Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Velvet raised a seed round in 2020, with investors in the company including Winklevoss Capital, Material V, Singularity Capital, Atma Capital, IronPine, Alumni Ventures, and Arieli Capital.</li><li>By automating what Velvet claims is 80% of the workflow from initial pitch deck review to investment decision, the software allows smaller investment teams to evaluate more deals while maintaining thorough due diligence standards.</li><li>Velvet's partnership with Templum for secondary trading creates opportunities to earn transaction fees on private share trades rather than just SaaS subscriptions.</li></ul>

Velvet raised a seed round in 2020, with investors in the company including Winklevoss Capital, Material V, Singularity Capital, Atma Capital, IronPine, Alumni Ventures, and Arieli Capital.By automating what Velvet claims is 80% of the workflow from initial pitch deck review to investment decision, the software allows smaller investment teams to evaluate more deals while maintaining thorough due diligence standards.Velvet's partnership with Templum for secondary trading creates opportunities to earn transaction fees on private share trades rather than just SaaS subscriptions.

<ul><li>Addepar hit $275M ARR in 2024, up 31% YoY.</li><li>Among the RIAs that are Addepar’s main growth market in the years ahead, Addepar has 2.7% market share today—compare to Envestnet’s Tamarac at 18% market share with $1.34B in revenue in 2024, up 9.5% year-over-year, acquired by Bain Capital for $4.5B in November 2024.</li><li>Addepar's deal with Itaú Private ($180B AUM, Brazil) proves out Addepar’s ability to localize to multi-currency, tax-lot regimes outside the U.S.</li></ul>

Addepar hit $275M ARR in 2024, up 31% YoY.Among the RIAs that are Addepar’s main growth market in the years ahead, Addepar has 2.7% market share today—compare to Envestnet’s Tamarac at 18% market share with $1.34B in revenue in 2024, up 9.5% year-over-year, acquired by Bain Capital for $4.5B in November 2024.Addepar's deal with Itaú Private ($180B AUM, Brazil) proves out Addepar’s ability to localize to multi-currency, tax-lot regimes outside the U.S.

<ul><li>This materializes in many ways—one common not so fun scenario is when all of your equity expires and goes to zero because of something called the post-termination exercise window.</li><li>To answer more directly, we do a ton of post-liquidity diversification strategies where we show you the implications of holding a concentrated positions and build tax-aware scenario plans to help you model the implications of various decisions.</li><li>Clients walk away from their onboarding having learnt something about their financial situation and they build confidence that Compound is the right partner to entrust with their most important financial decisions.</li></ul>

This materializes in many ways—one common not so fun scenario is when all of your equity expires and goes to zero because of something called the post-termination exercise window.To answer more directly, we do a ton of post-liquidity diversification strategies where we show you the implications of holding a concentrated positions and build tax-aware scenario plans to help you model the implications of various decisions.Clients walk away from their onboarding having learnt something about their financial situation and they build confidence that Compound is the right partner to entrust with their most important financial decisions.

Jordan Gonen, CEO Of Compound, On software-enabled Wealth Management

<ul><li>With growing income inequality as a tailwind, we&#39;ve seen Match.com give way to Raya, Uber give way to Blade, and Mint give way to Compound.</li><li>Among these high-ARPU &quot;luxury&quot; apps, Compound is unique in having the potential for asymmetric upside as they grow upmarket from the rich to the ultra-rich.</li><li>The ambition for these modern wealth management platforms is to break the dominance of prestige wealth management brands like J.P. Morgan and Goldman Sachs: to capture the tech workers who would be future clients of those firms by catering to their liquidity and diversification needs <em>before </em>IPO.</li></ul>

With growing income inequality as a tailwind, we&#39;ve seen Match.com give way to Raya, Uber give way to Blade, and Mint give way to Compound.Among these high-ARPU &quot;luxury&quot; apps, Compound is unique in having the potential for asymmetric upside as they grow upmarket from the rich to the ultra-rich.The ambition for these modern wealth management platforms is to break the dominance of prestige wealth management brands like J.P. Morgan and Goldman Sachs: to capture the tech workers who would be future clients of those firms by catering to their liquidity and diversification needs before IPO.

Compound, Savvy, And The Mint For The 0.1%

<ul><li>The first big secondary trading platform, SecondMarket, launched in 2009 and did $100M in transaction volume, growing to $360M in 2010 and $558M in 2011.</li><li>Now, we’re seeing the emergence of a new atomic unit of value that companies like AngelList, Carta, Sydecar and Allocations are going after—LP interests in funds and SPVs.</li><li>LP interests in funds and SPVs have the potential to unlock private markets liquidity because they sit on top of the cap table and can be traded permissionlessly, without company approval.</li></ul>

The first big secondary trading platform, SecondMarket, launched in 2009 and did $100M in transaction volume, growing to $360M in 2010 and $558M in 2011.Now, we’re seeing the emergence of a new atomic unit of value that companies like AngelList, Carta, Sydecar and Allocations are going after—LP interests in funds and SPVs.LP interests in funds and SPVs have the potential to unlock private markets liquidity because they sit on top of the cap table and can be traded permissionlessly, without company approval.

Sydecar And The New Atomic Unit Of The Private Markets

United States

Dashboard for wealth managers to analyze, report, and manage complex investment portfolios

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Addepar (ADDEPAR US)

Primer: Velvet - 02 Jun 2025

AI copilot for private market investors to automate investment processes, harness data, and accelerate due diligence

Sacra

Addepar At $275M/year

TL;DR: Founded in 2009 by Palantir veterans Joe Lonsdale and Jason Mirra, Addepar began by building a wealth management dashboard for family office...

Sacra

Jordan Gonen, CEO Of Compound, On software-enabled Wealth Management

Sacra interview with Jordan Gonen, CEO of Compound.

Sacra

Compound, Savvy, And The Mint For The 0.1%

TL;DR: We interviewed Carta CFO Charly Kevers, Savvy CEO Ritik Malhotra, and produced a report on Betterment to learn more about the evolution of...

Sacra

Sydecar And The New Atomic Unit Of The Private Markets

LP interests in SPVs are the next frontier, taking over from the cap table as the atomic unit of the private markets. Read our interviews...

Sacra

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