RIA Cerity Partners Take Minority Stake with Alts Deal in Nasdaq Private Market
Cerity Partners, a registered investment firm with over $144 billion in total client assets, has inked a deal with Nasdaq Private Market, as firms are further exploring private market opportunities for their clients.
As part of the partnership, Cerity Partners will serve as the sole wealth partner to Nasdaq Private Market high-net-worth and ultra-high-net-worth clients that are participating in tender programs.
This collaboration comes as there is a growing demand from private companies to expand offerings to financial guidance, advice, and wealth services into the liquidity process.
Cerity Partners has also made an undisclosed investment in Nasdaq Private Market, with Michael Barry, a partner and chief growth officer at Cerity, joining NPM’s board of directors, the firm said.
The partnership will integrate with Nasdaq Private Market to offer firms and their employees a “comprehensive liquidity and financial planning experience, while reducing the administrative burden on finance and HR teams that can arise around liquidity events.”
“Our relationship with Nasdaq Private Market enhances Cerity Partners’ ability to advise clients across the private market ecosystem,” Kurt Miscinski, CEO and president of Cerity Partners, said. “It also expands and deepens our services for corporations.”
Nasdaq Private Market, founded in 2013 by Nasdaq, provides liquidity for private companies and their employee shareholders and has facilitated roughly $15 billion of tender offers this year.
The trader has also executed nearly $70 billion in transactions from more than 775 company-sponsored liquidity programs.
This partnership does not mark the first time RIAs have launched into the private markets sector. In similar moves, Morgan Stanley has agreed to acquire EquityZen, a private shares marketplace, and Charles Schwab has also agreed to purchase Forge Global Holdings.
Recently, Cerity Partners announced its merger with Albany, NY–based Graypoint, an advisory firm, in a move to boost Cerity’s Workplace Solutions offering.