Nasdaq, LODAS, Harrison Street Plan Interval Fund Auction Venue

Nasdaq Fund Secondaries, LODAS Markets and Harrison Street Asset Management are developing a managed transaction environment intended to give interval fund investors another way to seek liquidity outside their funds’ scheduled repurchase windows.

The planned system would use periodic auctions to facilitate transfers of interval fund interests. Harrison Street, through an affiliated investment advisor, will be the first investment manager to authorize eligible transfers.

The first auction is expected to involve the Harrison Street Real Estate Fund, which trades under the ticker VCMIX. Registration is scheduled to open Aug. 28, and the auction is expected to close Sept. 18, according to LODAS Markets.

Under the collaboration, Nasdaq Fund Secondaries would provide private market technology and operate auctions through the alternative trading system of its affiliate, NFSTX LLC. LODAS Markets would act as broker and provide participant onboarding, order entry, matching, clearing, settlement and access to its investor network.

“By creating a transparent and purpose-built venue, we aim to give investors and advisors greater flexibility while supporting the continued evolution of the semi-liquid fund ecosystem,” Patrick Adrian, vice president of Nasdaq Fund Secondaries, said.

The firms said the arrangement could become a scalable model for other interval funds and semi-liquid vehicles. The effort reflects a broader push in private markets to develop secondary trading mechanisms as more advisers offer alternatives to individual investors and demand increases for flexible exit options.