NonPublic Launches Secondaries Marketplace for Wholesale Investors

For most of the past decade, private market investing has operated on a single liquidity model: wait for the IPO. Investors committed capital, held positions through extended private periods, and received distributions when a company eventually listed or was acquired. The holding period was the price of access.

That model is under pressure. As covered in our analysis of the $226 billion secondary market, secondary transaction volume hit a record in 2025, driven by a closed IPO market and a structural mismatch between how long the best companies are staying private and how long their early investors expected to wait. With SpaceX now listed, Anthropic having filed its S-1 confidentially on 4 June targeting an October 2026 Nasdaq listing at a $965 billion valuation, and OpenAI filing its own confidential S-1 on 8 June targeting a September listing, the investors who got in early are facing active portfolio decisions, not just waiting ones.

Secondaries as Portfolio Infrastructure

Institutional allocators have understood this for years. Secondary transactions allow investors to calibrate exposure across the private market cycle, not just at entry. A limited partner who bought into a continuation vehicle in 2023 may today want to rebalance toward earlier-stage names, take partial liquidity ahead of a lock-up period, or exit a position that has outperformed initial expectations. Secondary markets make that possible without waiting for a corporate event.

Until recently, that kind of active portfolio management was largely unavailable to individual wholesale investors. Secondary transactions in private company shares required institutional relationships, significant minimum commitments, and access to platforms operating at a scale most individual investors couldn't reach. Established secondary funds including Lexington Partners, Coller Capital, and Blackstone's secondary vehicle operate at institutional minimums starting in the tens of millions.

The broader secondary market infrastructure is catching up. Forge Global's move into the Schwab network earlier this year and Nasdaq Private Market's decision to make its valuation data publicly available for the first time both point in the same direction: the information and infrastructure layers that once made secondary transactions the exclusive domain of institutions are opening, and individual wholesale investors are increasingly positioned to participate.

The NonPublic Secondaries Marketplace

NonPublic is an AFSL-regulated private markets platform giving Australian wholesale investors access to pre-IPO and private market positions. With over A$305 million in principal investments and more than 1,000 wholesale investors on the platform, NonPublic has built the investor base and deal infrastructure to make a secondary marketplace viable in a way that hasn't existed for individual investors in Australia before.

The Secondaries Marketplace is now live within the platform. Eligible NonPublic investors can list select positions held through NonPublic for sale, and buyers can browse and acquire those eligible positions directly, giving both sides a regulated, structured pathway to transact. Not all positions are eligible for trading at this time.

NonPublic is slowly rolling out more positions eligible for trade over the coming weeks.

What It Changes for Sellers

Consider an investor who gained exposure to Anthropic in 2023, when the company was valued at roughly $18 billion following its Series C. Anthropic's Series H in May 2026 closed at a $965 billion post-money valuation, with revenue hitting $47 billion annualised run-rate in May, up from $9 billion in January. For that investor, the original thesis has played out well beyond initial expectations. The decision now isn't whether the company is good, but whether to hold through the IPO, take partial liquidity now ahead of lock-up, or rebalance toward names still earlier in their growth cycle.

Without a secondary marketplace, none of those options existed. The only exit was the IPO or a GP-controlled liquidity event, both on timelines set by the company, not the investor. The marketplace changes that. Sellers can list eligible positions and transact on their own schedule, which is a structural capability private market investors have not had access to at this level before.

The above is a hypothetical example for illustrative purposes only. Not all positions held through NonPublic are eligible for secondary trading. Log in to the platform to view which positions are currently available.

What It Changes for Buyers

For buyers, a secondary position is a different kind of entry than a primary deal. The asset already exists, with an operating track record, known financials, and a clearer line of sight to the next liquidity event than an early-stage primary investment. As the IPO pipeline for major private companies begins to clear in 2026, secondary positions in eligible companies carry a more defined timeline than they would have two or three years ago.

Secondary pricing also reflects where informed participants are actually transacting, not a GP's last quarterly valuation mark. As we covered in our secondary market analysis, active bid-ask spreads in secondary markets now provide a real-time pricing signal that fund statements, which update quarterly at best, cannot replicate. For buyers, that information changes what it's possible to assess before committing capital to any eligible position.

The Australian Context

Australian wholesale investors have historically sat further from secondary market access than counterparts in the US or Europe. The combination of distance from major deal flow, a smaller domestic institutional ecosystem, and limited regulated platforms has compounded the gap. As ASIC noted in its 2026 private markets oversight review, Australia's private markets sector has grown significantly (private credit alone has expanded 500% over the past decade to more than AUD $200 billion), but the infrastructure for individual investors to participate actively, including through secondary transactions, has lagged the growth of the underlying market.

A regulated secondary marketplace operating under AFSL #482668 addresses that gap directly, giving Australian wholesale investors a domestic, structured pathway to participate in the same secondary market dynamics that institutional allocators globally have been using for years.

Risk Considerations

Secondary positions on NonPublic remain illiquid private market assets. Acquiring a secondary position does not change the underlying risk profile of the investment. Positions may remain illiquid for extended periods, valuations carry opacity relative to public market equivalents, and outcomes depend on the specific company and the terms of each vehicle. The risks of private market investing apply in secondary transactions as in any primary deal.

The mechanics of secondary transactions, including LP-led and GP-led structures, pricing dynamics, and valuation considerations, are covered in depth across two earlier pieces: the $226 billion secondary market and why secondaries are becoming a primary exit route.

Investors with questions about eligibility or transaction mechanics are encouraged to contact the NonPublic team through the platform.

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NonPublic Pty Ltd (ABN 49 607 216 928) holds Australian Financial Services Licence #482668. Investments are available to wholesale and sophisticated investors as defined under the Corporations Act 2001. This content is general in nature and does not constitute financial product advice. It does not take into account your objectives, financial situation, or needs. Investing in private markets involves significant risk, including the potential loss of your entire investment. Past performance is not a reliable indicator of future results. You should obtain independent financial advice before making any investment decision.