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>The demand from frontier AI labs for expert data labeling has driven the growth of companies like Mercor ($100M annualized revenue in February 2025) to Invisible ($134M in 2024) to Handshake ($50M from AI data labeling).</li><li>Traditional boundaries between expert calls (GLG, AlphaSights, Tegus), market surveys (Gartner, Forrester) and user interviews (UserTesting, User Interviews) are collapsing into a single "primary research" category worth tens of billions—with life sciences consulting alone at $50B+—as AI abstracts away specific formats into agents that can run voice interviews & surveys, generate & extract content & data and produce completions & reports.</li><li>As foundation model labs have moved towards reasoning models which require PhD-level evaluation and fine-tuning, aggregating the supply side of verified & highly-credentialed domain experts across finance, legal, healthcare & other verticals has become key to serving demand—versus low-cost annotations from crowdsourced Mechanical Turk-style overseas workers.</li></ul>

The demand from frontier AI labs for expert data labeling has driven the growth of companies like Mercor ($100M annualized revenue in February 2025) to Invisible ($134M in 2024) to Handshake ($50M from AI data labeling).Traditional boundaries between expert calls (GLG, AlphaSights, Tegus), market surveys (Gartner, Forrester) and user interviews (UserTesting, User Interviews) are collapsing into a single "primary research" category worth tens of billions—with life sciences consulting alone at $50B+—as AI abstracts away specific formats into agents that can run voice interviews & surveys, generate & extract content & data and produce completions & reports.As foundation model labs have moved towards reasoning models which require PhD-level evaluation and fine-tuning, aggregating the supply side of verified & highly-credentialed domain experts across finance, legal, healthcare & other verticals has become key to serving demand—versus low-cost annotations from crowdsourced Mechanical Turk-style overseas workers.

Joe Kim, CEO Of Office Hours, On The End Of Crowdwork

<ul><li>iCapital solves the administrative burden of feeder fund management for wealth managers and RIAs, while providing GPs with simplified distribution to the wealth channel.</li><li>Post-trade activities represent the most painful operational burden for wealth managers, requiring complex data management across NAVs, tax documents, and investor reporting that iCapital's platform automates through structured data and validation workflows.</li><li>As the alternatives space evolves, the industry faces a tension between bespoke products and standardized technology, with DLT offering a vision of a single-integration utility that could transform the ecosystem while threatening traditional intermediaries.</li></ul>

iCapital solves the administrative burden of feeder fund management for wealth managers and RIAs, while providing GPs with simplified distribution to the wealth channel.Post-trade activities represent the most painful operational burden for wealth managers, requiring complex data management across NAVs, tax documents, and investor reporting that iCapital's platform automates through structured data and validation workflows.As the alternatives space evolves, the industry faces a tension between bespoke products and standardized technology, with DLT offering a vision of a single-integration utility that could transform the ecosystem while threatening traditional intermediaries.

VP Of Product At iCapital On Streamlining Alternative Investment Administration

<ul><li>Tegus positioned as a data company, not a services company, building a transcript library of expert calls that became their primary asset—with subscription access to the library at $25K per seat driving revenue more than the $300-400 per-call fees.</li><li>The biggest operational friction in expert networks was discovery—analysts spent half their time finding experts on LinkedIn and getting them to respond—so Tegus built tools to make this process more efficient while focusing on the demand side rather than building relationships with experts.</li><li>As AI flattens the information edge from public data, expert knowledge becomes more valuable; Tegus acquired multiple companies (BamSEC, Canalyst, Fincredible) to build a comprehensive investment data platform that could extract structured insights from expert calls and link them to models, filings, and other datasets.</li></ul>

Tegus positioned as a data company, not a services company, building a transcript library of expert calls that became their primary asset—with subscription access to the library at $25K per seat driving revenue more than the $300-400 per-call fees.The biggest operational friction in expert networks was discovery—analysts spent half their time finding experts on LinkedIn and getting them to respond—so Tegus built tools to make this process more efficient while focusing on the demand side rather than building relationships with experts.As AI flattens the information edge from public data, expert knowledge becomes more valuable; Tegus acquired multiple companies (BamSEC, Canalyst, Fincredible) to build a comprehensive investment data platform that could extract structured insights from expert calls and link them to models, filings, and other datasets.

Engineering Leader At Tegus On Building A Data Platform For Expert Interviews

<ul><li>AlphaSense is not a thin ChatGPT wrapper — it built a proprietary RAG stack focused on the search/research use-case on top of a finance‑specific content moat.</li><li>Enterprise readiness now hinges on integrations and a content marketplace as well as the shift to support API access, encryption, rules‑based access, and single‑tenant SaaS‑like isolation.</li><li>Customer signals point to multi‑threaded research and continuous monitoring: analysts increasingly run parallel deep research queries while demanding quarter‑over‑quarter alerts on sentiment and qualitative changes.</li></ul>

AlphaSense is not a thin ChatGPT wrapper — it built a proprietary RAG stack focused on the search/research use-case on top of a finance‑specific content moat.Enterprise readiness now hinges on integrations and a content marketplace as well as the shift to support API access, encryption, rules‑based access, and single‑tenant SaaS‑like isolation.Customer signals point to multi‑threaded research and continuous monitoring: analysts increasingly run parallel deep research queries while demanding quarter‑over‑quarter alerts on sentiment and qualitative changes.

Product Marketing Leader At AlphaSense On The Evolution Of AI-powered Financial Research

<ul><li>Wirehouses (UBS, Morgan Stanley, Merrill, Wells) drive $7-8B in annual feeder fund flows plus another $6-8B in direct subscription workflows, but registered products like interval funds are gaining traction as they reach more investors without the feeder fund expense layer.</li><li>The alternative investment tech stack remains fragmented across multiple systems—with no DTCC-like central clearing—creating operational friction where third-party administrators use different databases, banks maintain separate processes, and platforms like iCapital struggle to replicate bank workflows rather than providing modular self-service tools.</li><li>While traditional feeder funds will persist, growth is shifting toward registered products, corporate structures that allow more than 1,999 investors, and potentially tokenization—with fee compression pushing platforms to evolve from basis-point models toward transaction-based enterprise contracts and technology services.</li></ul>

Wirehouses (UBS, Morgan Stanley, Merrill, Wells) drive $7-8B in annual feeder fund flows plus another $6-8B in direct subscription workflows, but registered products like interval funds are gaining traction as they reach more investors without the feeder fund expense layer.The alternative investment tech stack remains fragmented across multiple systems—with no DTCC-like central clearing—creating operational friction where third-party administrators use different databases, banks maintain separate processes, and platforms like iCapital struggle to replicate bank workflows rather than providing modular self-service tools.While traditional feeder funds will persist, growth is shifting toward registered products, corporate structures that allow more than 1,999 investors, and potentially tokenization—with fee compression pushing platforms to evolve from basis-point models toward transaction-based enterprise contracts and technology services.

Managing Director At iCapital On Wirehouse Distribution Challenges And Tech Evolution

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Research tool for analysts to extract insights from financial and market documents

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AlphaSense (ALPHASENSE US)

Joe Kim, CEO Of Office Hours, On The End Of Crowdwork

I'll start with the origin story. You were at AlphaSights for a while. What were the experiences and insights you had that led you to start Office...

Sacra

VP Of Product At iCapital On Streamlining Alternative Investment Administration

What problem does iCapital most decisively solve for wealth managers and RIAs on one side? And GPs on the other...

Sacra

Engineering Leader At Tegus On Building A Data Platform For Expert Interviews

I imagine people didn't think of expert interviews as a big tech or a software play when you started at Tegus. So I'm curious how you approached...

Sacra

Product Marketing Leader At AlphaSense On The Evolution Of AI-powered Financial Research

Which types of products were you most focused on? Can you walk us through the high priority products...

Sacra

Managing Director At iCapital On Wirehouse Distribution Challenges And Tech Evolution

Could you tell me how much net new volume per month your wirehouse channel typically drove at steady state? If helpful, you can answer based on net...

Sacra

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