RIA Cerity Takes Stake in Secondary Private Markets Firm

Core Insights - Cerity Partners, a New York-based registered investment advisor, has acquired a minority stake in Nasdaq Private Market, which specializes in secondary market trading of private company equity, and has secured exclusive advisory rights for clients involved in tender offers [1][2][3] Group 1: Cerity Partners' Strategy - Cerity Partners focuses on private market investments as more U.S. companies choose to remain private, leading to challenges in managing equity stakes without immediate liquidity events [2][3] - The partnership aims to enhance liquidity and financial planning for Nasdaq Private Market's clients, including private companies and their employees, as they navigate liquidity events [3] Group 2: Nasdaq Private Market Overview - Nasdaq Private Market has liquidated nearly $15 billion in assets this year, contributing to a total of almost $70 billion since its inception, serving over 200,000 employees and 775 companies [4] - The firm collaborates with notable private companies such as Fanatics, OpenAI, and SpaceX, the latter of which is considering an IPO in 2026 [5] Group 3: Market Trends - The number of public companies has decreased, while more firms are launching and remaining private, prompting the emergence of secondary markets for private equity [6] - Cerity's investment in Nasdaq Private Market represents a growing trend of wealth firms partnering with private market specialists, following similar moves by Morgan Stanley and Charles Schwab Corp. [6]