Nasdaq Fund Secondaries, LODAS Markets and Harrison Street Private Wealth completed their first interval fund auction
Harrison Street Real Estate Fund ( VCMIX ), 91% of the shares listed for sale were sold to secondary buyers; the auction for Harrison Street Real Assets Fund ( VCRRX ) is expected to commence on October 2nd.
On October 2nd in Kansas, USA, Mission, / PRNewswire, LODAS Markets and Nasdaq Private Market (under NPM), which operate Nasdaq Fund Secondaries ( NFS), as well as Harrison Street Asset Management and its subsidiary Harrison Street Private Wealth ("Harrison Street"), announced that the first interval fund auction between the two parties has been successfully concluded.
This auction, completed on September 23rd and targeting shares of Harrison Street Real Estate Fund ( VCMIX ), is considered one of the first mid-term auctions of interval fund shares in the industry. All buyers were unrelated secondary investors, and the entire process was completed within a three-week timeframe, demonstrating a liquidity path that complements the structure of interval funds and is driven by the market.
Auction highlights include:
- 91% of all shares offered for sale were traded, including those for which the seller set a price higher than the final transaction price.
- In shares with asking prices not exceeding the transaction price, nearly 99% were traded at the seller's asking price or a better price.
- 41% of the transaction shares obtained a better price. The relevant sellers were originally willing to sell at a discount of 20% below the net asset value ( NAV ), but ultimately the transactions were completed at a 15% discount.
- Demand exceeds supply. Buyers are bidding higher than sellers, indicating investor demand.
Building on the success of the first auction, the second auction for Harrison Street Real Assets Fund ( VCRRX ) is expected to commence on October 2, 2026. The cooperation between the two parties aims to establish a scalable alternative liquidity solution foundation for a broader range of funds and other semi-liquid investment instruments.
According to the report " The State of Semiliquid Funds 2026 " released by Morningstar ( Morningstar ) on June 16, 2026, as of the end of March 2026, the net assets of semi-liquid funds approached $600 billion, an increase of over 120% from the end of 2022. This growth was mainly driven by the demand from advisors and investors for private credit, real estate, and other private market strategies. As the market expands, the demand for liquidity tools that can adapt to the changing market environment is also increasing.
Interval funds allow investors to access the private equity market and other alternative strategies through a registered investment structure. Although such funds offer regular redemption opportunities, there are limited options when investors and financial advisors need liquidity outside of the planned redemption windows. The collaboration first announced on August 24, 2026, between NFS, Harrison Street, and LODAS Markets, aims to fill this gap by providing a regular auction process that offers investors greater liquidity flexibility, while complementing the existing interval fund structures. This auction runs in parallel with the traditional redemption plans, providing investors with an additional, market-based option without compromising the interests of long-term shareholders.
Other transaction details:
- Harrison Street is the first investment manager authorized to transfer fund interests in this environment; LODAS acts as the broker for these transactions, providing trading, clearing, and settlement technologies, as well as access to its investor network. The auctions are conducted through NFS and its affiliated companies NFSTX and LLC, which operate an alternative trading system (ATS).
- Sellers and buyers select from a preset discount range identified by NAV. All transactions are executed at a single clearing price, ensuring that the price received by each participant is transparent and consistent. Since the auction directly transfers shares from investors who wish to sell to those who wish to hold them, no fund assets are sold to satisfy these transactions. The fund does not need to sell any properties or utilize its liquidity, and shareholders who continue to hold the shares are not affected by these transactions either.
- All transactions in the auction have been settled. The cash proceeds have been returned to the seller's original custodial account, and tax declarations required for the seller will be provided as per regulations.
LODAS Markets CEO Brian King indicates:
We are pleased with the success this innovative auction has achieved in terms of technology and price discovery. Approximately 41% of the transaction shares saw improved pricing, and the technical infrastructure functioned as designed, matching and settling nearly all eligible sell orders. We look forward to conducting more auctions in the near future to provide investors with another path to liquidity.
Harrison Street Private Wealth Department CEO Mark Quam stated:
"We are delighted to see the success of this recent auction process. We believe that this will help to enhance the industry's confidence in interval funds and promote investment. Investors may have varying investment horizons, and this auction provides an additional voluntary option for investors in our interval funds to manage their liquidity needs while retaining capital at the fund level, thereby optimizing the portfolio management for long-term shareholders."
NPM Chief Operating Officer Andrew Kroculick states:
"Our first auction demonstrated what a transparent and well-designed process can bring to the shareholders of interval funds. Over 90% of the listed shares were traded, and a significant improvement in price was achieved for a considerable portion of those traded shares, validating the need for an auction mechanism as well as liquidity tools that operate in parallel with the planned redemptions. We are delighted to be able to build upon these results as we expand this model to more funds."
This auction is the first one to be conducted after NPM acquired NFS. NPM acquired NFS from Nasdaq in September 2026, expanding its platform to serve investors in private companies and private equity funds.
About LODAS MARKETS
LODAS Markets is a vertically integrated technology company that drives alternative investment innovation through its secondary market and transfer agency platforms registered with SEC – LODAS Securities and LODAS Transfer. The company provides seamless trading, transfer, and settlement services for financial advisors, individual investors, and institutions. Its fully automated and interconnected system covers the entire investment lifecycle, from fundraising to fund management to exit, bringing liquidity, transparency, and operational efficiency to the private equity market.
For more information, please visit lodasmarkets.com.
About HARRISON STREET PRIVATE WEALTH
Harrison Street Private Wealth is a department under the global investment firm Harrison Street Asset Management, managing investment strategies focused on physical assets, including real estate, infrastructure, farmland, and forestry. Since its establishment, HSPW has been committed to providing institutional-level alternative investment solutions for financial advisors and their clients, with an emphasis on bringing diversification, returns, and long-term growth potential. The company has established a good track record of performance with leading institutional partners, jointly developing innovative investment opportunities for the private wealth market.
For more information, please visit: harrisonstpw.com.
About NASDAQ FUND SECONDARIES
Nasdaq Fund Secondaries is an affiliated company of Nasdaq Private Market and LLC, providing technical and liquidity solutions for participants in the private equity secondary market. The platform it has developed specifically helps general partners, limited partners, and their advisors to manage and execute liquidity transactions through structured processes, thereby supporting greater transparency, efficiency, and scalability.
For more information, please visit nasdaqprivatemarket.com / fund-secondaries.
Contact Information
LODAS Markets
Randy Williams
917-213-5980
[ email protected ]
Harrison Street Private Wealth
Media inquiries:
Doug Allen, Ellie Johnson
Dukas Linden Public Relations
646-722-6530
[ email protected ]
Other inquiries:
877-200-1878
[ email protected ]
Nasdaq Private Market
Samantha Tortora
[ email protected ]
Forward-looking Statements Disclaimer:
The information contained in this press release includes forward-looking statements that involve various risks and uncertainties. NPM reminds readers that no forward-looking information can guarantee future performance, and actual results may differ significantly from those described in the forward-looking information. Forward-looking statements can be identified by words such as “will”, “would”, “expects”, “aims”, “look”, “forward”, and other similar terms. Such forward-looking statements include, but are not limited to, statements related to auction operations and brokerage activities. Forward-looking statements involve various risks, uncertainties, or other factors beyond the control of NPM. Regardless of new information, future events, or other reasons, NPM has no obligation to publicly update any forward-looking statements.
Please read these important legal statements and disclosures.
The information contained in this article is for informational and educational purposes only. The information provided does not constitute an offer or solicitation to buy or sell any securities, nor does it constitute an offer to provide legal, tax, financial, or investment advice or services. It also does not represent a recommendation for the purchase or sale of any investment products or securities. Investing in the private market is speculative and carries high risks. You must be prepared to bear all potential losses from your investments. The results of this auction do not predict the outcomes of future auctions. The settlement prices of future auctions may vary and could even result in a greater discount than NAV. There is no guarantee that any shares listed in an auction will be sold. It is strongly recommended that you conduct independent due diligence before investing in the private market, including obtaining additional information, opinions, financial forecasts, and legal or other investment advice.
Changes in real estate values or economic conditions can have either positive or negative impacts on issuers in the real estate industry.
Nasdaq Fund Secondaries and LLC are wholly-owned subsidiaries of Nasdaq Private Market and LLC. Nasdaq Fund Secondaries and LLC are not: (A) registered exchanges under the '1934 Securities Exchange Act'; (B) registered investment advisors under the '1940 Investment Advisors Act'; or (C) financial or tax planning institutions, and they do not provide legal, financial, investment, or tax advice. Securities-related services are provided by NFSTX and LLC, which are registered brokerage firms and members of FINRA / SIPC, and are also wholly-owned subsidiaries of Nasdaq Fund Secondaries and LLC. Securities transactions conducted through NFSTX and LLC are not listed or traded on The Nasdaq Stock Market LLC, and these securities are not 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 mentioned in this article are the property of their respective owners. The third parties referred to in this article are independent entities and have no legal association with Nasdaq Fund Secondaries or its affiliated companies (including Nasdaq Private Market, LLC).
