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

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments This week’s headline developments is a bit of an NFT special, with some very reputable brands getting in on the action (often the best way to learn is to just dive right in!). Firstly, Visa (V) bought one of the 10,000 CryptoPunk NFTs for $150k in ethereum.</p>

Headline Developments This week’s headline developments is a bit of an NFT special, with some very reputable brands getting in on the action (often the best way to learn is to just dive right in!). Firstly, Visa (V) bought one of the 10,000 CryptoPunk NFTs for $150k in ethereum.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.</li>
<li>Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  </li>
<li>SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.</li>
</ul>


SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.
Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  
SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.


SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

Tianju Dihe Technology / Equity Capital Markets

<ul>
<li>Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.</li>
<li>The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.  </li>
<li>Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.</li>
</ul>


Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.
The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.  
Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.


Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. </li>
<li>Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares in 2H22. Strong insider buying indicates the stock could hit bottom. </li>
<li>We estimate <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.</li>
</ul>



Freshworks (FRSH US)  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. 
Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of Freshworks (FRSH US)  shares in 2H22. Strong insider buying indicates the stock could hit bottom. 
We estimate Freshworks (FRSH US)  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.


Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

United States

ForgeRock Inc operates as a maker of identity-verification software. The Company provides platform that includes a full suite of identity management and governance, access management, and AI-powered autonomous identity capabilities. ForgeRock serves customers globally.

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ForgeRock (FORG 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

Weekly Innovation Review (WIRE) #46

Headline Developments: This week’s headline developments is a bit of an NFT special, with some very reputable brands getting in on the action...

Granite Bay Capital

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

Tianju Dihe Technology, a founder-led API services provider, is expected to price its IPO next week and I see a limited room for multiple expansion

Andrei Zakharov

Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Strong insider buying and a recent buyout of Zendesk may indicate a bottom for Freshworks shares as valuations have improved. Freshworks...

Andrei Zakharov

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