NPM Announces Acquisition of Nasdaq Fund Secondaries (NFS)
The acquisition by Nasdaq Private Market, which spun off from Nasdaq, Inc. in 2021 and is now a standalone entity, creates a leading platform to execute private secondaries across direct shares and multi-asset fund stakes
NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) — Nasdaq Private Market (NPM), a leading provider of liquidity, capital and investment solutions for private companies and their investors, today announced it has acquired NFS, Nasdaq, Inc.’s fund secondaries business. NPM is an independent company that spun out of Nasdaq in 2021. The acquisition expands NPM’s secondary liquidity platform to encompass both direct company shares and multi-asset fund stakes – giving NPM the capabilities and scale to serve the full spectrum of private secondary liquidity demand from a single platform.
“Liquidity is the defining challenge of today’s private markets, and secondaries have become the primary release valve for investors and managers alike,” said Tom Callahan, Chief Executive Officer of Nasdaq Private Market. “By bringing fund secondaries onto our platform, we become one of the few platforms where investors can execute liquidity transactions across both direct shares and fund stakes. This is a natural extension of everything we’ve built, and it positions NPM to grow alongside one of the most dynamic markets in finance.”
The private secondaries market has reached record scale: global secondary volume grew an estimated 53% in 2025 to roughly $233 billion, split almost evenly between LP-led and GP-led activity1. These transactions give investors and managers a way to unlock liquidity from otherwise long-dated, illiquid fund commitments — with limited partners selling existing fund stakes to rebalance portfolios (LP-led), and fund managers using continuation vehicles and other structured solutions to return capital to investors while retaining their highest-conviction assets (GP-led). Once a niche, GP-led activity has grown from less than 20% of the market a decade ago to nearly half today2.
In addition to opening access to the full addressable market for fund secondaries, the acquisition also creates meaningful opportunity to capture synergies and scale shared processes, technology, and distribution across both businesses.
“Nasdaq Fund Secondaries provides industry-leading liquidity solutions for GPs and LPs in the private markets and we believe it will be best positioned to realize its full potential within NPM, where it can benefit from greater focus, continued investment and the strengths of a dedicated private markets platform,” said Nelson Griggs, President of Nasdaq, “Nasdaq remains a committed shareholder of Nasdaq Private Market, and we look forward to continuing our partnership with them to realize the long-term opportunity across private markets.”
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions, including requisite regulatory approvals. Terms of the deal have not been disclosed.
About Nasdaq Private Market
Nasdaq Private Market LLC is a leading provider of liquidity, capital, and investment solutions for private companies and their investors, including individuals, fund managers and institutional LPs. The company is focused on building modern infrastructure for the private market ecosystem and has executed nearly $80 billion in secondary liquidity for 200,000+ individual eligible employee shareholders and investors across 1,000+ company-sponsored liquidity programs. Nasdaq Private Market is an independent company with strategic investments from Nasdaq and other institutional partners. Learn more at www.nasdaqprivatemarket.com.
About Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
Cautionary Note Regarding Forward-Looking Statements:
This communication contains forward-looking information related to Nasdaq and the proposed sale of Nasdaq Fund Secondaries by Nasdaq to NPM that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “will”, “enables”, “intends”, “expected”, “enhances”, “can” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaq’s plans, objectives, expectations and intentions, the financial condition, results of operations and business of Nasdaq, and the anticipated timing of closing of the proposed transaction. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management’s attention from Nasdaq’s ongoing business operations; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; and the effect of the announcement or pendency of the transaction on Nasdaq’s business relationships, operating results, and business generally.
Further information on these and other risks and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of Nasdaq’s website at http://ir.nasdaq.com/investor-relations. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.
Media Contact
Nasdaq Private Market
Samantha Tortora
press@npm.com
Source 1,2: 2025 Global Secondary Market Review: Another Record-Breaking Year — Jefferies
