PJT Partners and Nasdaq Private Market are partnering to offer clients and investors a technology platform to facilitate GP-led secondary deals. PJT, which owns the Park Hill brand, will use Nasdaq Private Market’s platform for its clients.
PJT Partners LP (“PJT Partners”), a subsidiary of PJT Partners Inc. (NYSE: PJT), and Nasdaq Private Market (“NPM”), a business of Nasdaq, Inc. (Nasdaq: NDAQ), today announced an agreement to provide enhanced execution capabilities for general partner-sponsored secondary transactions built on world-class advisory services and industry-leading technology.
This agreement combines the capabilities of two trusted brands: PJT Park Hill’s best-in-class Secondary Advisory business and NPM’s market-leading technology platform. PJT Partners will utilize NPM’s technology platform to offer clients and their investors a differentiated experience when executing secondary transactions.
As interest in secondary transactions continues to grow and evolve at a rapid pace, the PJT Partners-NPM offering will bring greater standardization and efficiency to the secondary market and appeal to an even broader universe of general partners (GPs), limited partners (LPs) and secondary investors.
Paul J. Taubman, Chairman and Chief Executive Officer of PJT Partners, said, “We are delighted to partner with Nasdaq Private Market. Combining its extraordinary technology-driven capabilities with our leading advisory practice will enhance our clients’ execution of GP-led secondary transactions.”
Adena Friedman, President and Chief Executive Officer of Nasdaq, said, “This partnership is an exciting next step for Nasdaq in our focus on delivering next generation technology to the world’s capital markets. NPM pioneered the structure and standards for private company secondary transactions, and PJT Partners is an industry leader in advising and managing secondary transactions for GPs and LPs. Together, we can apply world-leading technology to transform the market for GP-led secondary transactions.”
Jon Costello, Head of PJT Park Hill’s Secondary Advisory business, said, “Over the past several years, we have seen dramatic growth in the GP-led secondary market, which we expect to continue. As the size and complexity of secondary transactions continue to increase, this partnership will enable us to offer our clients superior real-time data and deal transparency alongside efficient and scalable execution to complement our best-in-class secondary advisory capabilities.”
Eric Folkemer, Head of Nasdaq Private Market, said, “Our new offering with PJT Partners comes at a moment when the market appetite for GP-sponsored secondary transactions is growing rapidly. Our technology platform has facilitated over 300 private market programs and is designed to meet this demand to increase GP-sponsored deal flow. Together, we will evolve the way GP buyers and sellers perform these transactions, while significantly reducing the historical inefficiencies from manual deal making methods.”
The market for GP-sponsored secondaries has seen significant transaction volume growth over the last six years, from $2 billion in 2013 to $40 billion estimated by the end of 2019, according to publicly available industry data. Similarly, participation in comparable private company secondaries on the NPM platform has reached a cumulative $22 billion in transaction value since 2013, with approximately 91% of offer volume successfully tendered by participants in 20181.
For further information or to connect with a PJT Partners or NPM representative about GP-sponsored secondary transactions, visit: www.nasdaq.com/solutions/nasdaq-private-market.
About PJT Partners
PJT Partners is a global advisory-focused investment bank. Our team of senior professionals delivers a wide array of strategic advisory, shareholder advisory, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments around the world. We offer a unique portfolio of advisory services designed to help our clients achieve their strategic objectives. We also provide, through PJT Park Hill, private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds. To learn more about PJT Partners, please visit our website at www.pjtpartners.com.
PJT Partners, through its PJT Park Hill Secondary Advisory business, is a leading advisor to global alternative asset managers and provides clients with a breadth of expertise in the secondary advisory markets, including GP liquidity solutions, GP tender offers, GP recapitalizations, LP portfolio solutions, asset strip sales, single asset SPVs and other structured solutions.
Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 100 marketplaces in 50 countries. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $14 trillion. To learn more, visit www.nasdaq.com.
About The NASDAQ Private Market, LLC
The NASDAQ Private Market, LLC (NPM) is a premier liquidity provider to private companies. Whether a company seeks to optimize an eventual IPO or remain private permanently, NPM provides comprehensive technology and capital market support to meet its needs. For certain eligible investors, NPM is a place to engage with some of the most exciting private companies. The information contained herein is provided for informational and educational purposes only. None of the information provided is an offer or solicitation to buy or sell any securities, or to provide any legal, tax, investment or financial advice. Investing in private company stocks is speculative and involves a high degree of risk. You must be prepared to withstand a total loss of your investment. You are strongly encouraged to complete your own independent due diligence before investing in private company stock, including obtaining additional information, opinions, financial projections, and legal or other investment advice. The NASDAQ Private Market, LLC is not: (a) a registered exchange under the Securities Exchange Act of 1934; (b) a registered investment adviser under the Investment Advisers Act of 1940; or (c) a financial or tax planner, and does not offer legal advice to any user of the Nasdaq Private Market website or its services. Technology services may be offered by The NASDAQ Private Market, LLC’s subsidiary, SecondMarket Solutions, Inc. Securities-related services are offered through NPM Securities, LLC, a registered broker-dealer and alternative trading system, and SMTX, LLC, a registered broker-dealer, each of which is a member FINRA/SIPC and wholly-owned subsidiary of The NASDAQ Private Market, LLC. Transactions in securities conducted through NPM Securities, LLC or SMTX, LLC are not listed or traded on The Nasdaq Stock Market LLC, nor are the securities subject to the same listing or qualification standards applicable to securities listed or traded on The Nasdaq Stock Market LLC. Data collected from the SecondMarket platform may include transactions conducted through current and former affiliates of SecondMarket. To learn more, visit www.nasdaq.com/solutions/nasdaq-private-market.
1 Data aggregated from PitchBook and the NPM and SecondMarket platforms.