Listing is not selling.

Why hold a standing listing

Every number a board sees about a private equity position arrives through the fund's own reporting. The one number that reporting cannot supply is what an unrelated institution, spending its own money, would pay for the position today.

A standing listing holds that question open. When a verified institution takes interest in a listed slice, the interest arrives privately and in that institution's own words. It is addressed to the position, not to you, because no listing names its holder.

There is no obligation attached. A member can hold listings for years and never transfer anything, and most members should expect to transfer rarely or never. The point of a standing listing is to know your options before you need them. The worst day to learn what your holdings would attract is the day you have to find out.

How it works

Invitation and agreements first

Membership is by invitation. Confidentiality and participation agreements are executed before any document changes hands.

Your book, confirmed line by line

Bring whatever your records look like: spreadsheets, quarterly statements, capital account statements. Our intake reads them, and you confirm every line yourself before anything exists on the venue.

Slices, in ranges, sized by the venue

You set a fraction band for each position. The venue selects the exact fraction within your band, and buyers see sizes only as ranges. Before anything goes live, you see your own listing exactly as a buyer will see it.

Nothing goes live in the room

Every listing waits through a hold you control and activates only on your confirmation. You can edit or withdraw at any time, and listings expire on a fixed schedule unless you choose to relist.

Who it is for

Public retirement systems, multiemployer plans, endowments, foundations, and insurance general accounts that hold private equity fund interests and want to understand their position quietly. Verified institutional buyers participate by invitation under the same confidentiality obligations.

OpenSecondaries is built for institutions that want to know.

Founding members

A small founding cohort of institutions is being invited before the venue opens more broadly. Founding members are permanently exempt from the membership fee, and the venue's rules are set with their input. The founding member program.