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>Schwab's acquisition of Forge, Morgan Stanley's acquisition of EquityZen, and Goldman Sachs's acquisition of Industry Ventures have validated the thesis that incumbent wealth and brokerage platforms see private markets as a core growth vector, creating demand for B2B infrastructure companies like Monark &amp; Zanbato (pre-IPO), Alpaca (crypto), and iCapital (private credit) that can standardize the backend for the long tail of brokerages and RIAs entering the space.</li>
<li>Robinhood Ventures is launching as a publicly traded closed-end fund holding private stocks, but such funds have historically struggled to scale—like Destiny (NYSE: DXYZ) Fund at under $500M AUM, ARK Innovation ETF (BATS: ARKK) venture fund at a few hundred million, and Private Shares Fund (NASDAQ: PIIVX) at roughly $1.2B—because retail investors overwhelmingly want single-asset exposure to specific companies like SpaceX or Anthropic, not diversified baskets that inevitably trade at a discount or premium to NAV.</li>
<li>Beyond single-stock pre-IPO SPVs, evergreen fund distribution is emerging as the next major driver of private market AUM, particularly in the RIA channel, where advisors are looking to build model portfolios with "alt sleeves" that include private equity, private credit, and venture exposure through funds that continuously raise capital and manage liquidity through redemptions.</li>
</ul>


Schwab's acquisition of Forge, Morgan Stanley's acquisition of EquityZen, and Goldman Sachs's acquisition of Industry Ventures have validated the thesis that incumbent wealth and brokerage platforms see private markets as a core growth vector, creating demand for B2B infrastructure companies like Monark &amp; Zanbato (pre-IPO), Alpaca (crypto), and iCapital (private credit) that can standardize the backend for the long tail of brokerages and RIAs entering the space.
Robinhood Ventures is launching as a publicly traded closed-end fund holding private stocks, but such funds have historically struggled to scale—like Destiny (NYSE: DXYZ) Fund at under $500M AUM, ARK Innovation ETF (BATS: ARKK) venture fund at a few hundred million, and Private Shares Fund (NASDAQ: PIIVX) at roughly $1.2B—because retail investors overwhelmingly want single-asset exposure to specific companies like SpaceX or Anthropic, not diversified baskets that inevitably trade at a discount or premium to NAV.
Beyond single-stock pre-IPO SPVs, evergreen fund distribution is emerging as the next major driver of private market AUM, particularly in the RIA channel, where advisors are looking to build model portfolios with "alt sleeves" that include private equity, private credit, and venture exposure through funds that continuously raise capital and manage liquidity through redemptions.


Ben Haber, CEO Of Monark, On Why 2026 Is The Year Of Alts

Financial sector veteran, KT Capital Group

Fern Wang

Financial sector veteran

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>
Market Euphoria and Investment Challenges: Trump’s re-election has fueled excitement in the stock market, especially for Elon Musk-linked companies, but investing in SpaceX remains difficult due to its private status.  </li>
<li>
Proxy Stocks: Investors can access SpaceX indirectly through proxy stocks like Rocket Lab (RKLB) or funds such as Destiny Tech100 Inc. (DXYZ) and the ARK Venture Fund (ARKVX). </li>
<li>
Valuation Concerns on DXYZ: Despite DXYZ’s significant outperformance compared to other proxies, its rapidly expanded market cap/fair value multiple raises concerns about overvaluation and stock price sustainability.</li>
</ul>



Market Euphoria and Investment Challenges: Trump’s re-election has fueled excitement in the stock market, especially for Elon Musk-linked companies, but investing in SpaceX remains difficult due to its private status.  

Proxy Stocks: Investors can access SpaceX indirectly through proxy stocks like Rocket Lab (RKLB) or funds such as Destiny Tech100 Inc. (DXYZ) and the ARK Venture Fund (ARKVX). 

Valuation Concerns on DXYZ: Despite DXYZ’s significant outperformance compared to other proxies, its rapidly expanded market cap/fair value multiple raises concerns about overvaluation and stock price sustainability.


United States

Destiny Tech100 Inc. operates as a closed-end management investment company. The Company invests in a portfolio of venture-backed private technology companies, as well a provides everyday investors access to private market institutional investors. Destiny Tech100 serves customers in the United States.

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Destiny Tech100 (DXYZ US)

Ben Haber, CEO Of Monark, On Why 2026 Is The Year Of Alts

Tell us about this round and the vision behind bringing in strategic investors like F-Prime who deeply understand capital markets...

Sacra

Destiny XYZ Is Destined to Crash

Investors excited about SpaceX's potential through proxy stocks like RKLB and DXYZ, but valuation concerns linger over DXYZ's market cap.

Fern Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ben Haber, CEO Of Monark, On Why 2026 Is The Year Of Alts

Tell us about this round and the vision behind bringing in strategic investors like F-Prime who deeply understand capital markets...

Sacra

Destiny XYZ Is Destined to Crash

​Investors excited about SpaceX's potential through proxy stocks like RKLB and DXYZ, but valuation concerns linger over DXYZ's market cap.

Fern Wang

Investors excited about SpaceX's potential through proxy stocks like RKLB and DXYZ, but valuation concerns linger over DXYZ's market cap.