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

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