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>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

<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>When Robinhood (founded 2012) popularized zero-commission stock trading funded by payment-for-order-flow (PFOF), it pushed Schwab, Fidelity, and TD Ameritrade to give up their lucrative $5-10 per-trade stock commissions—today, private alternative assets like pre-IPO stocks, private equity funds & real estate give brokerages a new source of high-margin, 2-3% commission revenue.</li><li>Alternative asset infrastructure companies for pre-IPO (Monark, Zanbato), private credit (iCapital), and crypto (Alpaca) are selling 1) into brokerage-as-a-service providers like ViewTrade as white-labeled APIs, and 2) as product features directly integrated into consumer-facing brokerages & wealth management apps like SoFi and eToro.</li><li>With $14 trillion in new AUM potentially unlocked by Trump's August 2025 executive order paving the way for 401(k) plans to include crypto & other private assets, Schwab, SoFi, and Robinhood are preparing to bundle up pre-IPO stock and other alternative assets onto their platforms to maximize wallet share.</li></ul>

When Robinhood (founded 2012) popularized zero-commission stock trading funded by payment-for-order-flow (PFOF), it pushed Schwab, Fidelity, and TD Ameritrade to give up their lucrative $5-10 per-trade stock commissions—today, private alternative assets like pre-IPO stocks, private equity funds & real estate give brokerages a new source of high-margin, 2-3% commission revenue.Alternative asset infrastructure companies for pre-IPO (Monark, Zanbato), private credit (iCapital), and crypto (Alpaca) are selling 1) into brokerage-as-a-service providers like ViewTrade as white-labeled APIs, and 2) as product features directly integrated into consumer-facing brokerages & wealth management apps like SoFi and eToro.With $14 trillion in new AUM potentially unlocked by Trump's August 2025 executive order paving the way for 401(k) plans to include crypto & other private assets, Schwab, SoFi, and Robinhood are preparing to bundle up pre-IPO stock and other alternative assets onto their platforms to maximize wallet share.

Ben Haber, CEO Of Monark, On Building The DTCC For The Private Markets

<ul><li>iCapital raised $820 million in July 2025 at a valuation of $7.5 billion, one of the largest fintech funding rounds that year.</li><li>iCapital's acquisition strategy has targeted the expansion of both its technology capabilities and managed assets, including acquisitions such as UBS's $7 billion AlphaKeys platform and various fintech companies to enhance its software stack.</li><li>iCapital's Asia-Pacific operations managed $14 billion in regional assets under management by early 2025, supported by offices in Singapore, Hong Kong, and Tokyo.</li></ul>

iCapital raised $820 million in July 2025 at a valuation of $7.5 billion, one of the largest fintech funding rounds that year.iCapital's acquisition strategy has targeted the expansion of both its technology capabilities and managed assets, including acquisitions such as UBS's $7 billion AlphaKeys platform and various fintech companies to enhance its software stack.iCapital's Asia-Pacific operations managed $14 billion in regional assets under management by early 2025, supported by offices in Singapore, Hong Kong, and Tokyo.

<ul><li>What iCapital and others had done is set up a lot of conduit funds and acquire the book of these conduit funds, which had been built at these banks and other institutions.</li><li>The future state is that in the future iCapital will acquire companies and put people together that have more reporting and data and contacts and partnerships.</li><li>I think they&#39;re going to make investments, do more investment in blockchain beyond what they have built internally.</li></ul>

What iCapital and others had done is set up a lot of conduit funds and acquire the book of these conduit funds, which had been built at these banks and other institutions.The future state is that in the future iCapital will acquire companies and put people together that have more reporting and data and contacts and partnerships.I think they&#39;re going to make investments, do more investment in blockchain beyond what they have built internally.

Managing Director At iCapital On The AML/KYC Chokepoint In Private Markets

United States

Software platform for wealth managers to access and manage alternative investment products

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iCapital (ICAPITAL US)

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

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

Ben Haber, CEO Of Monark, On Building The DTCC For The Private Markets

What is Monark in short? What was the founding insight and how did you get inspired to start it...

Sacra

Primer: iCapital - 11 Aug 2025

Software platform for wealth managers to access and manage alternative investment products

Sacra

Managing Director At iCapital On The AML/KYC Chokepoint In Private Markets

My understanding is that iCapital actually has quite a few customer types that are important. How would you break that down? Who's buying and how...

Sacra

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