Oops!Something went wrong.Please try again later.Daniel TaubJuly 20, 2021, 4:37 AM·1 min readIn this article: Oops!Something went wrong.Please try again later.
(Bloomberg) — Nasdaq Inc. formed a joint venture with Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley to establish a trading venue for shares of closely held companies.
Nasdaq Private Market will be added to the new standalone company, which will also get strategic investments from the three Wall Street banks and SVB Financial Group, Nasdaq said in a statement Tuesday.
The marketplace’s existing technology, client relationships and regulatory infrastructure will provide a foundation for the joint venture to offer liquidity for closely held companies, Nasdaq said.
Interest in investing in such companies has grown in recent years as novel ways of bringing them public, including the use of blank-check firms, have gained steam. The new platform will give closely held companies, brokers and investors the ability to access, manage and execute their stock transactions through a global marketplace, Nasdaq said.