#USA #Mission, Kansas #Harrison Street #LODAS Markets #Nasdaq Fund Secondaries

LODAS Markets and Nasdaq Fund Secondaries' Auction Triumph

In a groundbreaking move for the financial services industry, LODAS Markets, partnering with Nasdaq Private Market's (NPM) Nasdaq Fund Secondaries (NFS), successfully completed their very first interval fund auction. This innovative auction, which closed on September 23rd, showcased impressive results, selling 91% of the shares of the Harrison Street Real Estate Fund (VCMIX) offered to secondary buyers.

As a pioneering event in the world of interval fund auctions, it marked a significant step towards enhancing liquidity options for investors. Unlike traditional sales, this auction provided a transparent and efficient platform for purchasers to acquire fund shares throughout the fund's lifecycle. The auction completed its process within a meticulously designed three-week window, underscoring its success in creating an accessible market-driven liquidity pathway.

Key Outcomes of the Auction

The success of the first auction not only highlights LODAS Markets’ innovative approach but also provides a strong indication of market demand for similar offerings. Among the noteworthy achievements from the auction were:

• - Remarkable Share Sales: A staggering 91% of shares offered were sold to non-affiliated secondary buyers. This included substantial sales of shares where the asking price was set above the clearing price, revealing a strong appetite among investors.
• - Impressive Price Improvement: Close to 41% of the sold shares received a better selling price than initially requested. For sellers who offered shares at a 20% discount to net asset value (NAV), many were able to sell at just a 15% discount, demonstrating the competitive market conditions.
• - High Demand for Shares: The auction showcased that buyer bids exceeded seller asks, indicative of strong interest and an optimistic outlook from potential investors.

Following this success, the agriculture for a second auction has already been laid out, focusing on the Harrison Street Real Assets Fund (VCRRX), expected to launch on October 2, 2026. This forward momentum indicates a growing trend in the market towards alternative liquidity options for interval funds and other semi-liquid investment vehicles.

Background on Interval Funds and Market Trends

Interval funds facilitate access to private market investments while allowing for periodic redemption opportunities for investors. However, liquidity outside scheduled repurchase windows remains a challenge for many investors and financial advisors. This auction initiative aims to address that gap, offering a secondary market path that augments the existing interval fund structure.

As of March 2026, net assets for semi-liquid funds approached nearly $600 billion, a substantial rise of over 120% since the end of 2022. This growth has prompted increased demand for tools enhancing liquidity, driven largely by interest in private credit and real estate investments. The collaboration between NFS, Harrison Street, and LODAS Markets aims to satisfy evolving needs for liquidity as the investment landscape increases in complexity.

The Role of LODAS Markets and Future Impacts

LODAS Markets is recognized for transforming alternative investments through its technology platform specializing in secondary market transactions. By acting as a broker and providing seamless trading, clearing, and settlement processes, LODAS supports the entire investment lifecycle. Their proficiency in integrating advanced technology ensures investors have access to market-based liquidity avenues, enhancing transparency and operational efficiency.

Brian King, CEO of LODAS Markets, expressed satisfaction with the auction results, noting the operational efficiency and favorable price discovery metrics achieved during the event. Mark Quam, CEO of Harrison Street Private Wealth, embraced the outcome as a signifies recognition and potential expanded investments in interval funds. Andrew Kroculick, COO of NPM, commended the auction’s successful model, anticipating further refinements to such liquidity options in the future.

As the first auction conducted under the new ownership structure of NPM, which acquired NFS from Nasdaq in September 2026, this event sets the groundwork for further innovation in the private market sector. LODAS Markets, with its commitment to advancing alternative investment strategies, alongside Harrison Street and NPM, is driving a revolution in how investors approach liquidity management and investment opportunities.

For more information about LODAS Markets and their innovative solutions in the financial sector, visit lodasmarkets.com. Further details about Harrison Street Private Wealth can be found at harrisonstpw.com.