NEW YORK, Oct. 2, 2026—LODAS Markets, together with Nasdaq Private Market’s (NPM) Nasdaq Fund Secondaries (NFS) business, and Harrison Street Private Wealth (“Harrison Street”), a division of Harrison Street Asset Management, today announced the successful close of their inaugural interval fund auction.
The auction, completed September 23rd in shares of the Harrison Street Real Estate Fund (VCMIX), was among the industry’s first intra-period auctions for interval fund shares. The auction was completed as designed across its three-week window, demonstrating a market-driven path to liquidity that complements the interval fund structure. By creating an additional voluntary option for shareholders to adjust their positions outside of the quarterly repurchase process, this solution provides advisors with greater choice and flexibility to meet their clients’ needs.
Auction highlights include:
- 91% of all shares offered were sold. This includes shares from sellers who set an asking price above the price where the auction ultimately cleared.
- Nearly 99% of shares with an asking price at or below the clearing price were sold at the seller’s asking price or better.
- 41% of the shares sold received a better price than requested. Those sellers offered to sell at a 20% discount to net asset value (NAV) and instead sold at a 15% discount.
- Demand outpaced supply. Buyer bids substantially outnumbered seller asks, signaling investor appetite.
Building on the results of the first auction, a second auction, for Harrison Street Real Assets Fund (VCRRX) is expected to launch October 2, 2026. The collaboration aims to create a scalable foundation for alternative liquidity options across a broad range of interval funds and other semi-liquid investment vehicles.
U.S. semi-liquid funds have grown to more than half a trillion dollars in assets, up more than 60% since the end of 2022, according to Morningstar, driven by advisor and investor demand for private credit, real estate and other private market strategies. As the market has grown, so has the need for liquidity tools that work in evolving market conditions.
Interval funds allow investors to access private markets and other alternative strategies through a regulated investment structure. While these funds offer periodic opportunities for repurchases, investors and financial advisors have limited options when liquidity needs arise outside scheduled repurchase windows. The collaboration among NFS, Harrison Street Private Wealth, and LODAS Markets, first announced in August 2026, was designed to address this gap through a periodic auction process that gives investors greater liquidity flexibility while complementing the existing interval fund structure. The auction sits alongside the traditional repurchase program, giving investors an additional, market-based option that doesn’t come at the expense of long-term shareholders.
Additional Transaction Details:
- Harrison Street Private Wealthwas the first investment manager to authorize transfers of interval fund interests through this environment with LODAS acting as broker for the transactions and provided the technology for trading, clearing, and settlement, as well as access to its investor network. The auction was conducted through NFS and the Alternative Trading System (ATS) operated by its affiliate, NFSTX LLC.
- Sellers and buyers each chose from a set of preset discounts to NAV, and all trades executed at a single clearing price, so every participant received the same transparent price. Because the auction moves shares directly from investors who want to sell to investors who want to own, no fund assets were sold to meet these trades. The fund did not have to sell property or draw on its liquidity, and shareholders who stayed invested were unaffected.
- All trades were executed cleanly. Cash proceeds have been returned to sellers’ original custodial accounts, and appropriate tax reporting has been provided to all participating sellers.
LODAS Markets CEO Brian King:
“We’re pleased with the success of this innovative first-of-its-kind auction, both from a technical and price discovery perspective. Nearly 41% of sellers received price improvement and the technology infrastructure operated as designed, matching and settling nearly every eligible sell order. We look forward to additional auctions in the near future to provide investors another path to liquidity.”
Harrison Street Private Wealth division CEO Mark Quam:
“We’re pleased to see the success of the recent auction process, which we believe will lead to broader industry conviction and investment in interval funds. Investors can have varying investment horizons, and the recent auction provides investors in our interval funds with an additional voluntary option to manage their liquidity needs while preserving fund-level capital to optimize portfolio management for long-term shareholders.”
NPM Chief Operating Officer Andrew Kroculick:
“Our first auction shows what a transparent, well-designed process can deliver for interval fund shareholders. Executing more than 90% of the shares offered, with meaningful price improvement for a large share of sellers, validates the auction mechanics and the demand for liquidity options that work alongside scheduled repurchases. We’re excited to build on this result as we bring the model to additional funds.”
The auction is the first completed under NPM’s ownership of NFS. NPM acquired NFS from Nasdaq in September 2026, extending NPM’s platform to serve investors in private company shares and private fund interests.
ABOUT LODAS MARKETS
LODAS Markets is a vertically integrated technology company transforming alternative investments through its SEC-registered secondary market and transfer agent platforms, LODAS Securities and LODAS Transfer. Built for financial advisors, individual investors, and institutions, LODAS provides seamless trading, transfer, and settlement via fully automated, connected systems that support the entire investment lifecycle from capital raise to fund management to exit, delivering liquidity, transparency, and operational efficiency across private markets.
For more information, visit lodasmarkets.com.
ABOUT HARRISON STREET PRIVATE WEALTH
Harrison Street Private Wealth, a division of global investment firm Harrison Street Asset Management, manages investment strategies focused on real assets, including real estate, infrastructure, farmland and timberland. Since its founding, HSPW has been dedicated to providing institutional-quality alternative investment solutions to financial advisors and their clients, with a focus on delivering diversification, income, and long-term growth potential. The firm has built a strong track record of working with leading institutional partners to develop innovative investment opportunities tailored for the private wealth market.
For more information, visit: harrisonstpw.com.
ABOUT NASDAQ FUND SECONDARIES
Nasdaq Fund Secondaries, an affiliate of Nasdaq Private Market, LLC, provides technology and liquidity solutions for participants in the private secondaries markets. Its purpose-built platform helps general partners, limited partners, and their advisors manage and execute liquidity transactions through structured workflows designed to support greater transparency, efficiency, and scalability.
For more information, visit nasdaqprivatemarket.com/fund-secondaries/.
CONTACTS
LODAS Markets
Randy Williams
917-213-5980
Harrison Street Private Wealth
For media inquiries:
Doug Allen, Ellie Johnson
Dukas Linden Public Relations
646-722-6530
HSAM@dlpr.com
For other inquiries:
877-200-1878
info@harrisonstpw.com
Nasdaq Private Market
Samantha Tortora
press@npm.com
Cautionary Note Regarding Forward-Looking Statements:
Information set forth in this release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will”, “would”, and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to operation of auctions and broker activities. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Please read these important legal notices and disclosures
The information contained herein is provided for informational and educational purposes only. None of the information provided represents an offer to buy or sell, or the solicitation of an offer to buy or sell, any security, nor does it constitute an offer to provide legal, tax, financial or investment advice or service, nor does it constitute a recommendation for the purchase or sale of any investment product or security. Investing in private markets 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 markets, including obtaining additional information, opinions, financial projections, and legal or other investment advice. Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry.
Nasdaq Fund Secondaries, LLC is a wholly-owned subsidiary of Nasdaq Private Market, LLC. Nasdaq Fund Secondaries, LLC is not: (A) a registered exchange under the Securities Exchange Act of 1934; (B) a registered investment advisor under the Investment Advisors Act of 1940; or (C) a financial or tax planner, and does not offer legal, financial, investment or tax advice. Securities-related services are offered through NFSTX, LLC, a registered broker-dealer, a member FINRA/SIPC and a wholly-owned subsidiary of Nasdaq Fund Secondaries, LLC. Transactions in securities conducted through NFSTX, 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.
The third-party trademarks and service marks appearing herein are the property of their respective owners. The third parties mentioned herein are independent entities and are not legally affiliated with Nasdaq Fund Secondaries or its affiliates, including Nasdaq Private Market, LLC.
