Pre-IPO Secondaries

Pre-IPO Secondaries

Name: Pre-IPO Secondaries market index
Creator: AltStreet
License: https://altstreet.investments/terms

Late-stage private company secondaries: discount to last round, venue indexes, and the IPO window.

Open offerings

203

of 916 published in this category

Live series

latest print 2026-10-31

OpportunitiesFlowPriceOutcomeCited← Dashboard

Opportunities · Pro

Open offerings and new filings

feed with filters and watches →

Flow · Pro

How much capital is forming, and how fast

S-1 and F-1 filing counts as the IPO-window signal need a full-index lane.

Not collected yet. The source is identified above and this section fills in when the collector ships.

Price

What the category's market is doing

Hiive50 is carried as a cited headline (licensed, context only). Median discount to last round from AltStreet's own deal data is next.

Clarity Liquidity Index (formerly Hiive50)

Daily · index level · Cited headline

180.4

2026-10-17 · +0.4% vs prior print

Licensed source. Cited with attribution; not charted and not exported as data.

Source: Clarity · link · attribution required

Index disclaimers restrict index content to noncommercial internal research. We quote headline levels/changes as attributed news only; constituent Clarity Prices are never ingested or republished. Permission email to Clarity recommended (formerly Hiive).

METHODOLOGY

Equal-weight price index of the 50 most liquid securities on Clarity (formerly Hiive); recalculated hourly, reconstituted quarterly. Renamed from the Hiive50 Index on 2026-09-22 with the Hiive to Clarity rebrand; same methodology and a continuous level (172.87, +72.94% all time on the day of the change), so the series continues under slug hiive50.

Outcome

What investors got versus what was promised

Realized exits vs entry discount on tracked secondaries.

Promised vs realized

Two populations: targets on published offerings, realized figures on exits with a disclosed outcome. Read side by side, never as one number.

Promised (median target)

n/a

no stated targets

Realized (median IRR)

n/a

no exits with a realized IRR

Realized outcomes
Measure	Value	n
Median multiple on cost	2.10x	14
Exits recorded as a loss	0%	14

By platform (exits with an outcome)
Platform	Exits	Median IRR	Median multiple	Loss rate
EquityZen	14	n/a	2.10x	0%

Source: AltStreet platform_exits (filing-sourced dispositions, 1-K asset sales and platform-reported exits) and published offering terms. Realized figures cover exits with a disclosed outcome, which over-represents platforms that disclose; a loss rate counts exits recorded as a loss over exits with any recorded type.

NAV per share

Latest reported net asset value per share by platform (median across its vehicles) and the 12-month change. From 1-K, 1-SA, 253G2 supplements and 10-Q filings.

Platforms reporting NAV
Platform	Vehicles	Latest NAV	As of	12-month change
Robinhood Ventures	2	$25.02	2026-06-30	n/a (0 with history)
North Capital	1	$1	2026-07-31	n/a (0 with history)
Destiny Tech100	1	$34.3	2026-06-30	+395.7%
The Private Shares Fund	1	$52.2	2026-06-30	n/a (0 with history)

NAV is the sponsor's own valuation, not a trade; a stable NAV says nothing about whether redemptions are being met. Redemption request and fulfillment fields are collected but not yet populated, so gating is not observable here yet.

Cited headlines

Licensed and headline-only sources

Cited with a source line; never ingested or charted.

Forge Private Market IndexPlatform-reported private market index
CaplightSecondary pricing data (licensed; headline only)

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