo, Chief Investment Officer at Liberty Street Funds and Portfolio Manager of the Private Shares Fund. We discuss private innovation and the transformational impacts of machine learning and generative AI, and discuss the role that products like the Private Shares Fund are playing in the development of the Venture Capital space.

Apr 02, 2025

The State of Secondaries: Structured Liquidity Programs® With Nasdaq Fund Secondaries

In this episode of The State of Secondaries, guest host Meg Modic, Head of GP Engagement at Nasdaq Fund Secondaries, talks with Chris Tinsley, VP, Rory Mabin, Head of Institutional Secondaries, and Pat Adrian, Head of Registered Fund Solutions. They discuss Structured Liquidity Programs®, the creation of the Fund Secondaries business at Nasdaq, collaboration with GPs for LP liquidity solutions, and their efforts in the registered fund space.

Sep 04, 2024

SuperReturn International: How NFS is Supporting Liquidity, Transparency, and Scalability in the Private Fund Secondary Market

Aug 14, 2024

The State of Secondaries: In Conversation with Evercore

Micki Haber, COO and David Markson, Senior Managing Director of Evercore’s Private Capital Advisory Group join The State of Secondaries for a deep dive into LP-led secondary transactions. We discuss the state of the LP-led secondary market today, operational challenges for this deal structure, and the improvements Evercore is working toward for a more efficient LP-led market.

Jul 10, 2024

State Of Secondaries: In Conversation with Aon & Proskauer

On this episode of The State of Secondaries, Host Rory Mabin, Head of Institutional Secondaries at Nasdaq Fund Secondaries is joined by Michael E. Ellis, Partner at Proskauer, and Matthew Wiener, Managing Director, Aon M&A and Transactions Solutions for a conversation about the role of transaction insurance in the private fund secondary market. We discuss risk management, best practices, and the future outlook for the use of transaction insurance by participants in the secondary market.

Jan 10, 2024

Fund Focus: In Conversation with AOG Institutional Fund (AOGFX)

In our premiere episode of Fund Focus, Patrick Adrian, Head of Nasdaq Fund Secondaries’ Registered Fund Product, is joined by Fred Baerenz, President and CEO of AOG Wealth Management and the AOG Institutional Diversified Fund (AOGFX). AOG Wealth Management is an SEC Registered Investment Advisory firm located in Reston, Virginia.

Nov 28, 2023

The State Of Secondaries: In Conversation with Jeffrey Cho, Portfolio Advisors

In this episode of The State of Secondaries, Rory Mabin, Head of Traditional Secondaries at Nasdaq Fund Secondaries is joined by Jeffrey Cho, Managing Director at Portfolio Advisors, to discuss real estate secondaries.

Nov 08, 2023

The State Of Secondaries: Embedded Liquidity, with Nasdaq Fund Secondaries

In this episode of The State of Secondaries, we give you an insider's view into the work we are doing at Nasdaq Fund Secondaries to build greater access to liquidity into the structure of private funds. Patrick Adrian, Head of Registered Fund Products, is joined by Christoffer Tinsley, VP, and Rory Mabin, Head of Traditional Secondaries, to discuss our Embedded Liquidity offering.

Oct 11, 2023

The State of Secondaries: In Conversation with Chris Areson, PJT Partners (Part 2)

In this episode of The State of Secondaries, Rory Mabin AVP, Head of Nasdaq Fund Secondaries is joined by Chris Areson, Managing Director in the Secondary Advisory Group at PJT Partners. PJT is an industry leader in the secondary advisory space, delivering solutions to clients seeking portfolio liquidity, unfunded commitment relief, and investments in secondary interests.

Aug 28, 2023

The State of Secondaries: In Conversation with Chris Areson, PJT Partners (Part 1)

In conversation with Chris Areson, PJT Partners

Oct 24, 2022

The State of Secondaries: In Conversation with Wandy Hoh, Macquarie Asset Management

In this episode of The State of Secondaries, Patrick Adrien, Principal, Nasdaq Fund Secondaries is joined by Wandy Hoh, Head of Infrastructure Secondaries at Macquarie Asset Management and President of Macquarie Alliance Partners. Wandy joins us in studio to discuss the rapid growth of the infrastructure secondaries market, which many believe is being fueled by the growth and maturation of the primary market for unlisted infrastructure. Infrastructure secondaries can provide investors with enhanced liquidity and immediate diversification across a range of fund vintages, sectors, and strategies.

May 11, 2023

The State of Secondaries: In Conversation with Evercore

Jul 10, 2024

View All Episodes ->

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Nasdaq Fund Secondaries named "Secondaries Technology of the Year, 2025" by Wealth & Finance

Support

Frequently Asked Questions

: Nasdaq Fund Secondaries, LLC (“NFS”) operates the Nasdaq Fund Secondaries platform, an end-to-end, customizable technology built to facilitate secondary transactions in private funds and other pooled investment vehicles. NFSTX, LLC, a wholly owned subsidiary of NFS (together with NFS, “Nasdaq Fund Secondaries”), is a registered broker-dealer that acts as an intermediary to facilitate settlement of transactions matched through the NFS platform. Nasdaq Fund Secondaries may facilitate auctions for positions in private funds as a Qualified Matching Service (“QMS”) under Treasury Reg 1.7704-1(g).
: Depending on the service and transaction, Nasdaq can operate in a few distinct roles. Nasdaq can solely act as an execution service for advisor-led deals, act as an intermediary in facilitating an LP-led sale, or provide regular, structured access to liquidity for fund sponsors.
: The platform is invitation-only. Contact us to book a demo.
: The fees are dependent on the type of engagement with Nasdaq Fund Secondaries and the role of NFS in a transaction.

Partnerships

: Nasdaq may work directly with a GP during a sale spearheading the effort to receive GP approval, or Nasdaq may work indirectly if our client prefers to maintain contact with the GP.
: Depending on your institution, there are a variety of ways to partner with Nasdaq whether using Nasdaq as a secondary solution provider, or as an execution service for secondaries transactions.

Nasdaq’s service offering provids asset managers a few ways to use Nasdaq’s service. At the time of fund creation, you may partner with Nasdaq using our embedded liquidity feature or you may partner with Nasdaq later in a fund’s life to offer liquidity to your clients.
: To join Nasdaq's buyer network, please contact us.

Nasdaq Fund Secondaries (NFS)

Private Fund Liquidity