Inside the Secondaries Market: A Panel Discussion
The private secondaries market hit a first-half record of $103B in transactions in 2025. While traditional exit routes remain selective, capital is moving faster than ever through channels most investors never see.
This isn't another surface-level discussion. We're bringing together three practitioners who operate at different layers of the secondaries stack: data infrastructure, marketplace execution, and legal structuring, to dissect how sophisticated investors are actually navigating this market.
Meet your panel:
Javier Avalos, CEO of Caplight, built the real-time pricing infrastructure that institutional investors use to value pre-IPO positions. Before founding Caplight, he was SVP at Forge, giving him rare visibility into how the secondary market operates from both the data and execution sides.
Sohill Madan, Senior Director at Forge Global, works at the largest marketplace for private company shares, a platform that has facilitated over 27,000 transactions across 600+ companies. He sees deal flow, pricing dynamics, and buyer-seller behavior at scale.
Mordechai Hartman, Principal at Hartman Venture Advisors, has advised on tens of multimillion-dollar direct secondary transactions. He is a Harvard Law graduate and former attorney at Gunderson Dettmer and Lowenstein Sandler, two of the most active firms in venture capital transactions. He knows where deals fall apart and why.
What we'll cover:
How pricing really works in secondaries and why portfolios are trading at 90% of NAV despite market volatility, and what buyers are seeing that others are not
The anatomy of a secondary deal from sourcing to close. Where opportunities emerge, how diligence differs from primaries, and the terms that make or break transactions
Where individual accredited investors fit in a market increasingly shaped by institutional capital and how to position yourself accordingly
The specific diligence framework that secondaries buyers use to evaluate opportunities
Format:
Intro — 5 mins
Panel Discussion — 45 mins
Audience Q&A — 10 mins
Who this is for:
Accredited investors, family offices, fund managers, and founders exploring secondaries as a portfolio allocation or liquidity strategy.
Disclaimer:
The information presented during this event is provided for informational and educational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment products. Nothing discussed should be construed as financial, legal, or tax advice. Any views expressed by speakers are their own and do not necessarily reflect those of the host organization or its affiliates.