Tom Callahan, CEO of NPM: Unlocking Liquidity in Private Markets

Dec 16, 2024

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(0:00) Intro.

(2:05) About the podcast sponsor: The American College of Governance Counsel.

(2:52) Start of interview.

(3:36) Tom's origin story.

(5:37) The start of his career with Merrill Lynch (1991-2008).

(7:00) The financial crisis and his transition to the NYSE (2009-2013).

(10:53) His time at BlackRock (2013-2022).

(15:14) Defining private markets: "VC-backed pre-IPO private companies typically worth $1b ie. unicorns." Comparing public and private markets. Impact of the JOBS Act (2012).

(18:47) About the Nasdaq Private Market (NPM). Why companies do tender offers in private companies. Managing secondary liquidity.

(26:31) Distinguishing liquidity for employees, founders, and investors (cap table cleanup). Function of IPO.

(32:40) On regulation of private markets ("private markets are under regulated"). Difference between public and private markets: information asymmetry.

(41:23) Current private market dynamics (2021-2024). "We're optimistic that 2025 will be a great year"

(45:32) On the role of AI: "it has been the story of the public markets and private markets in 2024."

(50:26) Books that have greatly influenced his life.

How to Win Friends and Influence People, by Dale Carnegie (1936)
Never Split the Difference, by Chris Voss (2016) "Tactical empathy"

(52:52) His mentors.

(54:47) Quote that he thinks of often or lives his life by: "Whether you think you can, or think you can't - you're right," (Henry Ford)

(57:05) Cultural differences in venture between NY and Silicon Valley.

(58:19) An unusual habit or absurd thing that he loves: he's a volunteer pilot for Dogs for Good.

(59:38) The person he most admires.

Tom Callahan is the CEO and Manager of the board of managers of Nasdaq Private Market (NPM).

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