In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ’s fund secondaries business, recorded live from NASDAQ’s Times Square studio.

The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets.

They dive deep into the complexities of LP transactions, the origins of NASDAQ’s platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today.

They discuss:

* How NASDAQ’s acquisition of SecondMarket evolved into a fund secondaries platform

* Why secondary LP transactions are more like M\&A deals than stock trades

* The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals

* How NASDAQ’s Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity

* Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries