Market Structure and State of the Private Market:
1. How is the Market Structure of the private market evolving with platforms like CartaX, Forge, EquityZen, InvestX, Zanbato, and Nasdaq Private Markets? How are these platforms advancing automation, transparency, and efficiency in the private market?
2. Why are 6 bulge bracket US brokers and a lot of smaller firms bulking up their trading desks to trade private shares in pre-IPO companies? What opportunity do these see?
Real-time Intelligence About Private Market Valuations and Liquidity in Secondary Trades:
1) Is investor opinion at a turning point expecting valuations for private companies to trend upwards from here after a dismal 2022? Or is there more pain ahead? Do more private trades getting ROFR’ed recently indicate that insiders believe private valuations have bottomed and ready to move up?
2) What do Order Books for private shares in the secondary market reveal about market conditions? Is the gap between what buyers are willing to pay and sellers are willing to accept narrowing? Is the premium/discount to last funding round valuation for new indications of interest for private securities - which hit 22% in Dec 2022 - beginning to narrow?