Nasdaq Private Market (NPM) has announced that Bank of America has joined its investor consortium. This move marks an important expansion of NPM’s financial backing and underscores the growing interest in private market innovations.
Since its spinout from Nasdaq in 2021, NPM has benefited from the support of a distinguished group of global financial institutions. This latest development follows the successful closure of NPM’s $62.4 million Series B financing round in January 2024. The round, led by Nasdaq, also saw contributions from Allen & Company, Citi, and Goldman Sachs, as well as new investments from BNP Paribas, DRW Venture Capital, UBS, and Wells Fargo.
Bank of America Invests in Nasdaq Private Market to Innovations
Tom Callahan, CEO of Nasdaq Private Market, expressed enthusiasm about Bank of America’s new role. “We are incredibly proud to welcome Bank of America as an investor. Our shared vision of fostering a more fair, transparent, and efficient private market aligns perfectly with the goals of our esteemed consortium,” Callahan stated. He emphasized that the partnership aims to advance the $3.5 trillion asset class towards modern, efficient electronic markets, benefiting entrepreneurs and investors alike.
Also, Sonali Theisen, Head of FICC Electronic Trading and Global Markets Strategic Investments at Bank of America, highlighted the firm’s commitment to evolving private markets. “We are happy to join the consortium of investors in NPM. With the growth of private markets in recent years, Bank of America has been keenly focused on supporting evolution in this space as an active member of the NPM platform. We look forward to developing further scale and electronic efficiencies in this market segment with our clients and partners.” Theisen commented.
Founded in 2013 as part of Nasdaq, NPM has since become an independent entity with strategic investments from a range of prominent institutions. The company’s mission remains to provide crucial liquidity solutions throughout the pre-IPO lifecycle, enhancing the efficiency and effectiveness of private market transactions.
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