Private Markets, Angel and Secondary Investing, Sacra

Sacra

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 Markets, Angel and Secondary Investing

Curator's Cut: Seoul Searching Redux, APAC Placements Apace & More Private Markets Coverage

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

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<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.


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