Nasdaq Private Market (NPM), a provider of secondary liquidity solutions to private companies, employees, and investors, announced today that it has added Bank of America as an investor.
NPM’s existing investor consortium of premier global financial institutions has helped drive the company’s success since its spinout from Nasdaq in 2021.
This announcement comes following the January 2024 closing of the company’s $62.4 million Series B financing round led by Nasdaq with participation from Allen & Company, Citi, and Goldman Sachs, and with new investments from BNP Paribas, DRW Venture Capital, UBS, and Wells Fargo. NPM plans to leverage Bank of America’s investment to accelerate new product development and global growth.
“We are incredibly proud to welcome Bank of America as an investor. Bank of America and NPM share a vision of creating a more fair, transparent, and efficient private market,” said Tom Callahan, Chief Executive Officer, Nasdaq Private Market. “They join a prestigious consortium of 10 of the world’s most influential financial institutions with a common goal of bringing this $3.5 trillion asset class into the modern age of efficient electronic markets. Together, we are working to ensure entrepreneurs and risk capital can meet more efficiently so the American innovation economy can grow and prosper.”
“We are pleased to join the consortium of investors in NPM. With the growth of private markets in recent years, Bank of America has been keenly focused on supporting evolution in this space as an active member of the NPM platform. We look forward to developing further scale and electronic efficiencies in this market segment with our clients and partners,” said Sonali Theisen, Head of FICC Electronic Trading and Global Markets Strategic Investments at Bank of America.
Nasdaq Private Market provides liquidity solutions for private companies, employees, and investors throughout each stage of the pre-IPO lifecycle. In 2013, the company was founded within Nasdaq, Inc. Today it is an independent company with strategic investments from Nasdaq, Allen & Company, BNP Paribas, Citi, DRW Venture Capital, Goldman Sachs, HiJoJo Partners, Morgan Stanley, UBS, and Wells Fargo.
